The Thank You Economy [Hardcover]

Gary Vaynerchuk (Author)

Book Description

Release date: March 8, 2011

If this were 1923, this book would have been called "Why Radio Is Going to Change the Game" . . .

If it were 1995, it would be "Why Amazon Is Going to Take Over the Retailing World" . . .

The Thank You Economy is about something big, something greater than any single revolutionary platform. It isn't some abstract concept or wacky business strategy—it's real, and every one of us is doing business in it every day, whether we choose to recognize it or not. It's the way we communicate, the way we buy and sell, the way businesses and consumers interact online and offline. The Internet, where The Thank You Economy was born, has given consumers back their voice, and the tremendous power of their opinions via social media means that companies and brands have to compete on a whole different level than they used to.

Gone are the days when a blizzard of marketing dollars could be used to overwhelm the airwaves, shut out the competition, and grab customer awareness. Now customers' demands for authenticity, originality, creativity, honesty, and good intent have made it necessary for companies and brands to revert to a level of customer service rarely seen since our great-grandparents' day, when business owners often knew their customers personally, and gave them individual attention.

Here renowned entrepreneur Gary Vaynerchuk reveals how companies big and small can scale that kind of personal, one-on-one attention to their entire customer base, no matter how large, using the same social media platforms that carry consumer word of mouth. The Thank You Economy offers compelling, data-driven evidence that we have entered into an entirely new business era, one in which the companies that see the biggest returns won't be the ones that can throw the most money at an advertising campaign, but will be those that can prove they care about their customers more than anyone else. The businesses and brands that harness the word-of-mouth power from social media, those that can shift their culture to be more customer-aware and fan-friendly, will pull away from the pack and profit in today's markets.

Filled with Vaynerchuk's irrepressible candor and wit, as well as real-world examples of companies that are profiting by putting Thank You Economy principles into practice, The Thank You Economy reveals how businesses can harness all the changes and challenges inherent in social media and turn them into tremendous opportunities for profit and growth.

Editorial Reviews

Amazon.com Review

Amazon Exclusive: Gary Vaynerchuk on The Thank You Economy

The Thank You Economy is much more than saying "thank you.” The Thank You Economy represents a much bigger movement. This book could easily have been called The Humanization of Business or Manners Marketing.

I feel that we're living through the biggest culture shift of our time. The internet, itself, is 17-years-old. It's just hitting the social part of its life. It's just like growing up. As you get to 13, 14 and 15, you want to go out and go to parties. That's what's happening right now! The internet is growing up.

What happens when we live in this word of mouth world where we're tweeting out "I love Company X's orange juice"? We're sharing thoughts that we never would have picked up the phone and called somebody about in the past. What happens when brands can be humanized? In The Thank You Economy, I tackle the issue of the ROI of social media and provide case studies. I think we wrote a much, much stronger book than I did with Crush It. When I say we, I mean the people in the social graph--the people that are living it.

There is enormous ROI in social media. It's like my famous saying though, "What's the ROI of your mother?" The data isn't as black and white like it has been in the past. I firmly believe that the brands that have a soul and a heart and understand how to scale this will win.

This is a comprehensive book from a guy that has lived in the social space for the last 6 years like I have. I live and breathe my community and I've been able to consult with big brands for the past two years on how to leverage this world of caring. This is the perfect book, not only for entrepreneurs who might have an employee or two, but also for brand managers and CMOs at bigger companies.

From the Back Cover

If this were 1923, this book would have been called "Why Radio Is Going to Change the Game" . . .

If it were 1995, it would be "Why Amazon Is Going to Take Over the Retailing World" . . .

The Thank You Economy is about something big, something greater than any single revolutionary platform. It isn't some abstract concept or wacky business strategy—it's real, and every one of us is doing business in it every day, whether we choose to recognize it or not. It's the way we communicate, the way we buy and sell, the way businesses and consumers interact online and offline. The Internet, where the Thank You Economy was born, has given consumers back their voice, and the tremendous power of their opinions via social media means that companies and brands have to compete on a whole different level than they used to.

