The Thank You Economy

The book provides a light and entertaining read on why social media is important and how to respond to it from an entrepreneurial perspective. It provides practical advice, along with what the author calls “eleven excuses” companies give as to why they refuse to fully commit to and invest in social media, debunking some of the myths about ROI, metrics, social media as a fad, and ability to control the message, among others. The author recognizes that social media, despite its potential, still is not a substitute for traditional media and should be viewed as part of an overall strategy. He also notes that business leaders often overlook, in trying to control the message, that customers tend to forgive and have “bullshit radar.” The entrepreneurial cases in section three, including Avya, Joie de Vivre Hotels are also instructive.

The book is lacking in specifics and any methodology. As with many social media advocates, the book tends to view this channel as all-important, however in this case the author does recognize limitations such as the ability (or need) to control the message on a large scale and the importance of utilizing other, more traditional channels as well. The book provides some useful advice for entrepreneurs, however little detail as to implementing social media strategies on a large scale in a large company. It is not at all clear, for example, how both large and small companies can scale such one-on-one attention to their entire customer base, or if that is even economically rational. The argument that a business is only as good as its engagement with social media underscore’s the author’s natural focus on social media to the detriment of other channels or the core relationship. For more information on social media and its applications, please see Senteo’s review for CRM at the Speed of Light.

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.

The book is useful for entrepreneurs and small business marketing professionals interested in understanding how they can use social media to build their customer base and loyalty. Enthusiasts of Twitter and Facebook and their marketing applications will find this of interest.