Podcast Summary
The Rise of Social Media and Influencer Marketing: Traditional advertising still reaches a large audience, but social media's active and targeted audience cannot be ignored in today's marketing landscape.
The marketing landscape has drastically changed over the past two decades, with the rise of social media and influencer marketing. Donnie Deutsch, a marketing and business expert, shares his perspective on this shift. He notes that social media didn't exist 20 years ago, and traditional media was the primary means of advertising. However, with the power of smartphones and the images we see there, advertising today is heavily influenced by social media. When asked if traditional advertising is still relevant, Deutsch acknowledges that it can reach a large audience, but the passionate and engaged audience on social media cannot be ignored. He emphasizes that followers on social media are not passive viewers, but rather an active and targeted audience. So, while traditional advertising still has its place, the power of social media and influencer marketing cannot be underestimated.
Leveraging Social Media for Brand Growth: Traditional media advertising is no longer the primary driver of brand growth. Focus on social media platforms like Instagram to build and expand your brand, especially when trying to reach new audiences.
In today's world, everything is a brand, and traditional media advertising may not be as effective as leveraging social media and influencers to build and expand your brand. During a conversation with entrepreneur Steve Madden, the importance of building brand awareness through social media platforms like Instagram was discussed. Brands are no longer limited to just businesses or companies, but also extend to celebrities, athletes, and even podcasts. Traditional media advertising may still have a place, but it's not the primary driver of brand growth, especially when trying to reach new audiences. As the media landscape continues to expand with social media and podcasts, it's essential to adapt and focus on these platforms to effectively build and grow your brand.
Branding Ourselves: Projecting Values Through Media: Being intentional about our brand and values, whether through traditional or social media, helps us connect with our audience and make meaningful impacts.
We are all brands, and everything we do projects a certain value system. This was discussed in the context of a person working in media, but the concept applies to everyone. The speaker emphasized that even non-traditional media platforms like social media can reach a large audience, and it's important to consider what values we want to project as part of our brand. The speaker also noted that the concept of "mass media" is changing, and reaching a large audience doesn't necessarily mean reaching a truly massive one. Additionally, it's important to remember that our perception of what is "big" may not align with reality, and it's crucial to consider the value of our audience, not just their size. Ultimately, being mindful of our brand and the values we want to project can help us make intentional decisions and connect with our audience in a meaningful way.
Young consumers and employees prioritize companies with strong values and employee-friendly policies: Businesses that balance social responsibility, employee satisfaction, and profitability will appeal to young consumers and employees
Young consumers and employees, particularly millennials, prioritize companies with a strong value system and employee-friendly policies. They want businesses that align with their social values and support causes they care about. Additionally, companies that offer flexible hours, pet-friendly environments, and other employee perks are seen as more attractive workplaces. However, there's an irony to this trend, as some of the most employee-centric companies may also be more manipulative, keeping employees on-site longer to maximize productivity and profits. Ultimately, businesses that can effectively balance social responsibility, employee satisfaction, and profitability will be most successful in appealing to this demographic.
Marketing to Different Generations: Focus on experiences, quality of life for baby boomers. Younger generations prioritize safety and individual growth.
Marketing strategies for baby boomers, who have already established brand loyalties, should focus on experiences and quality of life, rather than just money. Contrastingly, younger generations prioritize experiences and safety over money. This difference in values could potentially impact the future of the country if a significant portion of the younger generation continues to prioritize safety and security over individual growth and progress. The speaker also emphasized the importance of individual striving and the collective betterment of society. Despite growing up in a liberal household, he believes that this individual drive is what makes America great.
Being Hungry and Curious are Essential Qualities for Success: Strive to be someone who is driven, curious, and always eager to learn and grow to make a positive impact and be successful.