Gone are the days when a blizzard of marketing dollars could be used to overwhelm the airwaves, shut out the competition, and grab customer awareness. Now customers' demands for authenticity, originality, creativity, honesty, and good intent have made it necessary for companies and brands to revert to a level of customer service rarely seen since our great-grandparents' day, when business owners often knew their customers personally, and gave them individual attention.

Here renowned entrepreneur Gary Vaynerchuk reveals how companies big and small can scale that kind of personal, one-on-one attention to their entire customer base, no matter how large, using the same social media platforms that carry consumer word of mouth. The Thank You Economy offers compelling, data-driven evidence that we have entered into an entirely new business era, one in which the companies that see the biggest returns won't be the ones that can throw the most money at an advertising campaign, but will be those that can prove they care about their customers more than anyone else. The businesses and brands that harness the word-of-mouth power from social media, those that can shift their culture to be more customer-aware and fan-friendly, will pull away from the pack and profit in today's markets.

Filled with Vaynerchuk's irrepressible candor and wit, as well as real-world examples of companies that are profiting by putting Thank You Economy principles into practice, The Thank You Economy reveals how businesses can harness all the changes and challenges inherent in social media and turn them into tremendous opportunities for profit and growth.

See all Editorial Reviews

Product Details

• Hardcover: 256 pages
• Publisher: HarperBusiness; First Edition edition (March 8, 2011)
• Language: English
• ISBN-10: 0061914185
• ISBN-13: 978-0061914188
• Product Dimensions: 8.3 x 0.9 x 5.5 inches
• Shipping Weight: 15.2 ounces (View shipping rates and policies)
• Average Customer Review: 4.4 out of 5 stars  See all reviews (148 customer reviews)
• Amazon Best Sellers Rank: #35,053 in Books (See Top 100 in Books)
  • #52 in Books > Business & Investing > Marketing & Sales > Consumer Behavior
  • #56 in Books > Business & Investing > Industries & Professions > Customer Service

More About the Author

Meet Gary Vaynerchuk (VAY*NER*CHUK), a 33-year-old self-trained wine and social media expert who has revolutionized the wine industry. Gary's cult-like following is the result of his unconventional, often irreverent commentary on wine, combined with his business acumen and foresight to use social media tools like Twitter, Facebook, and YouTube to reach an untapped audience. He hosts a daily webcast called "The Thunder Show"on tv.winelibrary.com that attracts over 90,000 viewers each day. Recently, Gary's podcast became the most downloaded show on iTunes in the Food category, beating out venerable names in the industry including Martha Stewart and Jamie Oliver.

Known as the "King of Social Media," Gary is one of the first--and one of a few--Facebook users who has maxed-out his friend limit, with over 17,000 pending friend requests. He is in the top 100 people followed on Twitter and was the keynote speaker at noted events like the 2009 South by Southwest Interactive conference and the New Media and Web 2.0 expos. A weekly contributor to TheStreet.com and Popeater.com, Gary is regularly asked to consult on social media for some of the world's largest and most recognizable companies like Google, Johnson & Johnson, Disney, Proctor & Gamble, and Pepsi.

Most Helpful Customer Reviews

115 of 138 people found the following review helpful

2.0 out of 5 stars Thank You but No Thank You? March 18, 2011

By Jason L. Mcdonald

Format:Hardcover|Amazon Verified Purchase

Business books are always looking for that great, new angle. Gary Vaynerchuk's The Thank You Economy is no exception. His keen insight: the Internet economy - especially social media - makes saying Thank You more important than ever. Amazing customer service is his war cry for businesses everywhere, and Vaynerchuk warns us all to adapt (rapidly) to the tsunami of social media that is changing business today.

Duh.

Since I teach Social Media Marketing (Google Jason McDonald to find me), I always look forward to these books, because every once in a while there is an amazing gem, such as Seth Godin's, Unleashing the Ideavirus - a book that knocks me off my socks, makes me pause, and is the the first time I every thought a thought: that an idea could be a virus, how cool is that?

