Socialnomics: How Social Media Transforms the Way We Live and Do Business
Here is some of the key points I got out of the reading of this book:
Word of mouth: People shares opinions and feedbacks on social media regarding the product they bought, the place they went and etc. Consumers tend to trust their peer’s opinion rather than the advertisement, and companies today should align their marketing strategy to best leverage the social media communication channels.
Preventive behavior – Companies have to realize that once they published something on the internet, its on there forever. Therefore, they have to be careful when dealing with negative feedbacks and opinions against their companies online. Sometimes, these negative feedbacks can be used to reflect upon their business plan and helped them to make adjustment accordingly.
I Care More about What My Neighbor Thinks than What Google Thinks - We no longer search what we want via search, but what we want comes to us via social media. 76% rely on recommendations from others vs 15% that rely on advertising. Word of mouth, recommendations and opinions of peers are the key driver behind sales for the marketing in the future.
Death of a Social Schizophrenia - The initial popularity of representing different personas will give way to real transparency of character as social media audiences mature and realize the difficulty of maintaining different identities. Companies need to put more emphasis on improving their products and focus facilitates word of mouth and referrals vs traditional push marketing.
Winners and Losers in a 140 Character World - Eric gave us some good and bad examples of the social media use by some companies. The future of advertising and content creation process need to involve both marketers and audiences via online interactions and communications, that is something companies should always remember in implementing their social media strategy.
Socialnomics gives us a better insight of how company should utilize the power of social media by using high level analysis and real life stories.













