Podcast Summary
The Importance of Community Management in Business Growth: Learn from Gary Vaynerchuk's insights on community management, the importance of a strong relationship between the operator and owner, and the dangers of overexpansion. Attend the 4 d's program to learn about the current and emerging digital landscape and connect with other businesses.
Learning from this episode of Inside 4 d's is the importance of community management in business growth, as discussed by Gary Vaynerchuk. Gary emphasized the need for a strong relationship between the operator and owner, and warned against overexpansion. The 4 d's program, hosted by VaynerMedia, is a full day tactical workshop where businesses can learn about the current and emerging digital landscape. Michael, Arianna, Dilo, Frank, and Phil were among the attendees, each sharing their unique businesses and goals. Michael, from a car dealership, aims to modernize the industry and deliver products to customers efficiently. Arianna, who does marketing for a facial plastic surgeon, wants to optimize social media and bring in more clients. Dilo, from Donnie, plans to use his platform to become a key opinion leader in the tech industry. Frank, the founder of an online benefits technology company, wants to grow his personal brand and open up new opportunities. Phil, the owner of a pest control company, has grown primarily through direct sales and is looking to expand. Overall, the episode highlights the diverse range of businesses and their unique challenges in the digital landscape.
Direct sales businesses face long-term challenges: Focusing on a long-term business vision, like a digital agency, offers greater opportunities for success than short-term direct sales businesses
While direct sales businesses like door-to-door pest control can be lucrative in the short term, they may not be sustainable in the long run due to recruitment and retention challenges, market saturation, and high costs. Instead, focusing on growing a business with a long-term vision, such as a digital agency, can offer greater opportunities for success. This was a theme discussed between Matt Farrar and Justin during their previous encounter in 2012, and Matt has since grown his digital agency with a team and various clients in the political, real estate, and tourism industries. Justin's theory that digital marketing could help get elected to mayor in any city within two years still holds true for Matt, who aspires to be a successful business owner in the industry for the next decade.
Entrepreneurs' shared themes of growth and positive impact: Joaquin expands travel business into real estate, builds foundation for the poor. Alexander grows successful business, aims to lead in positive mindset education. Adam equips people with knowledge for brand attention. Michael organizes Agent 2021 event for insurance and auto sales.
Entrepreneurs from various industries and backgrounds shared their experiences and goals, with a common theme of growth and making a positive impact. Joaquin, a travel agency owner and tour operator, is expanding his business into real estate development and building a foundation to help the poor in his country. Alexander, founder of Big Life Journal, grew a successful business while on maternity leave and aims to become the world leader in positive mindset education for young children. Adam, from the innovation group of a large bank, is looking to equip people with knowledge to bring attention to their brands. Michael, the event organizer, highlighted VaynerMedia's Agent 2021 event for insurance and auto salespeople. Despite their different backgrounds and industries, they all expressed the importance of setting goals, learning new skills, and making a positive impact.
Shift marketing efforts to social media: Dealerships should engage in community management and offer car rentals to local influencers on social media for effective marketing
Dealerships in the auto industry need to adapt to the digital age and shift their marketing efforts from traditional media to social platforms like Facebook, Instagram, and Twitter. Gary Vaynerchuk believes that dealerships are wasting money on marketing that doesn't reach consumers effectively, particularly in the areas of influencer marketing and social media. He suggests that dealerships should utilize their salespeople and cars as assets by having them engage in community management on social media platforms and offering car rentals to local influencers. By doing so, dealerships can reach potential customers more effectively and make better use of their resources. Overall, the key takeaway is that dealerships need to embrace digital marketing strategies to stay competitive in today's market.
Providing valuable information for free builds trust and saves customers money: Dealerships can establish themselves as trusted resources by providing free, helpful video content, leading to organic growth and increased sales through effective branding and sales strategies.
In today's digital age, giving away valuable information for free through video content is a powerful marketing strategy for businesses, particularly in the automotive industry. This goes against the traditional mindset that intellectual property is something to be paid for. By providing helpful content, dealerships can establish themselves as trusted resources within their local communities, saving customers money and bringing them in organically. This approach requires a clear separation of branding and sales efforts, with content focused on the former and more traditional sales tactics used sparingly. By focusing on both branding and sales, dealerships can effectively reach and engage their audiences as a media company within a 25-mile radius.
