Not that we enjoy gloating over anyone's misfortune, but aren't we
all secretly relieved that the dotcom hypefest of earlier this year is
finally over?
As the saying goes, you reap what you sow.
And the seeds scattered by the dotcoms were seeds of hyperbole, rash
promises, unsubstantiated claims and a singular lack of solid business
principles ... is anyone really surprised that the bubble burst?
Surviving dotcoms will surely cry foul at being tarred by the same
brush; however, if you were prepared to bask in the reflected glow and
glory of the hype at its peak, then you also have to be ready to take it
on the chin along with the rest.
Speaking at the recent MEDIA Summit in Hong Kong, Sing Tao Group
executive director Nigel Oakins said that it will take a lot more than
dotcoms are putting in at the moment before the Internet can be taken
seriously as a marketing and advertising vehicle.
The 'Net, he said, is a terrible medium for advertising in its current
form ... but few have ever doubted that.
The thing to remember is that we were all to blame for the mania and the
frenzy; someone had to sustain it for as long as it lasted, and the
dotcoms sure didn't do it all on their own.
So now that the dust is beginning to settle, the industry needs to pull
its finger out and start taking the Internet seriously.
That means no more wild promises, no more insane expectations, no more
woolly websites claiming to reach "millions" of consumers with appalling
design and content, no more believing the claim that the 'Net is all you
could ever want in an advertising and marketing vehicle.
As Mr Oakins noted, it is time for the Internet industry to grow up and
take its place in the ranks of all other forms of media: print,
broadcast, out-of-home.
We all have a vested interest in making the Internet work.
So why is it taking so long for us to merge our strengths and make sure
that it works?
