Blogs Next Tipping Point?

Frank Baranko over at CBS Marketwatch says 8 million bloggers can't be wrong. 

Some selected quotes from his article and the interview with Chuck Richard, vice president and lead analyst for Outsell, a California-based technology market research firm.

[T]hey have "a horrible name and are virtually unknown, but they are going to be big."

Behind the sizzle stirs the essential ingredients of the next tipping point in the information industry.

"Clearly, there is a huge element of vanity press, but that's not important. What is important is the business-to-business applications,"

Richard urges companies to "quickly embrace" the opportunity to engage customer's interests and attention. "The long-term odds are heavy to the upside," he wrote. "You're betting with house money and (companies ) can only lose by not playing." 

"The result is a living, always-on example of the potential wisdom of crowds,"

Blogs offer "full transparency and instant dialogue on authenticity and accuracy." 

Blogs already are being mined for early intelligence warnings. At least four firms track the online conversations as market research for clients: Intelliseek BlogPulse, Techdirt, Factiva Insight, and Bacon's Information. Paid subscription Web logs are not far away.