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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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The book certainly has many illustrations and conclusions as to why focusing on helping other is good business. The challenge is that getting a return on investment for such a strategy can take time. However, there seems little doubt that most people these days are hesitant to commit to a product or service without some sort of free sample or strong endorsement. This book encourages the reader to go and develop these means and focus them on driving business.
The book is well written and easy to read. It does not perhaps provide anything startling for those already in the Thanks You Economy but it does provides a few examples and suggestions where a strategy could be tweaked and enhanced. Those that have their doubts about the Thank You Economy are probably going to dismiss the books as fantasy. I would encourage those people to try and keep and open mind and at least try some of the suggestions from the book. In most cases they won't cost you anything and you might be surprises at the results that ensue.
There is certainly enough evidence out there to suggest that, done correctly, the techniques of the Thank You Economy can benefit any business. The greatest challenge for the sceptics is probably just being willing enough to give it a go. So, even if you have your doubts, I'd encourage you to read this book with an open mind and perhaps try a few of the suggestions. For those who have already embraces the ideals championed in the book it is still a worthwhile read in the quest to refine that way that you go about thanking people for interacting with your business.
Mr. Vaynerchuk believes it is important that brands and businesses learn how to properly use social media to develop one-to-one relationships with their customer base.
Mr. Vaynerchuck tells us about how small town businesses operated in the days of our grandparents and great-grandparents. The customers weren't just walking wallets; they were friends and neighbors. The business owners cared about their customers and tried to please them. Relationships and word of mouth could have a direct impact on an individual's personal and professional reputation, and on the success or failure of one's business. Word of mouth is now back. Social media sites allow us to discuss future purchases with people that we like and trust. These conversations are traveling across the world in real time.
The ROI of a social media user is deeply tied to that user's sense of community and the emotional attachment he or she associates with a product. Last year, the motherboard on my Dell laptop computer went out. The computer was only 13 months old so I was quite upset. I was even more upset after being put on hold for a very long time by a Dell customer service representative. So, I started tweeting on Twitter about how upset I was with the computer and the customer service. I soon attracted the attention of the Dell social media team. A representative asked me to call him on the phone and he did a great job resolving the problem. I recently tweeted that I think the Dell social media team does an excellent job resolving problems. The next day I received a tweet from MICHAEL DELL (a verified account) that said, "thanks for the nice kudos about our social media team."
I think I will always buy Dell computers ~ the heart wants what the heart wants. The brand that touches and creates the most emotion will win.
Gary Vaynerchuk wrote Crush It!: Why NOW Is the Time to Cash In on Your Passion in 2009. I read that book and I love it. I believe "The Thank You Economy" explains why a business should use social media marketing and "Crush It!: Why NOW Is the Time to Cash In on Your Passion" tells you exactly how to do it.
Read these books and then get busy building relationships with everything you've got!