Consistency and scale are crucial for growing an audience on social media: Consistently create and publish content to start the feedback loop, learn from engagement, invest in advertising to expand reach, and minimize approval processes for efficient optimization
Consistency and scale are key to growing an audience and understanding their preferences on social media. Even if only a percentage of your audience sees each post, it's important to keep creating and publishing content to start the feedback loop and learn from the engagement. The organic reach is a nice addition, but not the main focus. Advertising dollars should be invested behind every post to expand reach and gather insights into various demographics and interests. Additionally, creators and managers should aim to minimize creative subjectivity and allow the content to be published without excessive approval processes. This approach allows for more efficient optimization and creation of successful content.
Effectively using Instagram for branding and sales: Focus on branding on main feed, use ads for sales, leverage stories for personal branding, and strategically manage staff growth and delegation.
The way a business utilizes Instagram for branding and sales can significantly impact its success. The speaker in this discussion suggested that the account in question, which primarily uses its main Instagram feed for sales content, is misusing the platform. Instead, they recommended focusing on branding on the main feed and using Instagram and Facebook ads for sales. The speaker also praised the use of Instagram stories for personal branding and mixing jabs and right hooks. On a larger scale, the speaker identified managing staff growth and delegation as common challenges for businesses looking to scale. Overall, the key takeaway is that effectively leveraging Instagram for branding and sales requires a strategic approach.
Building personal brands: Trusting others and managing people: Effective entrepreneurs build trust by honestly assessing abilities, being decisive in hiring, and giving managers autonomy.
Effective entrepreneurs building personal brands need to be aware of their limitations when it comes to trusting others and managing people. The speaker shares how his father's inability to trust and value the contributions of others hindered his growth, while the speaker himself has found success by letting go of ego and bringing in capable managers. The speaker emphasizes the importance of making honest assessments of one's abilities and being decisive when hiring, as well as trusting hired managers with autonomy. The speaker also shares his personal journey from being a solo entrepreneur to joining a larger company and eventually starting his own business, highlighting the importance of learning and adapting to new opportunities.
Growing a Business: Focus on Marketing for Revenue: Focus on marketing to drive revenue growth, consider financial options carefully before taking on debt or giving up equity.
Scaling a business can be a challenge, especially for small companies without external funding. The speaker, who built a successful business with no debt, emphasized the importance of growing slowly and focusing on marketing to increase revenue. He also warned that faster growth often requires taking on debt or giving up equity. The speaker's success came from a marketing-focused approach, and if he had taken over someone else's business, he would have increased their marketing spend to boost growth. Overall, the key takeaway is that growing a business requires careful consideration of financial options and a strong focus on marketing to drive revenue.
Marketing is the foundation of a strong brand: Investing in marketing is crucial for business growth, even if it requires significant financial commitment. Marketing builds a strong brand and attracts customers, while sales convert those potential customers into loyal clients.
Investing in marketing is crucial for business growth, even if it requires a significant financial commitment. The speaker shares his experience in the pest control industry, where they focused solely on sales and neglected marketing, leading to substantial losses. He emphasizes that marketing is the foundation of a strong brand and a crucial aspect of society, especially in industries with high customer turnover rates. Despite the challenges in understanding the social currency of a pest control company and the initial losses in marketing efforts, the speaker encourages the shift towards marketing as a long-term investment. He emphasizes that sales and marketing are interconnected, and both are essential for business success. In essence, marketing is the key to building a strong brand and attracting customers, while sales convert those potential customers into loyal clients.
Staying updated on Facebook and YouTube pre-roll ads based on Google search queries: Focus on Facebook and YouTube pre-roll ads for digital advertising, stay informed on platform changes, and prioritize resources effectively while maintaining company values.
For businesses looking to invest in digital advertising, focusing on Facebook and YouTube pre-roll ads based on Google search queries could be an effective strategy. These platforms are constantly evolving, and staying updated on the latest ad products and platform changes is crucial. While it's important to identify which platforms are priority and where resources should be expended, it's also essential to maintain the company's core principles and values as the organization grows. The speaker, who has a practitioner background, emphasizes the importance of hustle and skill set, but admits that he's struggled with letting go of employees, even when necessary. Overall, the key takeaway is to stay informed about the latest digital advertising trends and prioritize resources effectively, while maintaining the company's values.
Focus on creating valuable content under your own name: Creating valuable content under your own name builds brand awareness and allows for easier business pivots. Don't worry about stealing ideas, people want valuable info.
Creating and sharing valuable content under your own name can serve as an effective marketing strategy for building brand awareness and making a pivot in business if needed. Gary Vaynerchuk emphasizes the importance of focusing on content creation and not worrying about stealing ideas, as people are often lazy and willing to consume valuable information. Additionally, building a business under your own name allows for easier pivots and transitions compared to a traditional agency brand. While the ultimate goal may be to build a successful business, the journey and growth towards that goal can bring its own rewards and fulfillment.
