The Thank You Economy

Gary Vaynerchuk pulls no punches (well he might in his later book Jab, Jab, Jab, Right Hook but not in The Thank You Economy. Gary has done very well hustling like a mad man as he saw the consumer habit changes that were coming back in 2010 and bet that consumer behavior wasn't going to create some wildly new paradigm but rather would follow the old behaviors of the past. Wow, was he right. During COVID, I used social media to find a nearby farm, they sell milk and eggs and only take venmo. The consumer shift didn't go to bigger mass but smaller niche. Even the king of mass consumer Amazon is all about personal recommendations.

“If You Don’t Care, No One Will”

“Any business person who can’t see the repercussions of that much potential word of mouth has his or her eyes closed.”

“A few months ago I was at Best Buy, and I watched as a teenager used his Facebook status to request recommendations on a Nintendo Wii game. He got feedback in real time, and used it to decide what to buy. Recommendations and contextual social search are the future. Is it any wonder I’m not bullish on search engine optimization’s (SEO) long-term potential?”

“Consider these statistics pulled from the Customer Experience Impact 2010 Report as well: 40 percent of consumers switched to buying from a competitor because of its reputation for great customer service. 55 percent cite great service, not product or price, as their primary reason for recommending a company. 66 percent said that great customer service was their primary driver for greater spending.”

Here is the Link to the Amazon book.