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The Thank You Economy Book Review

Posted by in Reviews


Thank You Economy by Gary Vaynerchuk

I just finished reading this book on Sunday and I have to say, it is one of the best books I have read.

Why? Usually when you read a book like this, you say “cool, can’t wait to try this on my business“ or something similar.  But you have no proof it works, or will work for you and your business.

But with The Thank You Economy book, after the first chapter I KNEW it works, I KNEW what Gary was saying is real and I KNEW this because I have already been doing it for about 2 years.

Gary talks about connecting with people, building strong relationships and offering over the top customer service and value. the thank you economy, the thank you economy book review

If you have read my blog for any amount of time, you know I push engagement and building relationships.

What is my biggest secret to my Twitter success?

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I thank every person for every tweet and I thank them with their first name! I do the work to find their name on their profile on their blog on their about me page on the author title in a new post wherever it is I find it and use it to say thank you.

Why? Because nothing makes someone feel more important or that you are engaged with them, then to use their first name when you talk to them.

Side story: In Dec I got hired by an author releasing a new book as her social media manager for 3 months, a gig that paid me $2500  I asked her why me?  She said that the first time she RT’d one of my posts, I thanked her using her name and she said NO ONE has ever done that.

This is a small part of what you will learn in The Thank You Economy

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Social Media Is The Future

Gary feels that for any business to have long term success, they will need to take their business back to the 1950’s. Back when Customer service was king.

The power of social media will force business leaders to start thinking like small-town shop owners: allowing “the personality, heart, and soul of the people who run all levels of the business to show,” having authentic conversations, and demonstrating real caring. “We’re living in what I like to call the Thank You Economy,” “because only the companies that can figure out how to mind their manners in a very old-fashioned way–and do it authentically–are going to have a prayer of competing.”

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Favorite Quotes

“Social media is like a kidney. You can survive with one, but your odds are better with two. And in the future, “social media will be as important to a business as a strong heart.”

Quality content is king. Always.

But from now on, quality content must be followed up with quality engagement. You had better be ready and waiting to engage your consumer online when they start Googling and Tweeting Facebooking to find out more about the awesome content they just experienced, because that’s how our consumer culture works now.”

I like this one the best, since I had a Kidney Transplant :)   Gary is right, sharing and tweeting something is good, but being there after to engage with people is best.

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“There’s only so low you can go on price. There’s only so excellent you can make your product or service. There’s only so far you can stretch your marketing budget. Your heart, though, that’s boundless”

Social Media done right will put you way ahead of your competitor. It can be the difference of you failing or succeeding.

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“Business leaders consistently underestimate two things. First, they underestimate people’s willingness to forgive. They are afraid to put up fan pages because they think any negative comment is equal to a ’60 Minutes’ investigation showing the whole world how much they stink….  Second, they underestimate people’s [B.S.] radar.”

People don’t care if you make mistakes, it shows you are normal. What people really care about is how you deal with the mistakes.

Every product or company will have problems, how you work to fix those problems and make your customer happy is what will make you stand out.

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2 Things That Stood Out

I liked how Gary broke down how Yelp almost crushed Zagat as the go to place for restaurant reviews. Here’s how Gary shared it…

Zagat is the go-to guide for foodies the world over until 2004, when former PayPal employees Jeremy Stoppelman and Russel Simmons launch Yelp, a new, free site driven by user reviews.

By 2008, Yelp has 10 million unique visitors. Zagat tries to sell its business that year, but there are no takers. Later that same year, Yelp releases its free iPhone app, while Zagat launches a $10 iPhone app.

By 2009, Yelp reports 25 million unique visitors, while the $25-per-year membership fee-based Zagat gets 270,000. December 2009 sees Yelp turn down a $550 million offer from Google and $700 million offer from Microsoft, having become one of the great Internet brands.

In 2010, Zagat finally gets with it by teaming with Foursqaure and embracing social media strategies like enabling users to post photos and comments about their experiences.

Gary goes into even more ways social media will help your business stand out against the big guy in The Thank You Economy

Social Media is like Word-Of-Mouth on steroids, the power is to the people now. This is another thing that caught my eye when I was reading…

It is no longer about what you say about you.  It is now about what other people say about you (68% of consumers trust peer recommendations over ads) and how you react and respond to what is being said.

