Over the last few months there has been a great deal of buzz around Google Wave. Billed as an online tool for real-time communication and collaboration, it allows people to work together using richly formatted text, photos, videos, maps and other tools.

The introduction of the Wave will evolve social networking to social marketing, and allow marketers to better target and effectively encourage customer behaviour such as communication, collaboration, interaction and ideally, purchase.

It builds on the concept of cloud computing, which enables a single application to be delivered to thousands of customers simultaneously through a web browser. This means multiple users can access applications hosted on a hub instead of having the application installed on their PC, removing the need anything other than an internet connection. Salesforce.com is one example of how this type of technology is being used to maximum effect.

For online marketers, the Wave can be seen as a way of communicating with customers in real time.

However, additional functionality enables companies to adjust their messaging and strategies based on the tone and feedback. For example, a financial services company can create a Wave application that tracks commodity prices. The tool also may allow customers who access the Wave to communicate with a call centre representative. In order to do so, they can hit a “speak to a representative” button that lives on the Wave. The representative can then review Wave conversations that the customer has had in relation to commodity prices throughout the day, so when they connect privately with them they can address the individual’s specific concerns.

Opportunities also exist for retail marketers. Using Wave technology, a retailer can email offers and ideas to hundreds or thousands of potential customers directly: as long as they’re viewing a Wave’s content simultaneously. This means viewers may comment on the email in real time, as well as engage in discussion around these offers. Customer feedback is seen by the retailer, and based on comments given, can tailor ongoing offers to customer specifications. This means that customer can effectively interface with the retailer and chart the Wave’s evolution based on their demands. This takes targeting and customisation to a whole new level.

While the Wave is still in its infancy, its potential is game changing. Marketers will have the ability to create customer experiences online in real time. In this way, Wave collaborations fit neatly into marketing strategies and concepts like targeting and measurability, meaning marketers will finally have the ability to better legitimise and capitalise upon social marketing.

Richard is Marketing Director for Epsilon International.