We return to you with our "5 Minutes a Day Reading with KisStartup Entrepreneurs" section.
As we translated this book and introduced it to you, we silently express our gratitude for the time we've spent together, experiencing the pages of the book and the social media platforms that have helped us get closer to your needs. We are happy that our values have been appreciated, and thus, the power of the "Thank You Economy" must be placed in its rightful position. We deeply resonate with Gary's statement: “The only thing in life that will never change is human nature. When given a choice, people will always spend time with those they care about. They will also do business with and buy products from those they trust.”
The Thank You Economy by Gary Vaynerchuk
Vaynerchuk will provide you with a perspective on the marketing landscape that is changing every day. He emphasizes the importance of social media in any business path, breaking down common criticisms and offering effective strategies. In the book, Vaynerchuk also explains how company culture and employee happiness are crucial in building a successful business. The book provides real-world examples of companies, how they apply the rules of the "Thank You Economy," and use social media to transform their business operations.
Let’s read and practice the first steps from the book together
Welcome to The Thank You Economy
How Everything – Except Human Nature – Has Changed
There are no relationships that naturally form. Life would have no meaning without relationships. How we nurture relationships impacts how we live. Business is no different. Business does not truly form from meetings, but from unfinished meals at a bar or during breaks at a musical event.
The only thing in life that will never change is human nature. When given a choice, people will always spend time with those they care about. They will also tend to do business with and buy from those they trust.
Today, they can absolutely do that. Social media allows customers to interact with businesses in the same way they do with friends and family.
Social Media
Whether large or small, businesses need to learn how to use social media correctly to build one-on-one relationships with customers, influencing both current and future markets.
Moreover, it is also a way to genuinely connect with customers, an opportunity to listen to what they want, what they think, how things are going, how the product works, and where it might be lacking!
If one-on-one relationships become one of the most important ways to approach customers, many businesses will need to go through a cultural change to compete in the market.
Customer expectations are changing rapidly, and social media has completely altered how companies must connect with their customers. The relationship between businesses and customers is now very different from what it was in previous years.
More than Social Media
Social media = Business.
The Thank You Economy is even more powerful than social media. The emergence of social media is just the catalyst for a revolution long brewing in the minds of customers – people who feel lonely, undervalued, and ignored. The Thank You Economy explains why businesses must learn to change their communication strategies to leverage the platforms that have completely transformed customer culture and society.
Breaking Down Barriers
Today, large companies in the U.S. favor e-commerce, but business leaders, brand managers, and marketers prevent their companies from accessing social media to protect a safe zone where they believe numbers are still useful.
But if you wait for social media to prove its effectiveness before deciding to connect with customers one-on-one, you’ll lose the valuable opportunity to get ahead of your competitors.
I can say that social media is like our kidneys – without one, we can still live, but to live healthy and long, we need both kidneys. In short, social media is as important as the heart of a business.
“In this rapidly changing world, the one who reaches the market first creates the impact.”
Why Smart People Ignore Social Media and Why They Shouldn’t
I’ve heard companies give enough excuses for not using and investing in social media. Here are 11 reasons, and I will analyze each one:
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No Return on Investment (ROI)
It has been proven that ROI in doing anything to make customers partners with your company/brand. In the Thank You Economy, the key element of customer service is one-on-one interaction on social media. That’s what customers want, and as we all know, customers are king. -
Unreliable Metrics
The tools for tracking and measuring communication initiatives are becoming more sophisticated and reliable. -
Social Media Is Still Too Young
In this fast-changing world, the one who reaches the market first is the one who makes the impact. -
Social Media Is Just a Trend That Will Fade
If one day users shift from Facebook to a better platform, it doesn’t mean they are abandoning social media—it just means they’re moving to a better medium. Change with them. -
We Need to Control the Content
Many companies avoid creating a Facebook Fanpage because they fear negative comments from customers. Would you prefer customers post those comments where you can’t respond? -
I Don’t Have Time to Monitor / Don’t Want to Pay Someone to Do It
If you want to grow your business, you must spend time monitoring the conversation because you don’t have any other choice. -
We’re Doing Well Without Social Media
A company that is competitive tends to be conservative. It always is. -
We Tried It, But It Didn’t Work
You can’t ignore the viral effects of social media, which doesn’t require much waiting time or commitment and strategy. -
Legal Issues Are Too Complicated
Giving up before you start without exploring every possible opportunity is unacceptable. -
We’re Waiting Too Long to See Results
The long-term benefits of interacting with customers almost always conflict with the short-term reality—this is what keeps people in their jobs. -
Social Media Only Works for Startups, Tech Companies, or Lifestyle Brands
Yes, some products are more attractive than others, but if there’s no room for your product, you won’t survive in the market.
(Continued)
KisStartup realizes that reading an entire book with startup founders is not always feasible. Therefore, we need a more effective way to summarize the content, offering concise yet thorough summaries with key messages. We were introduced to this idea by Mentor Phan Đình Tuấn Anh of SME Mentoring 1:1 and discovered a website that carefully summarizes and introduces books—Paul Minors. After receiving permission from Paul, we selected the book most relevant for startups, and KisStartup’s team read the original versions to ensure it aligns with startup needs before translating it into Vietnamese. Throughout 2018, we will introduce these books to you in smaller segments, aiming for a reading time of no more than 5 minutes each time.
The books have been translated by my colleagues at KisStartup – Tạ Hương Thảo – Coordinator of Capacity Building Programs, and Mai Phạm – Coordinator of Communication and Network Development at KisStartup. I hope that, like me, you find value in this book. As Ben Horowitz, the author of the book, said: “The hard part isn’t setting big, bold, and challenging goals. The hard part is having to fire employees when you haven’t achieved those big goals.”
Let’s explore how to build a vision together, become a true CEO, and stay committed on the path of creating value. Let’s read, explore, and practice together!
Nguyễn Đặng Tuấn Minh
Managing Director & Co-founder of KisStartup
Source: Tia Sáng
