SocialnomicsHow Social Media Transforms the

Way We Live and Do BusinessBy: Erik Qualman

Social Media RevolutionIs social media a fad? Or is it the biggest shift since the Industrial Revolution? This video details the facts and figures of social media, ones that are hard to ignore.

Quick SummarySocialnomics is a fascinating, in-depth researched look at the impact of social media on businesses and consumers around the world.

This book discovers that social media is so powerful that it is causing a macro shift in the way people and companies live and conduct business.

"Socialnomics is an essential book for anyone who wants to understand the implications of social media, and how businesses can tap the power of social media to increase their sales, cut their marketing costs, and reach consumers directly."

Quote from John Wiley and Sons, 2009 - Business & Economics

Table of Contents

1. Word of Mouth Goes World of Mouth2. Social Media = Preventative Behavior3. Social Media = Braggadocian Behavior4. Obama's Success Driven By Social Media5. I Care More About What My Neighbor Things Than What

Google Thinks6. Death of Social Schizophrenia7. Winners and Losers in a 140-Character World8. Next Step for Companies and the "Glass House

Generation"9. Social Media Rolodex and Resources

10. Other Insights and FAQs

"Business Models Need To Shift"

This is because consumers rely so much on social media as a source of information to determine purchase behaviorsDigitizing business plans is not the answerCompanies need to fully transform in order to meet the demands of social media

Consumers And Social Media

Consumers, increasingly and heavily, rely on the social media to decide what to buy - "socialommerce"

We live in a world where people need people

According to Nielsen, 78% of people trust their peers opinions

Become A Part of Social Media

"Companies need to learn that they can't drag customers into their own online communities."Need to learn to play in other people's databases. Funny dating analogy:

"If you meet a gal at a bar and ask to buy her a drink, if she agrees, you don't immediately grab her and run out of the bar to share a nightcap back at your place. You generally need to buy her a drink in your current location. That is unless you're part of the cast of Jersey Shore!"

Is Social Media Valuable?

According to Qualman, yes it is.

Example from Ch. 4 - Obama's Success Driven By Social Media

"Within minutes of Colin Powell's endorsement of Obama on October 19, 2008 it was posted on the Web.""By the time Obama was elected, he had over 3.1 million fans on his Facebook fan page...This is a stark contrast to John McCain who had 614,000 supporters for his fan page the day of the election..."

"What Happens in Vegas Stays on YouTube"

"The transparency of social media mandates that you need to live your life as if your mother is watching, because "what happens in Vegas stays on YouTube." - QualmanMany recent studies show that employers are using social media like Facebook, Twitter and YouTube to perform background checks on potential employers.What does this mean?

Big Brother is watching you, so watch what you post!

Did We Enjoy This Book?

Alyssa - Yes. Socialnomics is full of real-world examples and anecdotes that allow for the reader to relate to. It also includes examples from companies that have found success using social media, as well as those who failed in using social media. Jana - Yes. It provides interesting insight into the world of social media, the way how it forms our lives and business behaviour.Jan - Yes. More than I thought I would.

Radek - Yes, in the book there are plenty of examples from real world, clever opinions, and ideas. It presents a good view on social media and a network of relationships between friends, customers, companies.

Would We Recommend It?

Alyssa - Yes. This book is incredibly helpful for upcoming businessmen/women to understand how a business or a person can and should use social media to become more relevant. Jana - Yes. It is convenient and straightforward way to find improved ways of doing business and connecting with consumers.

Jan - Sure. For everyone who is interested in Social Media.

Radek - Yes, the book presents lot of good opinions and examples. And its interesting for everybody, who use social media and want to know more.

In Conclusion...

Quote from Qualman:"In a Socialnomic world, companies need to relinquish the total control they have had over the last few centuries and allow users, consumers, viewers and so on to take their rightful ownership."