Understanding The “Thank You Economy” / Flowtown (@flowtown).
The business world has gone beyond a state of evolution in recent years. In many years, it’s a state of genesis. Better yet, it’s a rebirth like the phoenix from the ashes. The way most businesses must operate to thrive in today’s ultra-competitive world is based upon a re-imagination of the very ideas that helped small businesses grow a century ago.
We are living in the ‘Thank You Economy’ thanks to social media and other forms of instant communication. Businesses who want to flourish must recognize this.
Thanks toGary Vaynerchuk’s new book, business owners do not need to be experts in social media to know the right way to use it. They simply have to understand five major principals and let those principals guide them in their online (and offline) engagements.
Before the Internet, before television, in the days where mass communication was something that happened in Town Halls and churches, western society lived in the original Thank You Economy. Mom and Pop stores dominated most cities, keeping their stores stocked with the items that their customers wanted and very few other things.
What made them successful was the basis for their existence – they knew their customers. It was more than just knowing what items sold better or which profit margins were the strongest. They literally knew their customers. When “Bob” or “Leslie” walked in, the employees of the store knew their names, what they normally ordered, who their kids were, and why they missed church last Sunday.
Mass production, improved transportation, instant communication channels, and increased competition slowly degraded this type of business over the past decades, culminating in recent years with a completely impersonal business style that lacks humanity. For the most part, the Internet put the nail in the coffin.
A portion of the Internet is pulling the nails out. Social media has given a voice to the people. It has allowed a way to communicate publicly with companies large and small. Thanks to social media, the Thank You Economy is not simply popping in for a quick appearance. Today, it has become a necessary ingredient for success.