Podcast Summary
Understanding consumer attention and native storytelling on different platforms: Gary Vaynerchuk emphasizes the importance of understanding where consumer attention is and telling stories natively on different platforms, specifically Facebook ads, Instagram, and Snapchat influencer marketing.
Gary Vaynerchuk, CEO of VaynerMedia, believes that the future of journalism and media outlets lies in understanding where consumer attention is and how to tell stories natively on different platforms. He is not excited about consumer virtual reality and thinks it's still far away from becoming a daily part of people's lives. Instead, he is excited about the underpriced opportunities in Facebook ads, Instagram, and Snapchat influencer marketing. According to Gary, these platforms have always offered opportunities for brands to connect with consumers directly without the need for middlemen, and the lack of practitioners in this area presents an ability to exploit these opportunities. Despite some people's opinions that there are bubbles in influencer marketing, Gary believes that it has always been here and is just now at a larger scale due to the reach of social media platforms.
Brands and users: a new relationship: In the evolving business landscape, individuals can build personal brands and earn economics directly from them, but it requires talent, resources, and a focus on providing value.
The relationship between brands and end users is evolving, with platforms now serving as distribution channels and users receiving economics directly from brands. This shift, which is still in its early stages, has changed the way businesses operate, particularly for influencers and entrepreneurs who must balance their personal brand and company responsibilities. Gary Vaynerchuk, for example, runs a large business and uses his personal brand as a side hustle, with the help of a team to produce content across various platforms. However, not everyone can be an influencer, as it requires talent and the ability to capture and maintain attention. Those who can't may want to focus on building a business that can afford them the resources to create content and build a personal brand over time. Ultimately, success in this new landscape comes down to being an operator, being right about things, and providing value to people through your content.
Self-awareness and adaptability in business and influencer career: Recognize strengths and weaknesses, pivot to capitalize on emerging platforms, and stay focused on unique expertise while adapting to new opportunities.
Self-awareness and adaptability are key to success in building a business and influencer career. Gary Vaynerchuk shared his personal journey of recognizing his strengths and weaknesses, and how he pivoted to capitalize on emerging platforms like YouTube when he knew he couldn't excel in blogging due to his writing skills. He emphasized the importance of knowing oneself and being aware of the current market trends to effectively trade on attention and drive business results. In today's mobile-focused world, the advertising behind various mediums, such as billboards, radio, and television, should be evaluated for affordability and effectiveness. Ultimately, it's important to stay focused on your unique expertise and adapt to new opportunities while remaining self-aware.
Traditional marketing methods offer underpriced attention: Investing in traditional marketing methods and emerging digital platforms can yield significant returns for brands. Stay informed and execute strategies effectively.
Traditional marketing methods, such as buying a Super Bowl commercial or radio ads, can offer great value for brands, despite being more expensive than digital alternatives like programmatic banner ads. Gary Vaynerchuk believes that these traditional methods provide underpriced attention and are worth the investment. On the other hand, digital ads on exchanges, particularly banner and pre-roll ads, are considered a poor investment due to the lack of attention they receive. Moreover, Facebook ads are expected to become increasingly valuable in the future, with CPMs projected to rise significantly. Brands that invest in Facebook ads now could benefit from lower costs and greater reach. Gary emphasizes the importance of being an expert in various marketing platforms and executing strategies daily, rather than just having opinions based on hearsay. He is currently excited about Facebook and Snapchat, with the latter offering opportunities for marketers to buy filters on the open marketplace for a relatively low cost. In summary, traditional marketing methods, particularly those that offer underpriced attention, and investing in emerging digital platforms can yield significant returns for brands. It's crucial for marketers to stay informed and execute strategies effectively.
The Importance of Attention and Perseverance in Business: In business, attention is key to success, but patience, perseverance, talent, valuable content, and understanding your audience are also crucial.
In today's business world, attention is the currency that drives success. Whether it's a Fortune 500 company or a new startup, everyone is vying for the attention of their end users. However, simply having a great product or service is not enough. Patience and perseverance are crucial as it may take years of hard work before something interesting happens. Additionally, having talent and producing valuable content are essential to stand out in a crowded market. It's important to remember that even the best marketing campaigns can't save a subpar product. Lastly, don't overlook the importance of understanding your audience and focusing on actual sales and engagement rather than views, likes, and following count.
Embracing mistakes as part of the journey to success: Success often comes from making mistakes and learning quickly. Don't dwell on failures, focus on the next opportunity.
Success often comes from making mistakes and learning from them, rather than avoiding them altogether. The speaker, who built a business from $3 million to $60 million in five years, emphasized the importance of being adaptable and moving on from mistakes quickly. He also shared personal experiences of making mistakes, such as leaving YouTube for another platform and missing out on potential growth. Despite these mistakes, he encourages not dwelling on them and instead focusing on the next opportunity. He also mentioned his early success as a YouTube star and how he made a mistake by leaving the platform, but is now working to build up his YouTube presence again. Ultimately, the speaker encourages embracing mistakes as part of the journey to success and not letting fear of failure hold you back.
