The book that I had to read was called Groundswell: Winning in a World Transformed by Social Technologies. I found this book to be interesting. With the way that the economy is right now this book gave some good information on how companies can continue thrive. Groundswell is defined as “a social trend in which people use technologies to get things that they need from each other rather than traditional institutions.” That is according to the authors Charlene Li and Josh Bernoff.
When I saw that definition the first thing I could think of was eBay. Often times when people look on eBay they are looking to find an item for cheaper than what they would pay for from a store. Another source I could think of was Amazon. There are “stores” coming on to Amazon but they aren’t the stores that we think of when we go to the mall. Since people will use these sources to buy a lot of their goods they continue to use technology to buy their goods rather than going out to the actual store and purchase them. Another source that this made me think of was Yelp. While you don’t buy things from Yelp, people will use this to get good reviews on businesses to determine whether they will get that individuals business. This kind of source could make or break a company. Since so many people will see the reviews a particular place gets on Yelp, someone could easily see a bad rating and choose to stay away from that place.
Since the two authors were market researchers it would make sense that they would look to offer solutions for companies to continue to thrive given this recent trend. One point that both Li and Bernoff made was that the groundswell is hurting businesses. They offered four solutions that could help companies continue to thrive. Those four solutions were listening, talking, energizing, and supporting.
Companies should listen to their potential customers because they can give them potential feedback to help the company figure out what they are looking for. It would also allow the company to see if those potential customers are using technologies to get their goods. By talking to potential customers, companies would be allowed to find out what those clients really think of their product and allow them to know how to market their services.
Customer reviews are something that companies really love. These reviews allow for the companies to find out what the potential clients think of their company. If a company were to create a social media profile it would allow for customers to contact the company with ease. It would also allow those customers give feedback to that company.
For people interested in the current market and economy I would definitely recommend this book to them. It gives insight on how companies can survive the growing trend of technology. Another crucial aspect is that it shows how us as customers can influence a company. The book was well written and gave very good and detailed information on how to keep the business from going to social technologies.