By Erik Qualman
As you might expect, I enjoy being social. Hence, I listen to everyone’s input and then adjust items to make them better. One of these items has been the exact definition of Socialnomics. Thanks to everyone’s input I have recently tightened the definition:
Socialnomics: The value created and shared via social media and its efficient influence on outcomes [economic, political, relational, etc.].
Simply put: Word of Mouth on Digital Steroids!
A subset of this is that in the future we will no longer search for things, rather they will find us via social media. One of the major components of Socialnomics is social commerce; transactions (outcomes) that occur via social media.
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I never knew the term ‘socialnomics’ until I’ve recently encountered your video on YouTube about social media revolution. I’m amazed at the stats you’ve shown there; convinced me that social media is the future of doing business — engaging people on the grassroots level. Totally agree with social media being word of mouth on digital steroids, sounds cool. Seriously, it’s all about meaningful connections at the grassroots level that makes businesses win ( no matter how big or small ). Thanks; informative post!