Socialnomics – How Social Media Transforms the Way We Live an Do Business

A fundamental book by Erik Qualman.

Erik Qualman has been doing his homework on the social media phenomenon that has been spreading faster than chicken flu.

 

One of his first books called Socialnomics came out in 2009. I think you’ll be hearing a lot about it in the days to come because there is no hotter topic in business today than how to leverage social media to build communities around brands and then leverage them into revenue. The thinking is that as we build out our online personas — migrate toward certain online groups centered around our interests, our likes, dislikes, opinions and friends — products and services will find their way to us rather than we having to go out to find them. It changes the entire nature of advertising and how companies strive to create brand awareness and loyalty. When word of mouth and peer endorsements become the primary means by which products are sold, making a better product and having a sterling reputation becomes the absolute king of all currencies. Business school teaches us that good will is hard to quantify but having it in spades among your target market has never been more important.

socialnomics

The realization that a competitor who is socially networked better than you will eat your lunch has started a stampede of businesses and brands that are jumping on the social media bandwagon even faster than individual users were adopting Facebook last year — when 100 million users joined in just 9 months, according to Qualman’s statistics. He points out that 34% of bloggers (and there are over 200,000,000 blogs) post opinions about products and brands.

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