Socialnomics (Chapters 5-10)

Social Commerce Is A Referral Program On Steroids

Every individual today is a social media outlet (Qualman 147). People listen to their peers. For example, statistics state that 78 percent of consumers trust peer recommendation and only 14 percent trust advertisements (263). So with that being said, why is it that we confide in our fellow peers so much? My guess to my own question comes down to two main reasons, one being the concept of trust and two being the concept of stories. First off, trust is sensitive and delicate. The trust equation is fragile. As consumers, we do not like to give away our trust to just anyone. As consumers, we want our trust equation to be honored and respected. As a result, we trust our peers because they respect us and share a mutual understanding for keeping the trust equation intact. As for the concept of stories, we confine in our peers due to the power of stories because true stories of real people resonate well with people. Stories are not disruptive; stories bring to life the conversation and make it relatable. People can identify with stories making the people in the stories relatable and making the people telling the stories trustworthy. Businesses and marketers should therefore try to find a way to foster and build communities around these stories.

Marketing To Zombies

This particular section, Marketing to Zombies, in the book reminded me of our discussion in class on April 21^st about quantity vs. quality. Is it about the quantity or the quality? In my opinion, quality wins. On the other hand, some people may argue that the quantity of posts on a particular website may signal to a consumer this item is popular and must be good. However, the products and services should speak for themselves. In addition, I think quality and quantity are interconnected in the sense that quality (top notch products and services) will bring quantity (consumers). Like the movie, Field Of Dreams, “If you build it, they will come.” In order to talk about something or in order to attract customers, you have to create something good to talk about. Creating something good to talk about starts with quality; quality fosters conversation. So if you offer a great product and great service, consumers will come and they will talk. However, Qualman mentions that one should not get confused and build his or her own Field of Nightmares by creating or replicating a social network for one’s company (238). For instance, if you create something that has already been done despite quality, the masses may not come. Therefore; it is important to keep quality in mind while, at the same time, connecting to the best social media tools that already exist.

This Is My Ball

Today the world has transformed more from a world of no to a world of yes. Being selfish does not pay anymore. To be selfish only works for monopolies but even then there are losers in monopolies, the main loser being the consumer. So if selfishness is a faulty strategy, why are there still some companies that refuse to embrace social media? Qualman suggests that it is a pride and profit issue. Some companies are fixated on the issue of intellectual property rights and do not want to share in ownership rights. Intellectual property is important to maintain because it protects creativity and innovation. However, being too overprotective can be costly. If one is too selfish and resistant to embracing change, one could find oneself becoming obsolete. Erik Qualman uses the example of artists and jukeboxes. If artists want their music taken out of the jukeboxes because the profits are not going directly to them, they will not get the exposure and fan base needed to survive. It also begs the question, why even sing in the first place if you do not want people to listen to your material? If you do not want your talent to be shared, then you should just stick to singing privately in the shower. As Qualman writes, “Isn’t it better to have a smaller piece of the pie than no pie at all?” (201). (This segment of the book about the drawbacks of being too selfish reminded me of the fun Juicy Fruit commercials caring is sharing and it can be fun. Social media can be fun and beneficial if people embrace change with an open mind.)

Furthermore, seven additional keynotes that I think are important to take away from Erik Qualman’s book, Socialnomics, include:

1. Social media is not a fad.

2. Glass House Generation: There is nowhere to hide with social media; social media is transparent.

3. Fail forward, fail fast, fail better: The biggest mistake for companies is to not make a mistake. Failure and criticism are essential to success. If criticism is nonexistent, then the company is not pushing themselves and they are irrelevant.

4. Businesses don’t have a choice on whether or not to DO social media, their choice is how well they DO it: Consumers and competition will do something around your brand with or without you. Companies need to stop deliberating/ second-guessing themselves and therefore just do.

5. Listen, Interact, React, and Sell.

6. The strategy in social media is speed and simplicity.

7. FEAR (False Evidence Appearing Real): It is easier to think and act rational when one remains calm and tranquil.

Best Regards,

Connie Rae