Some of the bigger guns in Social Media have taken a pit stop recently into the more traditional scene and published books on their areas of expertise. Chris Brogan and Julian Smith put out Trust Agents recently (my review of the book coming soon) and Gary Vaynerchuk just released Crush It (currently reading).
Both have gotten a bit of criticism for jumping into a traditional method of disseminating information (the hardcover book) when their ‘business’ is talking about online communities, business, and social media. Furthermore, both Chris and Gary give away an enormous amount of kick-ass information, action items, and insight through both their blogs, and in Chris’ case, much of the basic principles served as the foundation for Trust Agents.
So why did I buy (and why will I continue to buy) their books when I can get a lot of the same content for free, online? First it’s about saying Thank You. It’s the same reason I became a member of my local NPR station. They give away the content, but I find value in it, so I choose to support it. For another reason that made sense to me, I have to bring in Seth Godin. Below check the embed of a talk that he gave to book publishers about the different methods he uses to publish his books and how they were received.
The short of it is that guys like Seth, Gary, and Chris are a bit different since they’re not in the book business. They’re in the building relationship business, the speaking business and the building community business. They give talks, put out great info for free on their blogs, and create experiences. The books are souvenirs. Now, of course for people who aren’t familiar with their online work, the books are a gateway, a CD sampler, an appetizer. But for the rest of us….souvenirs.
It’s part of what Gary V. has called the “Thank You Economy.” and it’s something that I also think is here to stay. So, thanks Chris and Gary for the great content, the videos, the blogs, the interaction and the community.
There’s been a small taxi driver who has been getting a lot of press today on everything from the Huffington Post, to NPR about his novel business idea. Since June, Recession Ride Taxi has been picking up riders and letting them pay what they want. No strings attached. They also have a small cooler in the car where patrons can grab a cold beverage - again, paying whatever they want. Oh, and they have punch cards. Every 7th ride is free.
So how is this working out? Eric Hagen, who is the taxi operator, says he’s never been shortchanged. Of course, people have had a lot of questions, but things have picked up considerably after a quiet couple of weeks. According to the article in the Burlington Free Press, Hagen used to work at the NY Stock exchange and that experience made him look for a different way to do business.
At first I thought it was just a cool and different business idea, and a little gimmicky. But Hagen insists that empowering the consumer to make a decision on cost has created a system that leaves customers feel valued and is profitable. I agree. But I think what this is really about is trust and the building of relationships. He trusts that if given quality service, customers will recognize this and compensate him fairly (interestingly enough, Chris Brogan had a similar experience recently). Eric is a Trust Agent. And trust scales. Trust spreads. And trust is based on relationships. With both parties vested in providing value to the other, I’d argue that this has the potential to create a much more loyal customer base. It creates evangelists, if only out of the initial curiousity.
Anyway, cool story, cool concept and I hope it works out for Eric. Well done.
So, do you think this is a sustainable business model? More importantly when was the last time a business melted your face with their service and earned your trust? I want to know. Show some love and leave a comment.
In business you maximize profit by minimizing cost and maximizing sales. But that max profit point isn’t the same as the maximum satisfaction that you can give your customer.
For instance, your brand evangelists are the ones that are usually the most loyal but also the most likely to notice change, whether that’s positive or negative, big or small - in the way you handle customers. Likewise, their impressions of how you change your products and services can really affect the way your brand is perceived.
What I’m saying is that if you cut the amount of service 1%, or give people 1% less of the thing they love, that rarely makes them only 1% less happy with your service. I’d argue that trying to save 1% in cost by trying to pull one over on your customers, will come back to hurt you ten fold.
Brand evangelists matter. And they notice. They will not be fooled. So before you change what you offer, thinking ‘they’ll never even notice’ - think again.
I say, instead of thinking about ways to save 1% and deal with 10% of your customer base being pissed off - think of ways to excite your customer that scale. What would happen if you could increase your costs by 1 or 2% - and increase their excitement 10%? What would that be worth to your business? Changing your service in this way not only shows you care, but it gives your evangelists a story to tell. And hell, let them know that costs have risen - but that you want them to know how much you value their business - and that’s why not only are you not cutting back but showing value.
Times are tough, we get it. But times are also tough for your customers. Think of ways you can maximize their experience, even if it means that it costs a little more to do it. They’ll thank you. And they’ll tell their friends. You can fool all of the people some of the time - but you can’t fool all the people all the time.
What do you think? Has anyone experienced a business or a service that has tried to cut corners without conveying it to their customers? Leave a comment and let me know…
A friend of mine turned me on to the shopping experience at 24hourwristbands.com. They make all those silicone bands that say ‘Live Strong’ or ‘Support the Troops’ or ‘insert your cause here’. But its not that the wristbands themselves that got me excited.
As you complete your order, you are asked if you would like the bands to be made in China, or made in America (for a $.15 upcharge per bracelet). That’s right. The user gets to choose.
I think this is brilliant. Giving users the option to buy american or not and showing them what the difference in cost will look like makes you stop and think about how much you value (or don’t value) where your products are made. And in most cases I would venture to guess that given the option, lots of people will shell out the extra fifteen cents to have it made here.
Moral of the story: Consumers are more concerned than ever where their products are made, and what they are made out of. Showing transparancy and providing information so that they can make informed decisions is a winning strategy. Quantifying what those choices mean for your own wallet and your community is even better.
So here’s my question to you - Would you pay a premium (or have you paid a premium) for goods that are made domestically? And would having the option make a difference in your purchasing decisions? Let me know.
I just had to repost a bit from this great primer from MarketingProfs Daily Fix Blog. Tremendous information if you’re looking to use Twitter specifically to engage your users with your business or brand. Read the full article here - but here’s a taste:
1. Define What You Will Contribute – This isn’t Forrest Gump speaking, and social media is not about what “Yer gonna git” it’s about the value you plan to add, how you will contribute and what you’re giving to others.
Commitment – This isn’t like taking out a billboard. Once you decide to establish yourself on Twitter, you’re there for the long-haul – unless you want to break relationships with the network you’ve built.
Engagement - Twitter is about conversation, and it’s ongoing. Once you’re in it, you need to figure out how to stay engaged at the appropriate level. That means tweeting enough to engage your network, and figuring out how you’ll follow up once a campaign is over.
Accessibility - The more highly engaged we are with our networks, the stronger those networks and relationships become. People need to know others are listening and responding proactively. Therefore Twitter demands daily (at least on business days) oversight, monitoring and response. Active engagement on Twitter may alternate days — depending on the size of the business and its network. Whatever the case, consistency is critical, and being agile and flexible to respond to inquiries and issues that may arise in a timely manner reflects positively on the brand.
Value - Build social equity by focusing tweets to provide value to your network. Sometimes, service and responsiveness to individuals is enough. But you can also use Twitter to provide value in other ways. Consider the following:
Brand-relevant service updates (e.g. bug fixes, service/outage notifications, sales)
There are another 9 tips at the site, so stop for a minute….take 10 minutes out of your life before you send that tweet about your 20% off sale on used tires and damaged fruit. Think about what YOU bring to the table and how you can engage. But read the article first.
