"The Thank You Economy" by Gary Vaynerchuk

Just finished reading this book, recommended by my colleague Monte Hamilton. It’s about how social media is changing the world into a small village, where the power to promote a brand has shifted from the company to the consumer, and how companies large and small, across industries, can understand how best to harness that power.

Overall, a very interesting read. It confirmed some of my feelings about social media – it is very different from traditional media, in that it is a “marathon” endeavor, rather than a “sprint” and that “marketing really has gotten harder. Markets are splintering, eyeballs are shifting, attention spans are waning, and the amount of information people are trying to absorb continues to multiply.” But that is no excuse for not engaging. Gary spends an entire chapter describing the 11 most common reasons companies give for not participating, and his response to each of those. Bottom line is that social media is only going to gain in importance, and businesses need to get with the program.

As companies large and small try to figure out social media, the author recommends integrating traditional and social media. “Layering social media on top of traditional media to extend the story is the most practical, executable and measurable marketing move you can make today.” Which comes as a huge relief to companies that have so much money invested in traditional media.

Customer complaints offer the ideal opportunity for companies to demonstrate how they deal with criticism. “You can talk to a customer who bothers to complain. If you think it’s warranted, you can apologize. If you wish, you can explain yourself or ask for a second chance. At the very least, you can make it public record that you do not take anyone’s dissatisfaction lightly. The platform that gives consumers such tremendous power in the Thank You Economy also gives brands the chance to save customer relationships.”

The book contains specific examples of how a small business with a single storefront to multinational corporations, have successfully implemented social media programs. These insights are helpful in understanding the commitment that it takes, the new way of thinking required, and that no matter what, your business must engage in social media if it is to survive.

The most important takeaway I got from this book is the realization that technology moves so fast, changes so quickly, and has given the consumer such power that trying to compare, implement, measure, and control social media programs in the same way as traditional media programs is pointless, and that being afraid of negative comments from customers is the wrong attitude to take. To stay relevant, brands must start actively embracing social media and engaging with their customers in a two-way conversation as soon as possible.

My thanks to Monte for his suggestion, and I agree that this book is a worthwhile and enlightening read.