There was an interesting article in this morning’s Internet Travel News about the power of social networking as a marketing tool. It caught my eye, not so much because of what it had to say to travel industry professionals in particular, but because it portended a marketing “tidal wave” for all industries. This was a timely confirmation that the subjects being covered in our November 1 Web 2.0 for Business conference are right on target. It also echoed Brian Lustig’s excellent August 14 post on consumers driving Web 2.0 applications.

This morning’s piece in the Travel News examines research conducted by Cindy Estis Green, managing partner of The Estis Group in Potomac, Maryland. Green just completed a comprehensive report on how social media and social networking represent the future of marketing for the travel industry. She spoke on the topic yesterday at an industry conference at the Washington Convention Center.

Her views extend to every business sector. Green stated, “There is a tsunami coming that few fully anticipate and it will dramatically change the marketing landscape in all industries, not just travel.”

Green continued, “It’s not just about a new set of media, it’s a sea change in consumer behavior. Social media opens the door for this new marketing model and as far as the consumers are concerned, the train has already left the station.”

Here’s an interview with Green, in which she explains how companies are moving toward this online, community-based form of networking:

Social media and networking tools are Web 2.0 applications that allow companies to engage with their customers. As I mentioned, my fellow bloggers have already done a superb job pointing out what some of these tools are and how they’re being applied. However, you might be surprised at just how many options exist:

• Blogs
• Profiles on social networking sites like MySpace, TripAdvisor, A-Space, other industry-specific sites, etc.
• Wikis
• Bookmarks, including Digg, del.icio.us, etc.
• Search-engine optimized press releases and articles
• Widgets
• Podcasts, videos, and photos
• Tweets (like blogs, with instant messaging)
• Voting on content
• RSS feeds
• Mashups
• Brand education tools
• Contests, games, and special events

These cost-effective tools should make marketing departments salivate. They make a high impact on a low budget and are easily accessible to even small businesses. Green points out that their real power comes through when they’re combined as part of a comprehensive plan.

One of the many things this MBA researcher did for her report was to poll travel executives about the expected impact of social media. The results are revealing:

• 65% – Deepen brand relationship with customers
• 55% – More targeted communications to niche markets
• 46% – Better understanding by staff of customer needs
• 42% – More recognizable brand image
• 41% – Improved revenues 

The numbers remind us that marketing using social media can be targeted to meet specific company goals. At the same time, Green says that this new form of customer engagement isn’t about the same old “pushing and pulling” of the old days. Marketers and executives will be challenged to use social media in a way that furthers their agenda, but leaves room for flexible customer involvement.

Green’s full report is called “The Travel Marketer’s Guide to Social Media and Social Networking,” and can be purchased in late September or early October. To buy a copy, contact either the Hospitality Sales & Marketing Association International (HSMAI) or the Travel Industry Association (TIA).

Chris Rasmussen, Chief Knowledge Officer at the Defense Department’s National Geospatial-Intelligence Agency, will speak at the Web 2.0 for Business conference this November. Rasmussen has spearheaded Intellipedia, the Wikipedia for the Intelligence community. Intellipedia allows for employees across the 16 United States intelligence agencies with classified clearances to edit and publish information.

One of the major differences with Intellipedia, as Rasmussen outlined in webcast presentation available here, is that there are no anonymous edits. This means everyone is accountable for the content they publish and edit.

“In the intelligence business, something that is 80 percent on time, accurate and sharable is much more valuable than a perfectly formatted report that’s over classified, has perfect fonts and comes too late,” Rasmussen said in a recent interview with Federal Computer Week.

Rasmussen will speak on his experiences in developing the intelligence community’s social-collaboration projects as well as his perspective on the web 2.0 world and its impact within the federal government.

If you have a moment, head over to Federal Computer Week to view Rasmussen’s full webcast. The presentation is a great Intellipedia 101.

Click here for a full list of conference speakers.

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This week, we interviewed Timothy Ferriss, a dynamic 30-year-old CEO on the West Coast. His new book, The 4-Hour Workweek, has been the number one New York Times business bestseller and Wall Street Journal bestseller. In his book, he reveals an entirely new way of doing business. We talked with him about what inspired him to write the book and how he believes it can help others make time for the good life.

Read the full interview here.

James Surowiecki, staff writer for The New Yorker and author of The Wisdom of the Crowds, will speak at the New New Internet’s Web 2.0 for Business Conference this November extolling the virtues of large group collective intelligence and its impact on Web 2.0 applications.

