‘The Thank You Economy’ is Gary Vaynerchuk’s follow-up book to ‘Crush It’ and it is his battle cry for brands to develop relationships and appreciate their customers via social media. The reason Gary wrote ‘The Thank You Economy’ is because as he puts it, “…we have entered a new era in which developing strong consumer relationships is pivotal to a brand or company’s success.” But how should brands do this and why is it pivotal for success? Allow this book to take you into Gary’s classroom. You won’t regret it.
In this world that Gary calls ‘The Thank You Economy’ only the companies that can figure out how to mind their manners in a very old-fashioned way – and do it authentically – are going to have a prayer of competing.
The reality is that human nature is one of the things in this world that will never change. When given the choice, people will always spend time with people they like and this holds true with brands they like as well. Social media has allowed people to interact with brands like never before. As Gary preaches, “Social media has transformed our world into one great big small town, dominated, as all vibrant towns used to be, by the strength of relationships, the currency of caring, and the power of word of mouth.” Brands need to start acting like small-town shop owners and start showing their customers their heart and soul and treat each one like they were their most important. Valuing every single customer is mandatory in the Thank You Economy.
There are two truths in the Thank You Economy:
- The earned media value of being first to market is priceless
- The quality of your fans and followers is vastly more important than the quantity
People often dismiss social media for the following reasons:
- There’s no ROI
- The metrics aren’t reliable
- Social media is still too young
- Social media is just another trend that will pass
- We need to control the message
- I don’t have time to keep track of what every Joe or Jane says, and I can’t afford/don’t want to pay someone else to do it
- We’re doing fine without it
- We tried it; it doesn’t work
- The legal issues are too thorny
- It takes too long to pay off
- Social media works only for startup, life style, or tech brands
What the brands that believe these reasons are missing is that using social media to talk to customers is like getting access to the most honest focus group and they don’t need to pay a dime for it. This is priceless.
The following are my 3 favourite quotes from The Thank You Economy:
- “…if you succeed with social media, it won’t be because of the platform; it will be because you acknowledge that culture and consumer expectations can change. You are more adaptable and flexible than your competition.”
- “A small company might be able to win the war relying on social media alone, but a larger company should think of social media as the Navy SEAL unit of its armed forces. Small, targeted and hugely effective when deployed, it doesn’t go out to win the war on its own, but without it, the troops are at a huge disadvantage.”
- “Quality content is king. Always. But from now on, quality content must be followed up with quality engagement.”
Which organizations do you feel embrace The Thank You Economy philosophy?