Synopses & Reviews
Praise for Socialnomics
"People with a passion for something can be infectious.It's obvious that Erik Qualman's passion is social media."
—Dan Heath, New York Times bestselling author of Made to Stick
"Qualman makes a powerful case that social media has forever changed theway we live and do business. Socialnomics helps make sense of it all."
—Dr. Stuart Levy, Professor, George Washington University
"In Socialnomics, Qualman brilliantly prescribes that the key to social mediasuccess is doing rather than deliberating. This is a must-read for anyone trying to leverage the social graph rather than be squashed by it."
—Steve Kaufer, CEO, TripAdvisor
"Social media isn't just for the next generation—it's for everygeneration. Whether you're an entrepreneur, a media professional,a college student, or a mom, social media will shape your future. Don't be overwhelmed by it; read Qualman's book instead."
—Jane Wooldridge, award-winning journalist, The Miami Herald
"The social media revolution has raised new and important questions and isnow interwoven into our lives. Whether you are an executive, a parent, or abasketball coach, Qualman's Socialnomics is a great guide for these issues."
—Tom Izzo, Head Basketball Coach, Michigan State University
"Social media is one of the most popular activities online today, offeringopportunities for both businesses and individuals to connect with a new audience. Qualman's book, Socialnomics, helps readers understand this behavior."
—Chris Maher, President, Hitwise
"Marketing is experiencing a profound paradigm shift. In the old paradigm,marketers controlled the conversation with consumers through commissionable media—television, radio, newspapers, and magazines. In the new paradigm, marketers risk being marginalized in the electronic dialogue now taking place in real time. Erik Qualman's Socialnomics offers valuable insights that will aid marketers in regaining some control in the perplexing world of modern communication."
—Dr. Eli Cox, Marketing Department Chair, McCombs School of Business
"Erik Qualman has a very bright future."
—Angelo Pizzo, award-winning writer and producer of Hoosiers and Rudy
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.
A fascinating, research-based look at the impact of social media on businesses and consumers around the world, and what's in store for the future
Social Media. You've heard the term, even if you don't use the tools. But just how big has social media become? Social media has officially surpassed pornography as the top activity on the Internet. People would rather give up their e-mail than their social network. It is so powerful that it is causing a macro shift in the way we live and conduct business. Socialnomics charts this shift from the forefront.
Brands can now be strengthened or destroyed by the use of social media. Online networking sites are being used as giant, free focus groups. Advertising is less effective at influencing consumers than the opinions of their peers. If you aren't using social media in your business strategy, you are already behind your competition.
- Explores how the concept of "Socialnomics" is changing the way businesses produce, market, and sell, eliminating inefficient marketing and middlemen, and making products easier and cheaper for consumers to obtain
- Learn how successful businesses are connecting with consumers like never before via Twitter, Facebook, YouTube, and other social media sites
- A must-read for anyone wanting to learn about, and harness the power of social media, rather than be squashed by it
- Author Erik Qualman is a former online marketer for several Top 100 brands and the current Global Vice President of Online Marketing for the world's largest private education firm
Socialnomics is an essential book for anyone who wants to understand the implications of social media, and how businesses can tap the power of social media to increase their sales, cut their marketing costs, and reach consumers directly.
Social media platforms like Facebook, YouTube, and Twitter are fundamentally changing the way businesses and consumers behave, connecting hundreds of millions of people to each other via instant communication. This is a massive socio-economic shift that is fundamentally changing the way consumers and companies communicate and interact with each other.
Welcome to the world of Socialnomics—where consumers and the societies they create online have a profound influence on our economy and the businesses that operate within it. Online word of mouth and the powerful influence of peer groups have already made many traditional marketing strategies obsolete. Today's best businesses and marketers are learning to profitably navigate this new landscape.
Brands can now be strengthened or destroyed by the use of social media. Advertising is less effective at influencing consumers than are the opinions of their peers, making direct-to-consumer marketing messages less valuable each day. But savvy companies are using online networking sites as massive focus groups and as an efficient means of communication with consumers. If social media isn't a part of your business strategy, you've already fallen behind the curve—and your competition.
In Socialnomics, Erik Qualman offers a fascinating look at the impact of social media on business to reveal what the future holds and how businesses can best take advantage of it. He explores how social media is changing the way businesses produce, market, and sell products; how it eliminates inefficient marketing tactics and middlemen; and how businesses are connecting directly with their customers through popular social media platforms.
