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Mental Monday: Socialnomics by Erik Qualman

Good Afternoon, Social Rabbit here with your guide to the world of social media.

Today I am starting a new post slot called Mental Monday’s, the idea being that each week I will review a book/whitepaper related to social media.  My reasons for this are that I want to read more and just am not holding myself accountable, so I thought my readers could hold me accountable instead.  I welcome suggestions on which books you would like reviewed.  I would like to point out that I don’t get given the books to review, nor do I own a book store & I will always say what I think!

Today’s book is Socialnomics: how social media transforms the way we live and do business by Erik Qualman.  You might recognise this name, he is the guy who bought us the YouTube video called the Social Media Revolution – a must watch for everyone if you haven’t seen it.

So back to the book, I thoroughly enjoyed it, it is a very easy read with lots of case studies to bring it to life, it is very open and honest, and tells it exactly how it is.  It contains eight chapters on different social media topic such as word of mouth, social media = preventative behaviour, Obama’s success with social media, winners & losers in 140 character world and more.  At the end of each chapter Erik has a 1 page list of key point that you can take away.  Below I have listed my favourite key points (please note that these are all direct quotes):

  • Spending time on social media makes you more productive.  Social media is the mechanism that allows users to avoid “information indigestion”.
  • Business models need to shift.  Simply digitizing old business models doesn’t work; businesses need to fully transform to properly address the impact and demands of social media
  • Not all great marketing ideas need to originate in the marketing department.
  • What happens in Vegas stays on YouTube.
  • Social media enables frustrated customers to instantly post their unbridled frustrations
  • Effective companies and people relish critical feedback via social media.
  • Social media allows individuals to take real-time inventories of their lives and helps answer the age old question “what am I doing with my life?”
  • Reality TV has been replaced by reality social media
  • Consumers want to take ownership of your brand and brag about your product; let them!
  • Socialommerce is a referral program on steroids [refering to social media ecommerce]
  • The old adage that you can only have two of these – cheap, quick or quality – doesn’t hold true within social media.  It is possible to have all three
  • Consumers are looking to peers for recommendations on products, services, health issues, and more via social media.  Only companies that produce great products and services will be part of these conversations; mediocrity will quickly be eliminated.
  • The transparency and speed of information exchanged within social media mitigates casual schizophrenic behaviour.  Having a “work” personality and having a “party” personality will soon become extinct.  People and companies will need to have one essence and be true to that essence.
  • No person or company is perfect, so you are best to admit your faults and the public will respect you for it.
  • It’s better to live a social media life making mistake than living a social media life doing nothing.
  • Don’t build your “Field of Nightmares” [refering to the Field of Dreams quote build it and they will come] by building or replicating a social network for your company.  If you build it they will most likely not come.  You are better connecting to the best in class social media tools that exist.  You aren’t a social media company so don’t attempt to parade as one.
  • The younger generation’s interpersonal communication skills are starting to suffer as a result of overdependence on nonverbal and non-face-to-face interactions

Just from these snippets of information you can see that he talks about where social media is and where he thinks it is going.  This book made me think about what I am doing, and how I can do it better, the case studies are great for new ideas and can be applied to any business.

I would recommend this book, not only for newbies to social media but also those who have been around the tracks a few times, it will make you think about what you are doing and how you are doing it.

Was this useful?  Tell me yes or no in the comments, do you want me to keep doing reviews?

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Filed under Book Reviews, social media