The Thank You Economy disappoints. Especially in the details, it disappoints.

In The Thank You Economy We are teased, threatened, cajoled, implored, reminded, asked, coddled, hassled, tipped off, and otherwise pounded with the message that social media marketing IS a revolution and we (as businesspeople) had better get prepared. But beyond that? Not enough details! Not enough meat! Not enough concrete do's and don't's.

For instance, the idea that customer service is critical in today's Internet age is hugely important. Some customers - we might call them CUSTOMERS FROM HELL - can make life miserable (and they have) for major brands like KFC, Taco Bell, United Airlines, and others. Should you (or can you), provide amazing customer service to your own customer from hell? What happens when one customer from hell alerts the other customers from hell that those who kvetch the loudest will get amazing perks?

* Vaynerchuk doesn't really explain this, sadly.

So he raises the point that we should have amazing customer service, but doesn't help us in the thickets or weeds. Which customers? All of them? That's not realistic. Some of them? Which ones? When, where, and why?

The Social Media Revolution is certainly coming, but it isn't feasible to do everything for everyone at no cost. That's the starting point for a good book, but in the case of the Thank You Economy, it's really the ending point. Give great customer service. Be amazing. Treat every customer like they were No. 1. Lots of platitudes here, little details. Sigh.

Yelp vs. Zagat

Yelp! Oh my God do I love Yelp. No more terrible BBQ in Texas! No more terrible B&B's in Half Moon Bay! Yelp and stranger marketing have changed - forever - how we shop. Yelp's genius was allowing everyone to post reviews, easily, and to encourage Yelpers to Yelp and businesses to get Yelped.

In the best part of the book, Vaynerchuk has an amazing compare / contrast of Yelp (Free) vs. Zagat (paid), pgs. 38-41. Rip out this part of the book! Paste this part of the book above your desk. It's the amazing, power of FREE vs. PAID, and the hypercharging that FREE gets on the Internet.

This one case study is worth the book, not for its originality but for its CLARITY. Vaynerchuk's touches on other examples (Barnes and Nobles / Borders / Amazon) but drops them. Oh, my goodness, the devil is in those details, and had the book had strong case studies, the Thank You Economy would have been an amazing read.

The customer from hell is another huge social media phenomenon. We get the example (pg. 22) of Giorgio Galante, who took AT&T to task, got tangled with their lawyers, and had an amazing social media ride of it. But not enough. These two anecdotes are incredibly intriguing, but instead we have pages (and pages and pages and pages and pages) of platitudes...

Corporate America is rewarded for hookups and one-night stands, and that's how much respect most corporations show toward their customers. Don't hate the player; hate the game. (pg. 210).

Oh my God. This could be pasted on a "Successtory" poster and put on top of the urinal in my bathroom. That's how amazingly insightful that is. Sigh, sigh, sigh, sigh, sigh... I want the details! I want concepts! Death to Successtories!

72 of 90 people found the following review helpful

5.0 out of 5 stars PUBLISHED BOOK REVIEW! March 8, 2011

By Peter Klein

Format:Hardcover

Ideas & Innovation, Mullen, Social Influence - MULLEN
Thank you for writing the Thank You Economy.
Author, Social Media Pioneer, Gary Vaynerchuk

As REM once said: "It's the end of the world as we know it and I feel fine." If anyone reading this hasn't realized that everything has changed, maybe Gary Vaynerchuk's new book The Thank You Economy will help smack some sense into you. At the very least, it will make the new world a bit less scary for you or your boss or your boss's boss. I think people will find that Gary V. is a wonderfully unlikely spokesperson and an incredibly steady voice of reason in a seemingly endless world of chaos. He intuitively gets it and can articulate and translate social media very well.

Here's my take on the brand spanking new Thank You Economy, the latest from the author of the New York Times best-seller Crush It!, famous internet wine marketer, social media godfather, and overall feisty personality.

