Ovidiu Negrean

I’ve recently finished listening to Socialnomics: How Social Media Transforms the Way We Live and Do Business that I’ve bought from Audible.com

It is a very useful book for those who are discovering the bennefits of social media and want to grow their business or adventure into new teritory.

For the ones that use social media daily, most of the ideas presented in this book are known, but still, they can help put things into a more clear perspective and bring up new ideas.

So it is a book worth reading / listening to.

I will point out the key points of each chapter.

Chapter 1. Word of mouth goes world of mouth

• Despite niche fragmentation caused by the internet, people still desire an understanding of what the majority is doing. Social media is that mechanism.
• 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. Business need to fully transform to properly address the impact and demands of social media.
• Traditional magazines and newspaper are struggling for online survivor because some of the most qualified people to write a story are qualified bloggers who write for the sheer joy of it.
• In the future we will no longer look for the news. Rather the news will find us or we will create it. That future is now.
• A key aspect of social media is the ability of millions to tag items just like you would label a Manila folder. This helps catalog the information on the web and makes it easier for all users.
• Not all great viral marketing ideas  need to originate in the marketing department. It is prudent to team up with already successful programs.

Chapter 2. Social media = preventive behavior. What happens in Vegas stays on YouTube.

• Businesses and people are willing to have open diaries within social media as a way to stay connected.
• What happens in Vegas stays on YouTube.
• Individuals and companies are starting to leave their lives as if their mothers or board of directors are watching their every move because they probably are.
• Social media connects parents to their kids like never before.
• Social media enables frustrated customers to immediately post their frustrations.
• Negative comments and posts are easier for companies to find with social media. Hence those companies have more time to focus on the solution rather than spending time finding the problem.
• Effective companies and people relish critical feedback via social media.
• Poor companies spend time attempting to obfuscate or manipulate negative comments within social media.  Good companies spend time addressing and resolving customer complains.

Chapter 3. Social media = braggadocian behavior. It’s all about Me, Me, ME!

• Social media allows individuals to take real time inventory 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. It’s all about my friends and my own reality.
• Social media is the new inbox. Younger generations finds email antiquated and passe.
• Generations Y and Z interpersonal communication skills have been retarded by reliance on social media tools that aren’t face to face or verbal.
• Generations Y and Z have a desire to contribute to the greater world around them and leverage social media for social and charitable causes.
• Consumers want to take ownership of your brand and brag about your product. Let them!

Chapter 4. Obama’s success driven by social media.

• Open two way conversations are much more effective than unilateral communications to your audience for politics and businesses.
• By engaging voters, social media has had a positive impact on voter turnout.
• The adoption of online in the future could save a lot of money in lost productivity.
• We are just scratching the surface of what’s possible with collective intelligence in terms of being able to predict and control influence outbreaks.
• Fortune 500 companies should learn from Obama’s faith in social media and allowance of the public to take ownership of his brand and grow it to unexpected levels of success.
• Just like businesses, politicians and governments need to keep up with the advancements in social media. Otherwise they will be left behind.

Chapter 5. I care more about what my neighbour thinks than what Google thinks.

• Consumers are looking to peers for recommendations on products, services, health issues and more via social media.
• Social media helps eliminate different people performing the same tasks.
• The old adage that you can have only two of these: cheep, quick or quality doesn’t hold true with social media.
• Successful companies in social media will function more like entertainment companies, publishers or party planners, rather than as traditional advertisers.
• With the increasing popularity of eBooks there will be new digital placement opportunities for brands. Similar to product placement in movies.
• The most successful social media and mobile applications are those that allow users to brag, compete, or look cool by passing it on.
• The main threat to Google in the search war is not another search engine but the rise of search queries in social media.

Chapter 6. Death of social schizophrenia

• The transparency and speed of information exchange within social media mediates casual schizophrenic behavior.  Having a work personality and having a party personality will soon become extinct.
• Being well rounded as a company or individual is less beneficial. It’s more productive to play to your core strength. This differentiates you from the competition.
• Companies that produce great products and services, rather than companies that simply rely on great messaging will be winners in a socialnomics world.
• Marketers jobs have changed from creating and pushing to one that requires listening, engaging and reacting to potential and current customer needs.

Chapter 7. Winners and losers in a 140 character world.

• No person or company is perfect so you are best to admit your faults and the public will respect you for it.
• Advertising historically has been wrapped around the content. It now needs to be integrated with the content to take advantage of viral opportunities.
• Companies should leverage the Tom Sawyer approach. Let fanatics contribute to your product, show, or service.
• Your customers fans of today are the potential competition of tomorrow.
• Listen first, sell second.
• It’s better to live a social media making mistakes than living a social media live doing nothing.
• Don’t forget that SEO and social media go hand in hand.

Chapter 8. Next seps for companies and the glass house generation.

• Don’t build your own field of nightmares by building or replicating a social network for your company. If you build it, they most likely will not come. You are better connecting to the best in class social media tools that exist.
• Social media is helping to drive the transformation of mobile devices being the dominant internet access point instead of computers.
• The information exchanged in social media in relation to job searching and recruiting has rendered it unrecognizable from the information exchanged 10 years ago.
• Just as marketing will become more referral based, job seeking and recruiting will be more referral based than ever before.
• The younger generation’s interpersonal communication skills are starting to suffer as a result of over dependence on non verbal and non face to face interactions.
• Search engine results and the traditional internet advertising model are antiquated. Social media will push both of these to revolutionize. Otherwise they will see a dramatic decrease in market share.
• The overall achievement of individuals and companies will be largely dependent on their social media success.

End summary: It’s all about the economy stupid! No, it’s all about a people economy driven, stupid!

And I will leave you with a video that I hope will convince you (once again) that socialnomics is the new way of doing business.

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