Are you giving people a reason to say thanks right now?  Are you creating a virtual footprint that once people discover allows them to become engrossed with your brand the way that I was with Gary’s?  If not do that.  It works.

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Hear From Gary

Watch a video from Gary on “The Thank You Economy” and get a Free 20 pg sample.

Watch Video Now

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  • http://trafficcoleman.com/blog/official-black-seo-guy/ Black Seo Guy

    Gary is a great guy and seems to be doing big things here in 2011. I just didn’t know he had a boo coming out…I will have to pick up me a copy..

    “Black Seo Guy “Signing Off”

  • http://www.johnpaulaguiar.com John Paul

    The book has been out a couple months and this is his second one. This one for me is the best one.

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  • Anonymous

    Wasn’t it Seth who first told the corporate world that they had better stand up and take notice of social media and well ‘us’ ?
    Either way, I think what Gary V teaches and echoes in this book is exactly the principles you teach with your Dummy series. Underlying all the techniques and numbers in the world is the fact that social media is just that – SOCIAL. A conversation is not one sided so unless you are willing to engage you are wasting your time there.

    Of course you NEED to have a presence there if you want your business to survive so basically – buy this book and take note!!!

    Nice review man, really enjoyed the fav. quotes and the way you covered the important points.

  • http://evelynparham.com/ Evelyn

    Hi JP,

    This is a good review of Gary’s book. I really like how you presented the information. I will definitely order this book. Sounds like a book I’d love to have in my library.

    Take care,

    Evelyn

  • http://www.johnpaulaguiar.com John Paul

    i think your right Alex.. It was Seth. But again Gary has been pushing Social Media since he worked at his dads liquor store lol So who know who came first, all I know is they are both awesome, and see the power in social media.

    Yea, numbers are nice.. but the relationships you build are where the gold is. Numbers don’t last forever, but a good relationship will.

    Glad you liked the review man :)

  • http://www.johnpaulaguiar.com John Paul

    Thank U Evelyn..Glad you liked the layout :)

    It may be the ugliest damn book you ever buy, but man this is the tru definition of “dont judge a book by its cover” lol

    A must have book if you really want to see social media results.

  • http://evelynparham.com/ Evelyn

    I definitely want to see results! ;)

  • Yosnielromero

    Gary has definitely been in sync with the evolution of social media, I would dare to say that he has been on the helm of social media marketing. I cana across his audiobook “Crush It” about a year ago, and I wish I would have known about t sooner. I think that Gary’s biggest strengh is the power to really understand the power of human emotions and translate it into a meaningful though provoking methodology that has made him an authority in this area.

    I’m half way through the book, but instead of spoiling the surprise, now I look forward to reading the rest of the book. So far is much much better than “Crush It”, which by the way I have listened to it at least 5 times on my iPod. Especially when I need a boost in motivation to keep working on my projects.

  • http://www.johnpaulaguiar.com John Paul

    Ok then The Thank You Economy book and My Twitter Dummy Course would be a great recipe for success :)

  • http://www.johnpaulaguiar.com John Paul

    I agree,.. this book is on a whole other level then Crush it.. even though Crush it was great too.

    Gary understands what social media really is.. its people its relationships./ For some reason most people dont get that.. not sure why.

    Social Media has be around since cave men.. connecting, building relationships, sharing.. this has been done since beginning of time.. we just gave it a cool internet name.. but the idea isnt new.

  • http://technicallyeasy.net Paul Salmon

    First, let me just say your write a great review, I am in awe. Although on my monitor, the gray text on the gray background is a little difficult to read because of the lack of contrast. Besides, it is a tremendous review of the book.

    Anyway, the basic premise seems to be around customer service, whether it is through the content you provide or how you engage your customer. You have to provide a high-level of service to succeed, especially with competition being so fierce.

  • http://www.johnpaulaguiar.com John Paul

    Paul glad you liked the review.. I Appreciate the comments :)

    Yea not sure why the quotation makes it grey on grey,, silly.

    Prob should of just quoted it up myself.. I was trying to be to fancy there lol

    But you are right, it is all about customer service and support on the front end, the middle and the backend.. social media lets you surround your readers/customers with all the support they can handle lol

    Well if used right..

