The Thank You Economy audiobook cover - How social media changed business, and what that means for your company.

The Thank You Economy

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

Gary Vaynerchuk

★ 4.3 / 5(46 ratings)
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Marketing & Sales

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Key Takeaways from The Thank You Economy

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The Thank You Economy
The Core Philosophy+
Building Relationships+
Marketing Strategy+
The Cost of Inaction+
Internal Company Culture+

Quiz — Test Your Understanding

Question 1 of 8
What is the central premise of the "Thank You Economy" regarding social media's impact on business?
  • A. It allows companies to reach global markets with minimal financial investment.
  • B. It forces modern businesses to adopt the courteous, customer-focused values of past small-town businesses.
  • C. It replaces traditional customer service departments with automated online chat systems.
  • D. It enables companies to hide their flaws by overwhelming consumers with aggressive advertising.
Question 2 of 8
What mistake did Old Spice make following their highly praised 2010 Super Bowl commercial campaign?
  • A. They abruptly stopped interacting with their fans online once the campaign ended.
  • B. They refused to use traditional television media, relying exclusively on Twitter.
  • C. They changed the formula of their deodorant without consulting their online followers.
  • D. They hired actors to script fake reviews on social media platforms.
Question 3 of 8
Why did the website Quirky experience a massive boost in customer interest?
  • A. They aggressively lowered their prices to undercut all local competitors.
  • B. They hired a famous celebrity to endorse their products on television.
  • C. They stopped using Twitter for scripted product updates and started having personal conversations with customers.
  • D. They launched a controversial ad campaign that went viral on Facebook.
Question 4 of 8
According to the text, why do many businesses mistakenly resist investing in social media?
  • A. The platforms charge exorbitantly high fees for corporate accounts.
  • B. It is difficult to precisely measure its benefits and impact on consumer behavior with exact metrics.
  • C. Most consumers actively boycott companies that try to sell products on social platforms.
  • D. Social media platforms frequently ban corporate accounts for violating terms of service.
Question 5 of 8
What does the author suggest was a critical failure of Barnes & Noble in its competition with Amazon?
  • A. They failed to open enough physical store locations in major urban centers.
  • B. They priced their books significantly higher than local independent bookstores.
  • C. They relied too heavily on their physical shops and failed to make a major online and social media push.
  • D. They completely ignored traditional print advertising in favor of experimental online blogs.
Question 6 of 8
How does the author recommend businesses use traditional media in conjunction with social media?
  • A. Use traditional media to replace social media when targeting younger demographics.
  • B. Completely phase out traditional media once a company reaches 10,000 social media followers.
  • C. Use traditional media strictly for apologies and PR crises, and social media for sales.
  • D. Use traditional media to spark curiosity and build tension, driving customers to social media for personalized interaction.
Question 7 of 8
What is a fundamental difference between traditional media and social media, according to the book?
  • A. Traditional media is primarily visual, while social media is strictly text-based.
  • B. Traditional media involves sending one-way messages, while social media requires two-way communication and listening.
  • C. Traditional media is cheaper to produce than social media content.
  • D. Traditional media builds long-term loyalty, while social media is only useful for short-term sales boosts.
Question 8 of 8
How does a company ensure that its customer-oriented values are actually delivered to the consumer?
  • A. By having the CEO personally respond to every single customer complaint.
  • B. By outsourcing customer service to specialized third-party agencies.
  • C. By treating employees well, so they become personally invested and care for the customers.
  • D. By implementing strict financial penalties for employees who receive negative customer reviews.

The Thank You Economy — Full Chapter Overview

The Thank You Economy Summary & Overview

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.

Who Should Listen to The Thank You Economy?

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

About the Author: Gary Vaynerchuk

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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