Social Media Marketing: Lessons from the Thank You Economy

In 2011, Gary Vaynerchuk wrote The Thank You Economyabout the rise of social media and its effects on today’s economy. We no longer live in a world where our opinions are rarely heard, “we live in a world where anyone with a computer can have an online presence and a voice,” says Vaynerchuk. Developing a social media presence is not only important for today’s businesses, but could be the difference between differentiation and demise.

Building Relationships

The key takeaway from Vaynerchuk’s book is the importance of developing and maintaining great relationships with all of your consumers (face-to-face and through online social media); you have to show them that you genuinely care. The easiest way to do this is to engage in every way possible. Ask questions, respond to questions and comments whether good or bad, go above and beyond, shock and awe them. You want every customer to leave and say, “That was some awesome service.” If they feel great about it, they’re going to Tweet their opinions and/or share the information with their friends and family. Keep in mind: you never know who that customer is and how far their reach can go.

Why Do I Have to Worry About Building Relationships Online?

Let’s say one of your customers has a bad experience. Would you rather they come to you and tell you about their experience, or would you rather they go out and tell everyone else about their experience? Hopefully you choose the former because that is the route that allows you to fix the problem and show your customers that you care.

Developing an online social media presence allows you to tap into the minds of consumers. If they fail to tell you specifically about the incident, they’re going to rant about it on Twitter where, guess what, you can see it, fix it, and ensure that they are a repeat customer. On the other hand, if you didn’t have an online presence, you never would have known that this customer was upset, and you most likely would have lost their business.

Balancing Traditional and Social Media

How do you find a balance between traditional media and social media? Play “ping pong” between the two. Take Vaynerchuk’s example of Old Spice’s 2012 Super Bowl campaign.

First, the company began with awesome content for its commercials, spoofing different masculine stereotypes.
Then, it brought the story to Twitter and Facebook where viewers were talking about it non-stop and even creating spoof videos.
Old Spice aired a second commercial.
Old Spice marketers asked Twitter followers, Facebook fans and others to submit questions for the Old Spice Man.
Followers voted for their favorite questions and winners received responses from the man in the commercials.
All of the personal attention followers were receiving from the brand created a buzz, and soon after, you could find coverage for the campaign on television, in print, and on the radio.

At Enventys Partners, we practice the Thank You Economy and actively engage with our clients on a daily basis. Not only do we practice the TYE as a company, but we assist clients in practicing the TYE with their own consumers as well. Our Social Media Marketing services assist our clients in creating engagement with their consumers by developing highly specific, targeted campaigns that will drive results and help increase their bottom line.

The long and the short of it is the importance of maintaining social media accounts so that you can tune in to what your consumers are saying and actively engage with them day-to-day. Once genuine relationships are formed, your consumers are more likely to remain loyal and less likely to visit the other shop right down the street.