The Thank You Economy – Gary Vaynerchuk


The Thank You Economy – Gary Vaynerchuk

The Thank You Economy

We’re entering a business golden age. Intellectual capital is now part of the backbone of every organization. Society is creating an ecosystem that rewards good manners, high touch and integrity. The Thank You Economy is a growing business, it’s about the way how consumers and producers interact online and offline. The internet that has given consumers back their voice. Consumers can interact online and give each other advice about products. With the power of social media consumers can say what they want, and how they want to see the product.

Social media is not media, nor is it even a platform. It is a massive cultural shift that has profoundly affected the way society uses the greatest platform ever invented, the internet. It has transformed our world into one great big small town, dominated as all small towns used to be. By the strength of relationships, the currency of caring and the power of word of mouth, we now interact the same online. Social media has given all its users an equal platform on which they can build not just their careers, but their dreams.

Gary Vaynerchuk creates a call to action in his book. He wants to show companies small and big how they can scale one-on-one attention to entire whole customer base. Every company that isn’t online yet, are likely to fail. Gary neutralizes every argument that he heard of companies they did use to defend their opinion on not using social media. His biggest argument is that social media will pay of, if you’re doing it right.

Embarking on one-to-one customer engagement offers significant long-term rewards, but the company will also experience immediate benefits, such as greater brand awareness, stronger brand loyalty, increased word of mouth, improved understanding of customer needs and better, faster consumer feedback. Meanwhile, the drawback to resisting social media engagement is clear, the longer you wait, the farther the competition can pull ahead.

There’s a difference between the spread of information and an opinion about a product. The recipients of that information and opinion care more often about the individual sending to them. Consumers appreciate if you take the time to react on their online messages. The better you know your consumers, the better you can tailor your marketing to them.

It is no longer enough that a strong marketing initiative simply funnels a brand’s one-way message down the consumer’s throat. To have an impact, it will have to inspire an emotionally charged interaction. That’s why it’s called the caring business, communicating makes people happy, so you have to communicate with your customers. You have to show them that you go out of your way to give them an amazing experience, that you want to do anything to keep them!

Online comments

If someone writes a negative comment online, you as a company can react polite and understanding for this customer. Other consumers will see how you take the time to react and they will appreciate that. If you’re on social media, you can react on those problems if you see them online, if you’re not online you can’t react on those comments and you will lose your costumers and you can’t do anything about it. 

If your intentions are good, it shows and it draws people to you. Their bullshit radar is more up-to-date then you think, the people who care will know when you care about them. If the only reason why you’re on social media is because you’re trying to attract more followers and fans than the other guy so you can market your message to that user base, you’re doing it wrong.

The key to success is to pay attention to the little things. This usually has far more positive impact that outweighs the effort or cost it takes to implement them. A few one-time expenses can pay of a lifetime of loyalty from the people who are touched by the company’s generosity.

Gary suggests companies to take a person who is an expert on social media, he says the cost of taking an employee will be paid back when it shows off. Someone who can immediately react on the comments, who will take the effort to make time to call with the customers as long as it takes to make them happy…

Joie de vivre hotels

In the book there are a lot of examples of companies who tried The Thank You Economy, Gary describes them and what they did right or wrong. One of those companies are the Joie de vivre hotels. They work with the dream maker program, employees try to make the stay of the client as good as possible. The employee who did this the best in a month gets an reward. The example that is given in the book is about a women who just lost a son. The women at the desk shows her empathy and buys the lady a special mug with a card where she writes a personal message.

The thank you economy works when you build a sense of community around your brand, not when you simply sell to it. You have to be in it, care about it and most important care about you costumers!


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