Importance of patience and strong team in business success: Stick with business through tough times, hire right people, understand personal strengths and weaknesses, and have backup plans for key team members.
Patience and building a strong team are crucial for business success. The speaker, who has experience in the dog food and water industries, emphasizes the importance of sticking with a business through tough times and not expanding too quickly out of ego. They also highlight the importance of having a clear understanding of personal strengths and weaknesses, and hiring the right people to complement those strengths. The speaker shares that they are passionate about community and connecting people, and have built a successful business, Beach City Sports, based on this principle. However, they also acknowledge the vulnerability that comes with relying too heavily on key team members, and stress the importance of having backup plans and reinforcements in place as a business grows.
Scaling a business through franchising: Franchising allows expansion but comes with challenges like managing partners, underperformance, and communication. Bring in partners, fill expertise gaps, and centralize communication to streamline operations.
Franchising can be an effective way to scale a business by allowing entrepreneurs in different communities to use your brand and operating system while maintaining some level of control. However, it comes with challenges such as managing and motivating partners, dealing with underperformance, and handling communication across multiple areas of the business. It's important to remember that running a business is a significant undertaking and requires dedication and attention to various aspects. If you're considering franchising, it may be helpful to bring in partners or key personnel to fill gaps in expertise and incentivize them to stay with the company long-term. Additionally, keeping all business communication centralized through your personal account can help streamline operations and maintain a clear brand image.
Growing multiple businesses under one brand: Building a strong brand and effective communication strategies are crucial for managing and growing multiple businesses. Seek professional help and focus on long-term branding efforts.
Building a portfolio of businesses under one brand can help streamline communications and create a cohesive online presence. The speaker shares his experience of growing multiple businesses and the importance of having a strong brand and website to tell the story of all your ventures. He emphasizes the importance of learning the basics of business management, even for entrepreneurs, and encourages seeking the help of trusted professionals like lawyers. He also highlights the unique challenges of promoting businesses in less accessible locations and the importance of long-term branding efforts. Overall, the discussion emphasizes the importance of building a strong brand and effective communication strategies to grow and manage multiple businesses.
Creating a Unique Product and Using Social Media for Business Growth: To attract customers, create a unique product or service and use social media platforms like Facebook for wider reach. Consistent communication with subscribers and perseverance through failures are essential for business success.
Starting a business, no matter how small or niche, requires consistent effort and a compelling narrative to attract customers. The speaker emphasizes the importance of creating a unique product or service and using social media platforms like Facebook to reach a larger audience. He also shares his experience in creating a positive mental education journal for kids, which gained popularity through free content and consistent communication with subscribers. However, he is now looking to expand and reach a larger audience, and is considering increasing his marketing budget on Facebook to achieve that goal. Ultimately, his goal is to spread awareness about his brand, rather than just focusing on profit or revenue. The speaker also touches on the importance of perseverance and learning from failures, which are valuable lessons for children and entrepreneurs alike.
Balancing sales and branding efforts on Facebook and Instagram: For niche markets like positive mindset and personal development, a balanced approach between sales and branding on Facebook and Instagram is recommended, including increasing Instagram post frequency, allocating a smaller budget to Instagram ads for branding, and producing content that showcases the brand's mission.
Focusing solely on sales through a large marketing budget on Facebook may not be the most effective strategy for building brand awareness, especially for those in specific niches like positive mindset and personal development. Instead, a more balanced approach between sales and branding efforts on both Facebook and Instagram is recommended. This may include increasing the frequency of posts on Instagram, allocating a smaller portion of the marketing budget to Instagram ads for branding, and producing more content that showcases the brand and its mission rather than just selling products. Additionally, investing time and resources into building a personal brand through a podcast or other means can also help reach a wider audience and connect more deeply with potential customers.
Facebook vs Instagram: Balancing Branding and Sales: Focus on sales with an 80:20 ratio on Facebook, equal parts branding and sales on Instagram, prioritize branding for expensive items or businesses, and always provide value to your audience.
The balance between branding and sales efforts varies between social media platforms. On Facebook, focus more on sales with an 80:20 ratio, while on Instagram, aim for equal parts branding and sales due to higher costs per sale. Branding is crucial on Instagram as it acts as a powerful sales engine in the long run. The cost of your product plays a role in this strategy - if your product is inexpensive, sales may be effective. For more expensive items or businesses like tourism, branding should be prioritized. Remember, content that brings value to your audience is essential for effective branding. We encourage your feedback as we continue to refine the format and distribution of Inside 4 D's. Thank you for tuning in.
