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The Thank You Economy Hardcover – March 8, 2011
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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.
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Vaynerchuk is a "born" leader in my opinion. He just has "it". What is "it"? It's that passion and talent that great leaders have. In professional football, guys like Bill Parcells, and Bill Belichick have "it". The Harbaugh brothers also appear to have "it". Coaches like these, are able to build winning programs and teams, while others never come close to the results that these guys achieve.
Vaynerchuk was able to turn a mom and pop liquor store into a $55-$60 million dollar operation. He now runs VaynerMedia, which appears to be growing faster than Jack's beanstalk. In his book, The Thank You Economy, Vaynerchuk discusses why differentiation and fantastic customer service, are critical for success in today's marketplace.
Vaynerchuk also cautions about the dangers of being reactionary, and complacent. He gives some good examples like Borders deciding to let Amazon take the risks affiliated with ebook, and online retailing. Borders' conservative approach, however, didn't work.
According to the author, large companies especially, are often cautious by nature, but Vaynerchuk says that this approach is dangerous in the social media age. The Internet has changed the rules of business. In the past, big companies could ignore the occasionally dissatisfied customer, but social media has given a voice to even the smallest of customers. They now have more leverage, and using Vaynerchuk's words, "social media is word of mouth on steroids."
If people are dissatisfied with services they received from a company, they can now go online, and communicate with thousands, or even millions in a matter of seconds. Conversely, if they want to buy a product, consumers can quickly ask some of their online friends for recommendations.
Vaynerchuk is absolutely right in my opinion. Look at how the Real Estate industry has changed as a result of the Internet. Wanted to buy a house in 1979? Back then, it was call your agent, he/she will show you some homes, and that was pretty much it. Today, people first go to the web to search properties before they contact an agent.
Customer expectations have also changed. The first real estate web sites, for example, were often nothing more than online brochures. Today, however, there are virtual tours, online market analysis and mortgage calculator tools, Active Rain blogs, social media links, and more.
Agents refusing to respond to changes in technology risk being passed over by realtors willing to meet consumer's online demands. If a realtor refuses to get a Facebook page, will he'she be run out of business? Probably not, but he/she may lose out on a lot of listings and sales opportunities when electing to bypass online tools demanded in the marketplace today.
Bottom line, anyone in real estate, or any other business, would probably benefit from reading Vaynerchuk's book. It's big picture oriented, and makes a persuasive case regarding what is necessary to be be successful in business today.