  • http://www.marianneworley.com Marianne Worley

    I have the Thank You Economy on my Kindle. I’ll have to move it up to the top of my list. I love what you said about Twitter and thanking people with their first names. I’m definitely going to start doing that. I already send “Hi there” tweets to people I follow and people who follow me, so this will be a nice addition to my Twitter skills.

  • http://www.johnpaulaguiar.com John Paul

    Marianne you def need to read that book :)

    Saying Thank U is great, but using their name when possible is that much better. and Such a simple thing.

  • http://www.evolutionarydesigns.net/blog element321

    John Paul,

    Thanks for sharing this. I just read Crush a few months ago (loved it) and I am about to read this one and was hoping it will be as good as other book, plus I get to see Gary live where he will speaking about his book :)

  • http://www.johnpaulaguiar.com John Paul

    Hey James.. glad you liked the review. Yea this one is better then Crush It.. I think.

    Seeing Gary would be very cool.. need to see when he is closer to me :)

  • http://www.europeantravelista.com Debbie Beardsley

    this book sounds like a good one to own. Thank you for sharing your thoughts after reading it. I am always looking for better ways of doing things.

  • http://www.thesaleslion.com/ Marcus Sheridan,The Sales Lion

    JP, first let me say this review post was great, just right, and I’m pumped to get the book. Second, I wanted to mention how impressed I am with your individual twitter responses. I don’t know exactly how you do it, but I know you do, which is dang cool my friend.

    Big thanks,

    Marcus

  • http://www.johnpaulaguiar.com John Paul

    Debbie this is the book you need f you want to get the most out of Social Media.

    I know SMM pretty well and I learned a lot reading it :)

  • http://www.johnpaulaguiar.com John Paul

    Hey Marcus..Glad you like the review.. easy when you read a book that hits home.

    The Twitter responses are something I did from day one.. not even sure how I started. I try to do individual replies.. but that would get crazy annoying on my stream so if I see a lone T then yea I’ll throw name in there, if not then saying TY is still very powerful name or not.

    It’s all magic man haha People think I have some kind of tool, but nope.. all me.

    But the fact that 95% of the time I am present when my tweets go out.. so makes it a lil easier to manage.

    But either way.. any sort of acknowledgment to ppl that you see and appreciate their RT aor comment is good.

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  • http://twitter.com/LeoWid Leo Widrich

    John,

    I have had your post open in my tab for quite a while now and finally got around to read it. And boy did I enjoy it. Why? Because there is so much of YOU in there too. You did a brilliant job linking it to your own example and this helps me a great deal to learn more about Social Media as I am just at the start.

    Great example with the names, absolutely right, really appreciate that from you, it’s a very noble thing I believe.

    Ok, I hope Gary gets a chance to read this as I think he will find it super exciting to hear about it from your perspective.

    Thanks again for a great post, Buffered. :)

  • http://www.johnpaulaguiar.com John Paul

    Leo.. Thanks for that man.. I’m glad you liked the review.

    Yea, this was one of those reviews that was easy to write since I had personal experience with what was in the book.

    haha Gary reading it would be pretty cool.

  • http://www.slymarketing.com Jens P. Berget

    Hi John,

    I have almost finished reading the book, and it’s brilliant. I have also just been to a three hour seminar with Gary Vaynerchuck where he talked about the book. He’s just amazing.

    I have also read Crush It, and will probably buy and read every single book he’s ever going to write :-)

    - Jens

  • http://www.johnpaulaguiar.com John Paul

    haha That’s Awesome.. Luv to see Gary Live.

    Crazy bastard..Smart and straight forward.. luv that.

    I agree the book well books were damn good. Im a reader for life with him.

  • http://twitter.com/amoyal Arié Moyal

     Is it just me or is the Thank You Economy very similar to the Whuffie Factor?

  • http://www.johnpaulaguiar.com John Paul

    Don’t know that.. I do know TYE is a great book.

  • https://www.facebook.com/profile.php?id=100002878304682 Meo Cuenca

    Sounds like a very resourceful book, definitely on my list of to buys :D

  • http://www.johnpaulaguiar.com John Paul

    TY Meo.. was a great book and I have gone back a couple times to reread certain chapters.

  • http://www.puzzlemarketer.com/ Cody Ward

    Love this book! Great review John!

  • http://www.johnpaulaguiar.com John Paul

    Thanks Cody… I’ve re read a few parts many times haha