The way we do business today is different than the way we did business five years ago.
And, Gary Vaynerchuk’s new book, The Thank You Economy, gives business owners a hard look at the ever-changing landscape.
Here are some lessons learned:
- Your business doesn’t have to have a Facebook, Twitter page or Blog. However, it’s a big risk not to be on these social networking sites. Vaynerchuk uses the example of Amazon. If Border’s watched closely instead of being distracted by the numbers, they may have been able to survive in this economy.
- Look at customer caring instead of ROI (return on investment). According to the Customer Experience Impact 2010 report, 40% of the population switched to buying from a competitor because of their reputation for great customer service. 55% say customer service is more important than price and 66% say that good customer service is their reason to buy.
- With the influx of new social networking sites, there is a greater need for one to one customer service. The long term rewards outweigh the short term extra effort.
- Make sure you give your community enough relevant information that they can relate to in order to keep coming back.
- Stop worrying about how many people are following you. Communities are important but the individual is more important. Make sure you engage each individual.
- Once you start with social media, you can’t stop. Keep watching, listening and engaging.
- Bloggers are important. If you give away products during a product launch and you treat bloggers with respect, their posts will help spread the word.
- Make sure that your online customers and your offline customers get the same quality customer service.
- Instead of spending big on billboards or expensive ads, consider spending it on consumers and making them happy. (Look at Zappos. They enhanced their customer service by providing free shipping and hassle free returns.)
- The Thank You Economy only works if you don’t sell to your consumers instead you build a community.
- Consider spending time interviewing your customers and giving them a little something extra. In the case of the Joie de Vivre Hotels, Vaynerchuk writes about how a woman staying at the hotel tells the manager that her son was dying. To do something extra, the manager left sunflowers and chamomile tea in her hotel room with a little note telling the customer that she cares.
- Brands should push less and pull more. This means that a post about a deal only will not engage your community. Show that you care about your community.
- Everyone in business can benefit from a social media program including dentists, doctors, lawyers and accountants.
- Offer each of your customers an experience. Vaynerchuk says “if you are small, play like you’re big.”
- Big brands need to listen and engage in conversation. Smaller brands need to watch their area of expertise and jump in on the conversation.
Vaynerchuk has a lot of good information in this readable book. One of the most important lessons learned is the mistakes companies make when using social media. He says, don’t use tactics instead of strategy; don’t just use it for damage control; don’t just brag; don’t use it as a news release; don’t just retweet others information – instead use your own material; and don’t expect immediate results.
The Thank You Economy is a worthy book to keep on your bookshelf.
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