The lowdown: Gary Vee shows the changing relationship between companies and their customers in The Thank You Economy summary.
Modern businesses have to navigate a lot more than ever before since the creation of social media.
Now, your business is always on trial and always reach-able.
How you respond to social media and how you use the tool will dictate the success of your business.
In The Thank You Economy, we look at how you can use your ‘old time values’ to leverage social media into something that grows your business, not hinders it.
- Audible Audiobook
- Gary Vaynerchuk (Author) – Gary Vaynerchuk (Narrator)
- English (Publication Language)
- 06/28/2011 (Publication Date) – HarperAudio (Publisher)
The three main lessons in the book are:
- To be truly successful, you need to interact with your customers on social media
- If you don’t adapt to social media, you’ll lose customers
- Combine social media and traditional media for best use –
bur remember not to manage them the same way
Lesson One: To be truly successful, you need to interact with your customers on social media
No matter what business you’re in, relationships are the foundation to any business.
Every move you make should be in strengthening relationships between your business and it’s customers.
The same can be said for social media.
Take Old Spice for example. In 2010, they ran this kickass ad campaign:
They even followed it up by being incredibly active on social media, including a Q and A with the star of the commercials.
However, after the few weeks of viral exposure, Old Spice stopped replying and interacting with followers.
By letting the momentum slow down, Old Spice cost themselves millions of dollars having to launch a new campaign.
Lesson Two: If you don’t adapt to social media, you’ll lose customers
Social media is almost a ticked of validation these days.
Who has ever Facebook stalked someone, or another business.
*raises hand*
With so many stores moving online, consumers usually search social media for a business’ page to see reviews and their presence. If you don’t have a social media presence, you may lose customers.
Also, by not fully engaging in social media, you’ll still lose out.
Look at Barnes And Noble, they were the biggest book retailer in the world for many years. In 1997, Amazon launched and started making waves online as a book retailer. Like Amazon, Barnes And Noble also started online in 1997. However, the company were too sure of their status as the number one retailer that they didn’t fully commit to their online efforts.
The rest is history.
Lesson Three: Combine social media and traditional media for best use – but remember not to manage them the same way
Traditional media is a one-way form of communication, where social media is a conversational platform. Knowing their place and being able to use both will get you the best results.
A way to do this is to give a taste of something in traditional media and guide those who want more to social media for added information and personal communication.
For example, there was a Reebok Ice Hockey commercial showing two starts taking turns in shooting pucks into an empty dryer, however the ad only showed small scenes from the match.
To see the entire match – and see who won – the viewer had to head to social media.
My Personal Takeaway
I am not a massive social media person. In fact, I don’t have one for this website at all. However, I do know that it is something I have to get around to eventually.
I think that is why smaller businesses do so well with Facebook groups, as it is a smaller ecosystem to look after.
Put it into action
Think of a way which you can combine the use of traditional media and social media. How can you fully engage those interested in your business.
You should consider buying this book if…
This book is perfect for anybody in charge of larger businesses. CEOs and middle management can take a lot from a book like The Thank You Economy.
However, the basic principles are great for someone starting a business.
Or, read our other business book summaries.
Cheers
Vince
a Swedish university student, marketing professional, and life-long learner. Here at BookSummaryClub I summarize my favorite non-fiction books into easily digested posts. Hope you like what you’re reading!
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