The Thank You Economy Book Summary - The Thank You Economy Book explained in key points
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The Thank You Economy summary

Gary Vaynerchuk

How social media changed business, and what that means for your company.

4.4 (42 ratings)
18 mins

Brief summary

"The Thank You Economy" by Gary Vaynerchuk is a business book that emphasizes the power of personal connections in today's digital age, urging companies to prioritize customer engagement and gratitude.

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    The Thank You Economy
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    Social media brings old-fashioned values back into businesses.

    Have your grandparents ever reminisced about the times when businesses were courteous, lamenting that those times have since passed? And did you brush it off the same way you brushed off their telling you they used to have to “walk a mile to school – uphill, both ways”?

    While it’s safe to say that they may have exaggerated the arduousness of their trek to school, the courtesy found in small local businesses did indeed exist, but was forgotten in the urban lifestyle of the twentieth century.

    In the rural settings of the past, local shop owners had to care about their customers because they depended on a steady customer base. If, for example, the town butcher upset one customer, that customer would tell the whole neighborhood, and the butcher would soon have a real problem.

    However, around the mid-twentieth century, people began flocking to the cities and courteous service became less important.

    In highly populated cities, the chances of going to the same butcher more than once became slim, so the butcher no longer had to earn your trust to stay in business. If you didn’t like his service, no one would care.

    But social media has in some ways brought back the old-fashioned ways of small-town living.

    Online networking sites, such as blogs, Facebook and Twitter, allow people to share their thoughts instantly, and if someone isn’t satisfied with your service, they can tell the whole wide world.

    Just consider Giorgio Galante, a regular AT&T customer who was unhappy with the company’s service and expressed his dissatisfaction in two emails to AT&T’s CEO, Randall Stephenson. However, instead of sympathy, Galante received a legal threat to cease and desist!

    In the recent past, the frustrations of a single customer might not have mattered. But Galante shared the story on his blog, where many other people read and shared it, causing a huge scandal for AT&T.

    What does this teach us? If companies want to survive in today’s world, they’ll have to rediscover the courteous ways of their small-town predecessors.

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    What is The Thank You Economy about?

    The Thank You Economy (2011) describes how the advent of social media has changed the relationship between companies and their customers. It shows just how critical online engagement is for companies who want to succeed, and offers tips on how companies can use social media to influence their public image along the way.

    The Thank You Economy Review

    The Thank You Economy (2011) by Gary Vaynerchuk is a book that explores the importance of building genuine relationships with customers in today's digital age. Here's why this book is worth reading:

    • It offers practical insights on how businesses can leverage social media platforms to connect with customers and establish meaningful connections.
    • With real-life examples and case studies, Vaynerchuk demonstrates the power of authentic engagement and how it can translate to success in the marketplace.
    • The book's thought-provoking ideas challenge traditional marketing practices and encourage businesses to focus on creating value for their customers.

    Best quote from The Thank You Economy

    All the numbers prove is that youve made contacts, not connections.

    —Gary Vaynerchuk
    example alt text

    Who should read The Thank You Economy?

    • CEOs
    • Anyone in middle management
    • Anyone interested in launching a start-up

    About the Author

    Gary Vaynerchuk is a public speaker, wine critic at the video blog WineLibraryTV and author of the bestseller Crush It! (also available in blinks). In addition, he is the founder of the wine retail store Wine Library and co-founder of the social media consulting agency Vaynermedia.

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    The Thank You Economy FAQs 

    What is the main message of The Thank You Economy?

    The main message of The Thank You Economy is the importance of building genuine relationships with customers.

    How long does it take to read The Thank You Economy?

    The reading time for The Thank You Economy varies per reader. However, the Blinkist summary can be read in just 15 minutes.

    Is The Thank You Economy a good book? Is it worth reading?

    The Thank You Economy is worth reading for its powerful insights on building customer loyalty and thriving in today's digital age.

    Who is the author of The Thank You Economy?

    The author of The Thank You Economy is Gary Vaynerchuk.