In Erik Qualman’s 2010 book Socialnomics, he described how socialnomics exists “where consumers and the societies they create online have a profound influence on our economy and the businesses that operate within it.”
Social media is the new word of mouth. Now that individuals look online to find out information about products from their peers, marketing has taken a new turn. Companies must create a social networking presence in order to survive.
Click here to see some examples of socialnomics in action.
The following video gives some interesting statistics about the social media revolution.