In the first pages of his best selling book, Surowiecki uses the game show Who Wants to be a Millionaire as an example of his theory in action. Followers of the show will remember the lifeline that allowed a struggling contestant to poll the audience for help with a question. Surowiecki’s wisdom of the crowds theory applies this spirit of collective intelligence to a variety of business cases and social trends.

As we’ve posted before, all Web 2.0 tools are built upon the theory that a group of individuals can help shape our understanding of the world in ways one particular expert cannot. Inherent in almost any Web 2.0 tool is the faith in this theory. From open source software and wikis to prediction markets and Google’s algorithms. All these applications benefit - either explicitly or implicitly - from the input of the masses.

In his book, Surowiecki explains that often times “expert judgments are very poorly calibrated –which means that there’s little correlation between an expert’s confidence in his judgment and the accuracy of it. That’s why it’s worthwhile to cast a wider net, and why relying on a crowd of decision makers improves…your chances of reaching a good decision.” This explains why corporate web pages are giving way to more dynamic and collaborative ways to interaction with organizations. A corporate blog, or an employee-created wiki taps into this wisdom in ways a stagnant webpage cannot.

Executives who prefer to take the reins themselves are likely to relish in the several and significant caveats dropped throughout the book. For example, Surowiecki’s crowds theory really only works if individuals are relatively uninterested in the knowledge or actions of others. If this is not the case, a herd mentality is born with often catastrophic consequences, as seen in the Columbia Disaster.

Problems also pop up when the crowd becomes biased in the same direction and more concerned with the opinions of others rather than their own, as seen in stock market bubbles, “instead of worrying about how much a company is really worth, investors start worrying about how much other people will think the company is worth,” Surowiecki warns.

It all this leaves you with questions, pick up a copy of Surowiecki’s book, or sign up for the conference to hear him explain his theory and it’s impact on businesses in person.

If your business is in the Washington area, you’ve no doubt been solicited to attend what seems like an endless collection of summits, conferences, symposiums, and panel discussions. All too often, participants wander out of these cumbersome meetings feeling that it was a waste of time.

This frustration is common and it stems from the simple fact that you weren’t part of the planning. The speakers, topics, and itinerary for most of these events were created months in advance without your input.

The New New Internet is looking to turn this process on its head by developing a conference created solely by the Washington-area’s business leaders.

One of the most important aspects in any Web 2.0 application is the ability to harness the wisdom of the crowds: the collective knowledge inherent in a particular audience. We thought we’d put this theory to the test as we hold a series of dynamic focus groups that have allowed the wisdom of crowds to help shape and design the upcoming Web 2.0 for Business Conference on November 1st, 2007 at the Hyatt Regency in Reston, VA.

We have actively involved local contacts from Microsoft, Google, AOL, Citizant, Lockheed Martin, The Washington Post Company, and a whole host of other businesses. The feedback and suggestions for topics we’ve received from these folks has been invaluable.

Keep an eye on our event page as the subject matter is refined and speakers are booked.

Employing the Wisdom of Crowds means we need to hear from you too! Be sure to add your suggestions for web 2.0 topic ideas to this blog posting. Your input, along with the stellar line up of speakers, will make this event the place to be for the area’s top business executives, web innovators, and social media professionals.

Ted Leonsis, Washington Capitals owner and Vice Chairman of America Online, Inc has agreed to be the keynote speaker at New New Internet’s Web 2.0 for Business Conference this November.

Ted doesn’t just give lip service to social media tools like blogging. He lives and breathes Web 2.0. His blog, Ted’s Take, is a perfect example of how blogging should be practiced.

There are many C-level bloggers out there and more joining the conversation everyday. All too often these blogs are simply reworked press releases or stale talking points. The content on Ted’s blog is an honest look inside AOL, the Washington Capitals, or whatever else is on his mind. There’s a steady flow of continuously updated content that’s interesting, honest, and engaging. It’s refreshing to get such a transparent perspective and it’s something that can really only be achieved through blogging.

Here’s Ted on why he started his blog:

“A blog can be entertaining, it can be informational, and it can be enlightening. But the most important part of a blog is that it can be activating. It allows others to look at your thoughts and follow your life and then launch their own ideas, comments and perspectives on what you’ve seen and done.”

That spirit of online collaboration is what makes his blog so popular and why we’re thrilled to have such a social media expert join us for the New New Internet, Web 2.0 for Business Conference. Click here to register and be sure to post your comments on Ted Leonsis or any of your favorite blogging experts in the Washington D.C. area.