So before you dig in to my Goodreads review, I'd like to express thanks to Mr. Andrew Warner of Mixergy.com for sending me the book, and also I want to express my thanks to Mr. Gary Vaynerchuk (Vaynermedia.com) for writing a book that I think is worthwhile for anyone who runs a business or (as in my case) wants to. I didn't go into how much this book made me rethink how I want to approach my business goals in the review, but it certainly did - so thanks!
The Thank You Economy by Gary Vaynerchuk
My rating: 4 of 5 stars
I should preface this review by stating that while I intended to buy Gary Vaynerchuk's Thank You Economy on audio book, the opportunity came to review this book in exchange for a free copy. Based on what I've learned about, and from, Mr. Vaynerchuk up to now I didn't have to think twice about the opportunity.
I am an example of the fruits of the Thank You Economy; I am the easily overlooked customer, a blogger with a scattering of Facebook friends and Twitter followers who now gets to direct the few attentions I influence to the Thank You Economy and of course Mixergy.com, who bought me this book. This is the Thank You Economy in action, and while I am sure Mr. Vaynerchuk isn't putting a down payment on New York Jets because of my book review, I am glad to contribute the small amount of influence I can muster... which is really the point of all of this. Social media brought you to this review, whether via Twitter, Blogger, Facebook, Goodreads or who knows what else - and the ideas carried along by those mediums have the potential to gain a lot of momentum. This is not a book about using the Internet for marketing however.
What Thank You Economy tries to do is to win a debate that is going on in the boardrooms and meeting places of any business today -- how should we run our business? Where do we focus, and what do we focus on? In much the same way that marketing involves advertising, development, and branding, Vaynerchuk highlights an idea of "culture," which encompasses your employees, your product and your customers as he champions the cause of developing strong relationships both inside and outside of your company.
It is an idea that makes sense, but one that does not immediately affect the bottom line, and that is why Vaynerchuk wrote this book. Certainly Gary Vaynerchuk loves social media (almost) as much as he loves wine -- but do not make the mistake that this book is some sort of guide to using Twitter effectively. Vaynerchuk sees social media as a vehicle for customer interaction; one that speaks more directly to your business than sales figures and market surveys can. He explains the benefit of not only embracing the social media phenomenon, but also understanding it fully. Were the Internet simply another advertising space the Thank You Economy would not be taking the shape it has.
Vaynerchuk knows that the information age has brought about a new breed of customer. Today people are well informed - they research your service and/or product with reviews and their friends often minutes before a purchase. They do not simply flock to lower prices; they find and more importantly stay with the companies and people they like and respect. They migrate to values, not radiated through call-center scripts, but instead demonstrated by truly enthusiastic and genuine employees pushing great product.
I also find the Thank You Economy to be so relevant to the current business culture that I unfortunately knew first hand about some of the points that Vaynerchuk makes. Companies are cutting staff and increasing productivity; and walking amongst the survivors of these actions I hear the talk about how the focus on service is taking a back seat to profit. Companies that looked to cut into employee compensation and resources are unaware that employees who once cared about their job are now more concerned about keeping it than anything else. Those same companies are also losing critical ground in the debates happening behind Facebook messages and Twitter mentions. Rather than fostering cultures of employees who seek to help their employers, they only drive away the employees to companies that do care.
Perhaps the potential of a Thank You Economy revolution in business is far off from today given the battles Vaynerchuk seems to continually fight to get his message across, but to this reader it is a far more exciting and encouraging approach to business than the status quo. The Thank You Economy helps bring a much more honest and authentic method of doing business to light in a clear and straightforward way, and is well worth a read.
Regarding the audio book version: I am fairly confident in saying that the most persuasive and engaging aspect of this book is Mr. Vaynerchuk himself. Where the audio book shines is that Gary Vaynerchuk takes time to break into his reading and updates the listener on things that he knows since he wrote the book last year. Some of those interruptions can be a little bit goofy, like when he mentions with odd reluctance that he almost ate split pea soup the other day, but often he interjects some additional thoughts and commentary that really fleshes out his thoughts in the book. Really the best way to sum up the audio book version is to say that it is the second edition of the Thank You Economy; but that should not dissuade you from enjoying either version.
The Thank You Economy on Amazon
Before you go, check out this article about how Research in Motion handled a dissatisfied senior executive (reportedly) who actually cares about his job but couldn't find a way to voice his concerns other than anonymously. All I could think about while reading it was that The Thank You Economy covers this almost too perfectly. What a shame they didn't have this book before giving their cold, legal-approved and stock holder friendly reply - what a lost opportunity!
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