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Review: The Thank You Economy by Gary Vaynerchuk

The Thank You EconomyThe Thank You Economy by Gary Vaynerchuk
My rating: 4 of 5 stars

I really liked this thought-provoking and relevant look at how social media is bringing small-town shop values back into business. Vaynerchuck shows that businesses need to build long-term, personal relationships with their customers by caring about them. Social media, because it magnifies word of mouth, is more effective at making emotional connections than broadcast marketing.

Vaynerchuck uses stats, case studies, and firsthand experience to make his points and recommend actions. Although he mentions several specific platforms, the ideas transcend the tools. I was inspired by Vaynerchuck’s Crush It : Why Now Is the Time to Cash In on Your Passion and I plan to use the concepts in this book to make OptimWise succeed in the Thank You Economy.

How all businesses should use social media
• Care. Respond to comments and invite people to share their thoughts. Outcare competitors that are bigger, cheaper, or more popular.
• Show up first to connect with early adopters (first-mover advantage).
• Be authentic. Be yourself and speak from the heart.
• Connect with the individual, not the business. Behind every B2B is a C.
• Build a community to turn buyers in to advocates. Join or create conversations around topics related to your product or service. Thank people when they provide feedback, positive or negative.
• Focus on quality, not quantity of fans/followers.

Consumers in the Thank You Economy
• People do business with people they like.
• 70% of people turn to family and friends for purchasing advice.
• Make every customer feel special.
• Dissatisfied customers are opportunities to fix problems and build relationships.

Social Media in the Thank You Economy
• Social media takes time; it’s a marathon.
• Provide quality content followed by quality engagement.
• Evoke emotion (positive or negative) so people are compelled to share.
• Let consumers decide that they want to know you; don’t try to persuade them.
• Pull people in; don’t push your message out.
• Start and join conversations about your general interests first to build relationships. Later, talk specifically about your business.

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