Gary Vaynerchuk:THE THANK YOU ECONOMY

2011

Gary Vaynerchuk

Preface

• Loyal customer is your wino If you can sacrifice a dollar

• You are not protecting your store, but opening out

• Connect, interact with your customer! It will make him feel good and come again!

• Maybe he even spreads a word!!!!!!!

Part 1: 

Welcome to the Thank You Economy

Chapter 1: How Everything Has Changed,Except Human Nature

• People decide as they talk. They talk more&more social:o30% of parent's shopping were affected

• Caring first, not selling first

• Do not push too much

• Invest in a relationship

How Everything Has Changed, Except Human Nature

• Long ago, close societies meant that one customer is worth 10 more (word of mouth)oWe are getting back to it

• Social media means Business

• Social media allows us to get fresh

• We are "living early days of a dramatic cultural shift"

How Everything Has Changed, Except Human Nature

• "10% OFF" is not "caring about customer" anymoreoCustomers just must feel extra oDo above and communicate honestly.

• Do not get fake fans (eg. for money reward)

• "In this game, the one with the most real relationships wins."

Chapter 2: Erasing Lines in the Sand

• Don't be Mr. Powerpoint, the change is happening

• Forget old business rules

• Don't underestimate Amazon

Chapter 3: Why Smart People Dismiss Social Media, and Why They Shouldn't• "ROI of engagement"

o ROI with your mother is higher than with a friendo Without SM, You and your customer are strangers

• Turn visitors to friends, friends to buyers, buyers to advocates

• 2010: "85% US consumers would pay 5-25% more to ensure a superior customer experience."o 66% said great customer service was their

primary driver for greater spending

Why Smart People Dismiss Social Media, and Why They Shouldn't

• 1-to-1 model: both short+long-term rewards

• Quality is much better than quantity

ENGAGE AND REWARD

MAKE DEEP RELATIONSHIPS

TAKE BUSINESS AS PASSION, LIVE IT

DON'T BE SHORT-SIGHTED

BE TRUE

Part 2: 

How to Win

Chapter 4:From the Top: Instill the Right CultureWhich two things could convince consumers to pay more for something when they could pay less?a) outstanding experienceb) conveniece

Obsess over customer service (Do it like Amazon, Zappos)!

Great caring culture is like a waterfall (employees are your obsession).

 HAPPY EMPLOYEES: treat them like an adult + individual needs are being met

Gary is happy, employess are happy, customers are happy!

"I care more about my employees than I do about my customers,and I care more about my customers than I do about breathing." (p. 91)

 

Cultural Building Blocks1) Begin with yourself - wear your own hat.Authenticity begins with you!

2) Commit whole hog - mental commitment.The money is there, it is just being spent in the wrong place.

3) Set the tone.One-on-one interaction.

4) Invest in employees.Give them freedom to ask- to experiment - to be themselves.

5) Trust your people.Observe them.

6) Be authentic.Use power of social media to spread. Authenticity, long-term relationships <- authentic interaction with consumers.

Chapter 4, 5:Empower people, extend the Conversation, Play Ping-PongWhat is important? Your intent and message, platforms follow.

Does Thank You Economy seem extreme?It is only for now.

The Perfect Date: Traditional Media Meets Social!Use fullest potential of social and traditional media. These platforms can complement each other.Social media can extend the story!

Chapter 6: I´m on a Horse: How Old Spice Played Ping-Pong, Then Dropped the BallStories and ideas are sticky.Sticky stories get carried forward, reaching more people.

Marketing victories lie in the extremes! Quality content is king + it must be followed up with quality engagement.

Use properly micro-trends as fresh channels.

Every brand can benefit from posting personal videos, can write fantastic content.

31 453 536 viewshttp://www.youtube.com/watch?v=owGykVbfgUE&feature=BFa&list=SPB9F260CE56D04E73&index=1

Old Spice starts the game...

Old Spice one-on-one engagementOld Spice is playing Ping-Pong with you!

Old Spice as a runner #fail

A social media campaign in the Thank You Economy is never done!

Be a marathon runner, you will be rewarded.

Show people, that you care about them.

"As it goes in life, so it goes in business." (p. 128)

Chapter 7:Intent: Quality vs Quantity - Social Media

If your intentions are good - it draws people to you.

Make connections! (Contacts are not enough.)Go close to the emotional center. Follow core principles.Evoke an emotion - compell people to share.

"Use social media campaigns to create an opportunity for engagement, not to force it."

"Simply talk, and listen." (p. 139)

Chapter 8: Shock and Awe

Send a rose or a handwrtitten condolence!

Create amazing customer experience.

Collect data about your customers, it helps you paint a picture of them. Be flexible. 

Connect at an emotional level.

Part 3: 

The Thank You Economy in Action

Chapter 9: Avaya: Going Where the People Go

Example Avaya (business communications applications, systems and services)• It showed up• It showed up first• It remembered that behind every B2B transaction,

there's a C

Chapter 10: AJ Bombers: Communication with the CommunityAJ Bombers:• customers give input• use social media (connections)• build a community• after 7 months: doubled the revenue!• what they did right:

o speak the customers languageo not afraid to try something new (Foursquare)o reward the right people (customers, not ad

companies)

Chapter 11: Joie de Vivre Hotels: Caring About the Big and the Little Stuff

JDV Hotels (=very personal)• message from the top (management)• intent from the right place (balance business - intent

from the heart)• hires culturally compatible DNA• It uses "Pull Tactics" (care about the brand and

amplify positive feelings)

Chapter 12: Irena Vaksman, DDS: A Small Practice Cuts Its Teeth on Social Media• dentist who wants to provide the ideal patient

experience• marketing herself on SNS• strong one-on-one relationships• "Social media is a perfect environment for medical

practitioners smart enough, and good enough, to leverage what its platforms have to offer"

Chapter 13: Hank Heyming: A Brief Example of Well-Executed Culture and IntentHeyming = attorney • used social media tools to:

o build practice within global law firmo grow personal brando communicate with clients and the startup

community• culture of trust and transparancy• guiding and advising startups, so they become

strong and can hire a lawyer later• good word-of-mouth

Conclusion

• Marketing is getting hardero markets are splinteringo attention spans are waningo too much information

• don't wait for the marketing landscape to stabilize• tremendous opportunities

o to develop huge marketso strengthen brandso build lasting businesses

• The Thank You Economy has radically altered our customers' expectations; start thinking ahead, innovate to survive

• The lifetime value of a customer is going to become a bigger consideration, invest in them and use SNS

Conclusion

• Try to gain first mover advantage• Long-term strategies are really hard to maintain• Balance between short-term demands of Wall Street

investors and long-term demands of the Thank you Economy

We are living in a Third Industrial Revolution, The Thank You Economy

Part 4: Sawdust

Extra information and thoughts on different topics

Part 5: How to Win in the Thank You Economy, the Quick Version

Most important aspects of the books on 2 pages            => good to get an idea of what it is about

Overall appreciation

Positive aspects• Easy to read• Very interesting• It is an eye-opener

Negative aspects• Not for haters of

"social"• Perspective of

individual prevails