SocialnomicsHow Social Media Transforms the Way We Live and Do Business By: Erik Qualman
Social Media RevolutionIs social media a fad? Or is it the biggest shift since theIndustrial Revolution? This video details the facts andfigures of social media, ones that are hard to ignore.
Quick SummarySocialnomics is a fascinating, in-depth researched look atthe impact of social media on businesses and consumersaround the world.This book discovers that social media is so powerful that itis causing a macro shift in the way people and companieslive and conduct business."Socialnomics is an essential book for anyone who wantsto understand the implications of social media, and howbusinesses can tap the power of social media to increasetheir sales, cut their marketing costs, and reach consumersdirectly." Quote from John Wiley and Sons, 2009 - Business & Economics
Table of Contents 1. Word of Mouth Goes World of Mouth 2. Social Media = Preventative Behavior 3. Social Media = Braggadocian Behavior 4. Obamas Success Driven By Social Media 5. I Care More About What My Neighbor Things Than What Google Thinks 6. Death of Social Schizophrenia 7. Winners and Losers in a 140-Character World 8. Next Step for Companies and the "Glass House Generation" 9. Social Media Rolodex and Resources10. Other Insights and FAQs
"Business Models Need To Shift"This is because consumers rely so much on social media asa source of information to determine purchase behaviorsDigitizing business plans is not the answerCompanies need to fully transform in order to meet thedemands of social media
Consumers And Social MediaConsumers, increasingly and heavily, rely on the socialmedia to decide what to buy - "socialommerce"We live in a world where people need peopleAccording to Nielsen, 78% of people trust their peersopinions
Become A Part of Social Media"Companies need to learn that they cant dragcustomers into their own online communities."Need to learn to play in other peoples databases.Funny dating analogy: "If you meet a gal at a bar and ask to buy her a drink, if she agrees, you dont immediately grab her and run out of the bar to share a nightcap back at your place. You generally need to buy her a drink in your current location. That is unless youre part of the cast of Jersey Shore!"
Is Social Media Valuable?According to Qualman, yes it is.Example from Ch. 4 - Obamas Success Driven BySocial Media "Within minutes of Colin Powells endorsement of Obama on October 19, 2008 it was posted on the Web." "By the time Obama was elected, he had over 3.1 million fans on his Facebook fan page...This is a stark contrast to John McCain who had 614,000 supporters for his fan page the day of the election..."
"What Happens in Vegas Stays on YouTube""The transparency of social media mandates that you needto live your life as if your mother is watching, because "whathappens in Vegas stays on YouTube." - QualmanMany recent studies show that employers are using socialmedia like Facebook, Twitter and YouTube to performbackground checks on potential employers.What does this mean? Big Brother is watching you, so watch what you post!
Did We Enjoy This Book?Alyssa - Yes. Socialnomics is full of real-world examples andanecdotes that allow for the reader to relate to. It also includesexamples from companies that have found success using socialmedia, as well as those who failed in using social media.Jana - Yes. It provides interesting insight into the world of socialmedia, the way how it forms our lives and business behaviour.Jan - Yes. More than I thought I would.Radek - Yes, in the book there are plenty of examples from realworld, clever opinions, and ideas. It presents a good view on socialmedia and a network of relationships between friends, customers,companies.
Would We Recommend It?Alyssa - Yes. This book is incredibly helpful for upcomingbusinessmen/women to understand how a business or a personcan and should use social media to become more relevant.Jana - Yes. It is convenient and straightforward way to findimproved ways of doing business and connecting with consumers.Jan - Sure. For everyone who is interested in Social Media.Radek - Yes, the book presents lot of good opinions andexamples. And its interesting for everybody, who use social mediaand want to know more.
In Conclusion...Quote from Qualman: "In a Socialnomic world, companies need to relinquish the total control they have had over the last few centuries and allow users, consumers, viewers and so on to take their rightful ownership."