Despite popular belief, social media is not just for teenagers. Social media is
now the #1 activity on the Internet. The world of social media is so powerful
that it is causing a macro shift in corporate and personal behavior. The
economic promise social media offers is limitless. This book introduces the
concept of Socialnomics and its ability to eliminate inefficient marketing and
middlemen. As a result, everything from purchasing a baby carriage, to drafting
a will, is easier and cheaper for the consumer and more profitable for the
seller. In this book business professionals will learn that in a Socialnomics
world, not all great brands will be built from within, but rather they will be
built externally through customer feedback on websites and online communities.
Socialnomics creates a World of Mouth that far exceeds traditional word of
mouth. We live in a global economy partly enabled by social media. This book
helps show business professionals the pitfalls to avoid and opportunities to
capitalize on. Business professionals will also learn that closer alignment and
flexibility between sales, marketing executives and production is no longer a
nice to have but is imperative for survival. A good example of this is Comcast
on Twitter watching for any complaints and responding to the Comcast user not
only with words (customer care) but with action (sales and operations) to
quickly resolve the problem. This is like a giant free focus group! 95% of
females 18-22 have a Facebook account. 40% of all moms have a MySpace account.
Consumers today are influenced more by opinions and referrals of those within
their social network than by a 30-second Super Bowl advertisement. As result,
Fortune 500 marketing dollars will flow to the customer rather than to NBC or
the New York Times. This dramatic shift has begun influencing the way
businesses produce, market, and sell. We are quickly moving beyond a Web 2.0
world and are at the beginning of a socioeconomic revolution. Socialnomics is a
must read for anyone wanting to harness the power of the social graph rather
than be squashed by it.
