Likenomics

It was interesting to note the new terminology Likenomics coined by Rohit Bhargava. The way Rohit defines Likenomics is as below:

"New Affinity economy where the most likeable people, ideas and organizations are the ones we believe in, buy from and get inspired by"

So, he kind of gives us 5  tips to ensure that our Social Media strategy does not fail:

1. Provide value to conversations on Social Media rather than just creating buzz - Just don't start a conversation for the heck of it. Provide some value to the conversation. Best example is do not just run Quizzes / Trivias to attract people to a Banking page and make them participate.
2. Avoid creating content graveyards that requires a big team manage on a frequent basis and are real time. Have a balance of static educational content . - Yes, share tips on using a Product / Service / Info security  and help users become more Aware and better informed
3. Look at overall outcomes of Social Media like Innovation, Increase in Efficiency, Increase in Employee retention and not just sales / volume of followers or following
4. Give people what they want instead of focusing on just Marketing goals - Yes, when asking for a feedback on a product or idea do not make us fill an entire application form like I am applying for a job. And do not just think about getting Likes / Page views for a viral video. Please look at the outcome of the campaign. Volume is the worst way to measure Social media success.
5. Be prepared for people to customize brand image for sharing and accept the changes done - Let people customize the page in Social media with your brand name in it and share it with their friends. Just like what Heineken allows.

A very neat concept but I would say that it is same as the "Trust economy"  buzzword that was created by Mitch Joel but re-packaged nicely within the ambit of Social Media.

Waiting to read the book in detail once I get one.

Regards,
Jay