The book opens by drawing some amazing parallels to the days when every store owner needed to endear himself to his small community, be an intrinsic part of it, and keep the community happy. If a customer was unhappy, word of mouth would spread and it would cause great problems. Then we became busier, more fragmented, less personal and our individual voices stopped mattering as much to businesses. Essentially they could get away with not caring.

But, with the introduction of SM, we are back in a community where each individual's voice matters a lot and the business owner needs to authentically care and should want to communicate with the individual for a lifetime of ROI. That really simply sums up the incredible and undeniable role of SM today. While we have seen other authors point out the differences between pre- and post-industrial revolution society and how it relates to brands roles in our lives, Gary has put a lot of smart thinking into what this means for social media and drawn out useful conclusions for us. The book gives great easy-to-digest examples of some social media successes and failures we can all learn from. There is also content in here that won't sit easily with the ad community, but it's a viewpoint that needs to be heard. In fact, he makes a great case for why advertising and marketing need to continue to be more relevant and more entertaining then ever, why they naturally go hand in hand with SM if used properly by the right people. It also gives nice context to social media's role in relation to advertising and marketing. All stuff that should be smacking advertising and marketing people in the head, if it hasn't already. The book also underscores the need for absolute authenticity in SM and how to get there with your company.

Gary's book should be required reading for anyone working, thinking or thinking about thinking or working in social media. Or anyone who works at a company that is thinking about using social (which should literally be every company in the world). The Thank You Economy has been written in a way that people who are very new to social and people who have been working in it for some time will get a lot out of it. Agencies and clients need to get their hands on it and distribute it liberally. It should be used by agencies to get clients (and there are still some) who don't yet know the invaluable value of SM to get off the fence. And it should be used as a tool by clients to get senior management who may not yet see the undeniable value of SM to be a lot less scared about it. It debunks the anti-social media myths and paths of resistance in very compelling and motivating ways.

Like I said, thank you for writing this book Gary, it's a much needed smack upside the head for marketers and I think you just made all of our jobs a whole lot easier. Nice work.

57 of 71 people found the following review helpful

3.0 out of 5 stars A Why To Book, Not a How To Book March 8, 2011

By Victor Cheng

Format:Hardcover|Amazon Verified Purchase

I am a big fan of Gary Vee. Crush It was an eye opening game changer, his vlogs are great, I pay attention to what he does. His contribution to the world in Crush It that "caring = competitive" advantage is both insightful and well demonstrated by Gary Vee practicing what he preaches.

I pre-ordered The Thank You Economy months ago, noticed it auto-download on my kindle last night, start it last night and finished it by noon this morning.

That being said, I was a little disappointed in The Thank You Economy - even though I agree with everything said in it. Perhaps I just had the wrong expectations and I'm not the intended audience.

It is a book focused on WHY companies big and small should be in Social Media. The premise is you, the reader, are a social media skeptic or the higher ups in your company are skeptics.

If this is your situation, it's an appropriate book. Gary Vee lays out his argument (which I agree with incidentally). There are lots of interesting case studies, his perspective is ALWAYS interesting, and the strength of the argument is probably a "B" level argument at best.

It's an argument driven by a few key ideas and lots of anecdotes. But the reason I give the argument a "B" is its not an air-tight argument. In my work life I deal exclusive with the higher ups alluded to in the book. I know how they think. And I think higher up folks would find the book interesting, a little thought provoking, but probably not enough to dramatically change minds.

I think he could of made a much more airtight argument even without resorting to a dry, numbers driven, academic argument.

As for me, I don't need to be convinced of using various forms of social media. I am already using it very successfully. I was looking for something new for me to DO. In other words, I was hoping The Thank You Economy would be more of an action-oriented book providing more recommendations as what to DO for someone who is already doing what was described in Crush It.

In many respects, the Thank You Economy book should have been published BEFORE Crush It. Most people want to know WHY they should do something, before they bother asking HOW to do it. Thank You Economy = Why, Crush It = How.

Depending on where you are at in terms of your social media enthusiasm (mine is pragmatically for social media in specific circumstances), one book will be MUCH more appropriate to you than the other.