Today we are also going to do a really short book review on The Thank You Economy by Gary Vaynerchuck.
What is a Thank you Economy? Gary Vee defines it this way:
“We’re living in what I like to call the ‘Thank You Economy,’ because 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 Thank You Economy is interesting because it points out that consumers had been sick and tired of being sold to in the traditional business model. With new media, businesses provide what consumers want, instead of having to convince consumers to buy. This of course has huge implications on the power of strong brands (= defined as brands with polarise the market).
Therefore, if the business can deeply care about its consumers and give them what they want and more, this will result in loyalty and longevity of the organisation. It’s almost akin to consumers being happy, grateful and relieved that AT LAST their needs and wants are listened to, and met.
Here are three of our inspirations from the book:
- Out-care your competition. Essentially, an intimate understanding of the pain points of your consumers is essential. Make your consumers happy and delight them with details. Capture hearts and minds.
- Complement your use of social media with traditional media. One of the strategies cited in the book is to use topic or trends mentioned in traditional media to generate conversations online. The idea is that traditional media is still considered “legit” in the minds of the masses, even though it is rapidly changing. A physical book for example, still has the oomph effect and leads to credibility.
- For social media content, it is not the middle ground but the heart of the matter that counts. Go for what your readers/fans deeply care about instead of something that is mild and “politically correct”. This is being authentic.
Pretty fascinating book on general new media marketing principles, human nature, and the importance of being authentic.
No point lying or being politically correct, because people probably need to be entertained, coaxed, convinced, or alternatively, they can sense bullshit from afar very well!