The Socialnomic Shift

October 9, 2012

By: Sylvie
It's no secret that social media has become ingrained in our daily lives over the past few years. In fact, a recent Edison Research report finds that in the past year, approximately 58 million Americans used social networking sites several times per day. This is 12 million more than in 2011 and represents 22 percent of the population. And one in 10 Americans, or 26 million, use Twitter. Given that the research shows one-third of the population follows brands and companies on at least one social networking site, we are seeing a shift into the world of Socialnomics.
What is socialnomics? According to Erik Qualman, author of “Socialnomics: How Social Media Transforms the Way We Live and Do Business,” it is the philosophy that social media has significant influence and ability to produce results, generate sales leads, provide customer service or keep in contact. As Qualman puts it, “it's word-of-mouth on digital steroids.”
In a world of socialnomics, instead of searching for products or services, information is pushed to us through social media. Traditional sources of information—newspapers, magazines, broadcast television, etc.—are now supplemented by social media, which makes sure we don't miss anything. The news finds us in our Twitter or Facebook feeds. Case in point: during the 2012 London Olympics, event results were shared via social media long before NBC broadcasted them to the U.S. audience. Many people accidentally found results by logging onto social networking sites. We didn't seek out this information; it found us.
In my next couple posts, I'll take a deeper look into Socialnomics and the way it impacts our lives and businesses. Next up: the social media escalator.

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