Podcast Summary
Challenges in retaining influencers in influencer marketing: Brands effectively use influencers on mobile platforms, but retaining them becomes a challenge as they grow and seek representation from larger agencies, similar to industries like accounting, law, or agencies.
Scaling a business model based on influencer marketing comes with unique challenges. Kyle Cummings, from Lockerdome, discussed his experience in this field, specifically with great stories. He mentioned that brands like GE, Virgin Mobile, Hewlett Packard, and Samsung are effectively using influencers on mobile platforms like Twitter, Snapchat, and Instagram. However, as influencers grow and seek representation from larger agencies, the challenge lies in retaining them. This is similar to the challenges faced by industries like accounting, law, or agencies, where the business value is tied to the last billing cycle. Despite these challenges, if one is the best at what they do, there's a real business opportunity in influencer marketing.
Empathy and listening are crucial for project success: Effective project managers prioritize listening to team members, addressing concerns, and building trust to maintain high standards, keep projects on time and on budget. Influencers offer unique distribution capabilities that businesses can leverage for growth.
Effective project management involves being a good listener and showing empathy towards team members to maintain high standards, keep projects on time and on budget. In the world of social media influencers, the biggest untapped opportunity lies in their ability to not only create content but also distribute it. Jordan Moran emphasizes the importance of understanding this dual role of influencers and the potential it holds for businesses. For project managers, it's essential to prioritize listening over speaking and addressing team members' concerns to build trust and ensure project success. In the rapidly evolving influencer space, recognizing and leveraging their distribution capabilities can lead to new opportunities and growth.
Recognizing the power of production and distribution in media: In the media industry, having both production capabilities and distribution is crucial for success. Startups can stay ahead by executing better, offering unique products, and focusing on strengths.
In today's digital world, having both production capabilities and distribution is a game-changer for individuals and businesses in the media industry. The opportunity lies in recognizing this unique principle and applying it. Another area with potential is the infomercial space and the leveraging of celebrity into retail and product sales, which could be considered QVC 3.0. For startups, staying ahead of the competition requires better execution, product, and service, and understanding the competitive landscape. When facing larger competitors, it's essential to play to your strengths and focus on what sets you apart. An example of this is keeping a low profile and growing quietly before making a bigger splash.
Focus on your own goals and intentions when investing in competitive companies: Investing in competitive companies should be based on your unique circumstances and intentions, not on what competitors are doing. Focus on your goals and potential pivot points to gain a competitive edge, while staying true to your values and understanding the risks and benefits.
When it comes to investing in competitive companies, the decision should not be based on what your competitors are doing, but rather on your own unique circumstances and intentions. Gary Vaynerchuk emphasizes that playing the other person's game can lead to disadvantageous situations, especially when it comes to resources. Instead, focus on your own goals and the potential pivot points that could put you in a competitive space. Moreover, your reputation is your equity, and being a good investor means being true to yourself and your values. In the end, the cost of entry to compete is lower than ever, so it's essential to go in with open eyes and a clear understanding of the risks and benefits.
Managing Reputation in a Transparent World: Educate people about business differences and build trust through transparency to manage reputation. Stay curious and open to external influences to stay ahead of competition.
In today's transparent world, managing reputation is crucial for business success. Constantly competing and investing in short-term gains to win over deals can harm your reputation and limit your opportunities in the future. Instead, it's essential to educate people about how your business is different from competitors and build trust through transparency. Additionally, external influences, such as industry experts or thought leaders, can significantly impact your business and should not be overlooked. It's essential to stay curious and open to new ideas and influences to stay ahead of the competition and continue growing.
