Socialnomics by Eric Qualman

This new book I recently finished and would like to share is called Socialnomics and written by a very bright person named, Eric Qualman.

This book was published in 2009 and covers many recent social media related topics from mini-blogging to 2008 US presidential campaign.

I took some notes from the book and posted below. I highly recommend this book to all have an interest in social media and new forms of marketing and economics.

• Word of mouth goes to world of mouth
  In the future, we will no longer look for the news, rather, the news will find us (via soical media), or we will create it!
  Business models need to shift. Simply digitizing old business models doesn’t work.
  Not all great viral marketing ideas need to originate in marketing department (!)
  
• Social media = Preventive Behaviour
  What happens in Vegas, stays on YouTube (not only in Vegas anymore)
  Negative comments and posts are easier to find with social media.
  Companies have more time to focus on the solution rather than spanding time to find it.
  
• Reality Social Media is in
  Reality TV has been replaced by reality social media – it’s all about my own reality and my environment.
  “Are you on facebook?” is the new “can I get your phone number?”
  Social media is the new inbox. E-mail is antique for new generations.
  
• Obama’s Success
  Companies should learn from Obama’s faith in social media – Obama would not be president without internet.
  
• Social + commerce = socialommerce
  Social media helps eliminate different people performing the same tasks, resulting a more efficient purchase and also society.
  Customers will have the ability to see what their friends and colleagues found relevant, researched, purchased, and commented on.
  Successful companies in social media will function like entertainment companies rather than as traditional advertisers.
  The most successful social media app. are those that allow users to look cool by passing it on.
  
• Marketers’ jobs have changed:
  Yesterday
  It’s all about sex and the sizzle of the message and brand imaginery
  It’s all about the message; good marketers can sell everything
  We always know what is right for the customer
  We develop the products in house and then deliver
  Today
  It’s important to listen and respond the customer needs
  It’s all about the product; constant communication with all other departments is important
  We never know what is exactly right for the customer
  Our customers will market our product better than we can, so let’s involve their ideas
  
• Winners and Losers in a 140-Character World (miniblogging, e.g. twitter)
  Nowadays conversations with consumer occur within platforms like Facebook, YouTube, Twitter.
  No company is perfect, so admit your faults and the public will respect you for it (Toyota effect)
  Your dissatisfied customers/fans of today are the potential competition of tomorrow.
  It’s better to live a social media life making mistakes than living a social media life doing nothing.
  
• Glass House Generation
  Smart companies are moving dollars from traditional channels to incentives for users (buyers) to discuss their products within a social media context.
  Don’t build your own social network, better get connected to the best tools that exist.
  In the near future the overall achievement of companies will be largely dependent on their social media success.