The one-sentence summary
Social media is transforming the way we live and do business.
WHAT THE BOOK SAYS
- Social media is transforming the way we live and do business. This is a massive socio-economic shift that is fundamentally changing the way consumers and companies communicate with each other.
- Traditional marketing strategies are obsolete, and have been replaced by Socialnomics, where online communities influence companies and markets
- Brands can now be strengthened or destroyed by social media. Advertising is less effective. Companies and customers can now connect direct.
- Word of mouth is now World of mouth – international instantly
- Social media provides a preventative role: what happens in Vegas now stays on YouTube
- It also increases efficiency by eliminating multiple individual redundancies
- On the downside, it facilitates braggadocian behaviour – self-centred, ‘it’s all about me’. Another drawback is an erosion of confidence in meeting and communicating with people in person: ‘the next generation can’t speak.’
- The old adage that you can only have two out of three of cheap, quick or quality isn’t true in social media – you can have all three because someone may already have done part of it for you
WHAT’S GOOD ABOUT IT
- He defines Socialommerce, in which billions of dollars will be made in and around social media
- People don’t care what Google thinks, they care what their peers and neighbours think
- Schizophrenic behaviour, in which individuals and companies have different work and play personalities, will disappear as they become the same thing
- Bacon salt was invented by two guys in Seattle who ran an online survey asking who would like a powder that made everything taste like bacon. They found a market before they hade invented the product.
- Apple have a hired a 22 year-old who has never sent an email. He has always used instant message, text, phone or social media.
- An 83 year-old prints out his social media updates to find out what is contributing to a full life. On discovering any ‘unfruitful activities’, he ceases them immediately
WHAT YOU HAVE TO WATCH
Not much. It makes lots of interesting points and summarises clearly at then end of each chapter.