The Thank you Economic – Book Review

We spend so much of our time online reading short snippets of information about our business that sometime we forget to take a step back and look at the bigger picture. Reading books is a great way to get some extra insight in to specific industry especially in to one as new as social media.One of my friends recommended a book called “the thank you economic” in the beginning of this semester to me, and I can’t put it down until I finished. It happened to be a book about social media, but it is also much more than that.

It is mainly about how people can use social media to maintain consumers and increase customer loyalty. There are several ways introduced to teach people to better connect with, understand and care for the consumers.

in the first part of the book, the author Gray Vaynerchuk inspired by his experience about his father’s small business and the relationship with their consumers. He talked about the human nature that people love connected and build a trust relationship with others, it is critical to do business.

Vaynerchuk offers compelling support through data and large business examples. When customers complained that Ann Taylor LOFT’s new cargo pants looked good only on models, not real-sized women, Ann Taylor showed photos of its employees wearing the pants. The result? “… tons of comments from women thanking LOFT for listening ….” One customer did not like the pants, according to Vaynerchuk, but she respected how Ann Taylor LOFT handled the complaints.

The author pointed out that social media made doing business humanized and it has become a trend of doing business. That’s why the social suggestion site like yelp, which provide reviews and suggestions is so popular so far. He also states that the importance of engagement with the consumers and hearing the voices of the consumers.

There are fourth major principals that Gary Vaynerchuk’s provide to business owners to use social media in the right way. First principal is to establish consumer loyalty and increase interactions with them. It has been said many times that keeping a customer is easier than getting a new one.

The second principal in the book is to be authentic, A lack of sincerity can be seen in real life interactions and displayed for the world to see. Doing business should always been customer-focused. The third principal is to take every customer seriously. Store assistant should not dismiss any consumers, because she or he maybe your next big consumers, also reviews on social networking site like Facebook and Yelp will be read by a large number of audience who maybe your potential consumers. So every customer must be treated like they are the best customer in the Thank you economy.

The fourth one is you have to reorganize due to the changing business environment. The need may be there to take someone who is customer facing (online or offline) and move them to another department. You may need to hire the right people who are willing to follow the trends and react to the changes in this tumultuous business environment.

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