Social media will continue to change the way businesses market products and how consumers and businesses interact with each other. If you're a marketer or business owner, the big question is whether you'll keep up with those changes. Socialnomics is an essential resource for anyone who wants to understand the implications of social media, and how to tap its power to increase sales, cut marketing costs, and communicate directly with consumers.
About the Author
Erik Qualman is Global Vice President of Online Marketing for EF Education, the world's largest private educator. Over his fifteen-year career, Qualman has also helped grow the online marketing and e-business functions of Cadillac, AT&T, Yahoo, EarthLink, and Travelzoo. He is a columnist for the Web site Search Engine Watch and SES Magazine. He has been featured on various national radio, television, and Internet outlets.
Table of Contents
Section One: “World of Mouth™”.
Why is there a need for social media? Why has it become the most popular activity on the Web in less than three years?
Despite fragmentation caused by the Web, people still desire an understanding of what the majority is doing. Social media is that mechanism.
In the future we will no longer look for the news; rather the news will find us or we will create it. That future is now.
Section Two: Macro Behavioral Shift #1 – Preventative.
Two distinct forms of behavior have emerged in this new age. The first one is preventative, e.g., you may hide the alcoholic drink in your hand behind your back, or you may choose to not take that photo with the two waitresses on your next business trip.
Similar constructs apply to corporations. Companies are starting to think hard about actions that could cause a negative reaction in the blogosphere or social graph.
While preventative behavior is somewhat of a downer compared to the socially unaccountable freedom our parents enjoyed in the '60s, it's a good thing on the whole. It's making us adhere to the old adage "live your life as if everyone is watching."
Section Three: Macro Behavioral Shift #2 – Braggadocian.
The second, more exciting behavioral change is that of the braggadocian ilk. As people continue to mirco-blog and update their status on social networks, it soon becomes a competition of who's doing the coolest thing. What once took place only periodically around the water cooler is now happening real-time.
As a society, this is a good thing. It allows people to take stock of their collective lives and what they're doing periodically throughout the day, rather than letting years go by and looking back upon a wasted youth and saying "what did I do with my life?"
Is there any wonder why the television viewing audience is shrinking by the minute? People are actually living their own lives rather than watching others. As a company it’s imperative that you produce products and services that people not only want to be associated with your brand, but also take ownership of it.
Out: Reality TV.
In: Reality Social Media.
Section Four: “Social Media Delivers Obama the White House”.
For an indication of how powerful social media already is, we need to look no further than Barack Obama’s meteoric rise to power.
Section Five: Socialommerce: Buying the right baby seat.
Socialommerce: Social Media will return results to your search queries around products and services of interest indicating what the 181 friends within your network found relevant, researched, purchased, and commented on.
Socialommerce example: “Buying the right baby seat”.
Socialommerce eliminates multiple individual redundancies in society. This is obviously a tremendous benefit in terms of saving people’s time, wasted energy and frustration; but it is also mission critical for companies to understand that the impact of social media shifts their traditional business practices from marketing to recruiting to manufacturing.
Section Six: “Schizophrenia Killer”.
People play various roles in their own lives and take on different personalities depending on whom they are with or where they are interacting. A person has their work persona, which is much different than their nightlife persona, which in turn is different from their family persona, etc.
The same holds true for corporations, on one side they donate millions to the word reserve fund, but on the other hand they are dumping millions of gallons of toxic waste into the clean water supply.
The transparency and speed of information flow caused by social media mitigates this type of Schizophrenic behavior.
Section Seven: “Winners and Losers in a 140 character world”.
What capabilities and characteristics are needed for people, politicians, companies, etc. to be successful in a transparent and sound-bite crazed world? A world in which social media is driving.
Celebrities (e.g. Rick Sanchez of CNN) are twittering with Joe Six Pack because they need Joe Six Pack more than Joe Six Pack needs them. More and more people are getting rid of cable TV altogether and watching their favorite shows, debates and movies online.
Referrals are the most effective form of marketing. Social Media allows referral marketing to go to unforeseen heights. Companies will move dollars from traditional advertising to give incentives to users/buyers to discuss their product within a social media context. This will often occur at the point of purchase.
Conversations with prospects/consumers will occur within the platforms (Facebook, Hi5, YouTube, Eons, etc). Consumers will not allow you to force them into your database and communicate through the traditional marketing channels (phone, direct mail).
What do these recent and violent shifts mean and how can individuals and corporations capitalize on them?
A few case studies will be highlighted in this section. This will range from “Can behavioral search data predict Presidents?” to “Why NBC's record online Olympic viewing was Fools Gold.”