When it comes to making a positive impact and being successful, having a hungry mindset and being curious are essential qualities. According to the speaker, he values individuals who demonstrate a strong desire to make a difference and learn new things. These qualities not only help in personal growth but also make a strong impression on others. The speaker emphasized the importance of being hungry and not being afraid to fail, as well as being curious and asking insightful questions during interviews or interactions. These traits not only make an individual stand out but also help in building meaningful relationships and achieving success. So, in your pursuit of happiness and success, strive to be someone who is driven, curious, and always eager to learn and grow.
Believing in one's entitlement to success: Successful people believe they deserve success and have the mindset to create opportunities. This belief, called entitlement, is different from arrogance and leads to great achievements.
Success is not about being a genius, but rather having a mindset of hunger, drive, and a sense of entitlement. These traits, when combined with humility and a touch of self-confidence, can lead to great achievements. Successful people believe they deserve success and have what it takes to make it happen. They don't wait for opportunities to come to them; instead, they go out and create them. This mindset, often referred to as entitlement, is not the same as arrogance. Instead, it's a belief in oneself and a recognition of the role of luck and timing in achieving success. The speaker emphasizes that he has met many successful individuals, from CEOs to politicians to celebrities, and they all share this mindset. An example of this is UFC fighter Michael Chandler, who turned his losing streak around by believing that he deserved to win.
Timing and self-actualization in success and happiness: Success doesn't guarantee happiness, timing matters in opportunities, and self-actualization can prevent happiness by keeping us driven and seeking new challenges
Both timing and self-actualization play significant roles in personal and professional success, but they don't necessarily guarantee happiness. Timing, as the speaker emphasized, can make or break opportunities, even for the most talented individuals. He used the example of opening a restaurant at the wrong time to illustrate this point. Additionally, self-actualization, or reaching one's full potential, doesn't automatically lead to happiness. The speaker shared his observation that successful people, despite their achievements, are not always happy. He suggested that this might be because the very things that drive us to succeed, such as the need to continually challenge ourselves and feel relevant, can also prevent us from finding happiness. The speaker's advice was to create new challenges or "mountains" to climb in order to keep the energy and motivation going. Overall, the conversation highlighted the complex relationship between success, timing, self-actualization, and happiness.
Money can't buy happiness, find meaning in life beyond material wealth: Money provides comfort but not happiness, focus on personal growth, relationships, and passions for true joy.
Money can provide comfort and alleviate problems, but it doesn't guarantee happiness. The person you become in your journey towards success may change, and it's essential to find passion and meaning in life beyond material wealth. Entrepreneurship offers the freedom to work on something that's an extension of yourself and can be a significant source of happiness, especially in today's world where the costs of starting a business are lower than ever. However, it's essential to remember that being an entrepreneur isn't for everyone, and working for someone else can have its advantages. Ultimately, finding a balance between personal and professional growth, and prioritizing relationships and passions, is crucial for true happiness.
Starting a business young: Taking risks pays off: Young entrepreneurs can succeed, embrace failure, and keep meetings short to maximize productivity
Taking risks and starting your own business when you're young can be beneficial, even if it seems risky. The speakers agree that they didn't wait to reach a certain age or position before pursuing their entrepreneurial dreams, and encourage others to do the same. They also discuss the importance of understanding that failure is a possibility, but it's not the end. Additionally, they suggest that attending long meetings is a waste of time and productivity, and should be kept as short as possible. Overall, the speakers emphasize the importance of taking action and seizing opportunities when they arise, rather than waiting for permission or security.
Seizing opportunities in economic reboots: Embrace economic reboots as opportunities for growth and position yourself for success by addressing underlying issues and adapting to change.
The current economic climate, following the pandemic, presents an opportunity for individuals and businesses to make a comeback and even thrive. Renowned entrepreneur and business expert Donnie Deutsch emphasized the importance of seizing this moment and focusing on what people will need post-pandemic. He highlighted that many fortunes have been made during economic reboots, and this current situation might be the mother of all reboots. By looking at the structural issues that may have caused setbacks and addressing them, individuals can make the most of this period and position themselves for success. Additionally, it's essential to remember that every challenge presents an opportunity for growth and learning. Embrace the reboot and be ready to adapt and innovate.
