Podcast Summary
Following the Attention Graph: Unconventional Advertising Methods Still Matter: Gary Vaynerchuk advocates for unconventional advertising methods like bathroom signs, as people's attention shifts towards mobile devices, recognizing the value of following where people's eyes and ears are.
Gary Vaynerchuk, host of the AskGaryVee Show, believes that unconventional advertising methods, such as bathroom signs, can still be effective despite changing consumer habits. He emphasizes that his perspective is not about hating traditional media or only focusing on social media, but rather about following the attention graph and recognizing where people's eyes and ears are. In this case, he observes that more and more people use their phones while using the restroom, but the value of urinal signs may still be undervalued due to this shift in behavior. This perspective is based on his experience in the advertising industry and his belief that attention is the most valuable commodity.
Companies expanding into new industries: Apple's entry into phones, Nintendo, Sony, Microsoft's transitions, internet and infrastructure costs enabling market entry, Mercedes' potential foray into smartphones, Nike's potential in new industries, adaptability and talent key to success
The boundaries between industries are becoming increasingly blurred, allowing companies to expand into new territories and challenge traditional competitors. The example of Apple entering the phone market, despite starting as a computer company, illustrates this trend. Similarly, companies like Nintendo, Sony, and Microsoft have successfully transitioned from one industry to another. The internet and decreasing infrastructure costs are making it easier for companies to enter new markets if they have the necessary talent. Mercedes, for instance, could potentially build a smartphone, but it would require having the right team in place. Another prediction made during the discussion was that Nike, known for its success in athletic apparel and footwear, could be a major player in a yet-to-be-determined industry. Overall, the conversation emphasized the importance of adaptability and talent in today's business landscape.
Effective social media use involves active listening and engagement: Starbucks, IBM, GE, and Broadway's Next Hit Musical demonstrate the power of using social media for gathering local information, personalizing performances, and maximizing reach and engagement through Facebook, YouTube, and other platforms.
Effective use of social media requires active listening and engagement. Starbucks, as well as more traditional companies like IBM or GE, have the potential to surprise us with their entry into unexpected businesses. For Broadway's Next Hit Musical, using social media to gather local information and references can lead to more personalized and memorable performances. Tanya Mercer's experience demonstrates the power of both Facebook and YouTube, with each platform offering unique advantages. While it's important to understand the differences between views and impressions, the answer is not an either/or choice. Instead, creating and sharing content on both platforms can maximize reach and engagement.
Engaging with audience on popular platforms: Successful musicians build a loyal fanbase by being present on popular platforms, creating content, and interacting with their audience.
In today's music industry, musicians need to be present on multiple platforms, especially those popular among the younger demographic, to build a community and monetize their music. Creating effective pre-roll and post-roll content on Facebook and YouTube can help reach a wider audience and potentially lead to significant opportunities. While it's essential to distribute music on various platforms, engaging with the audience and cultivating a community is what truly sets successful musicians apart. The fleeting nature of pop music highlights the importance of building a loyal fanbase that values the music and the artist beyond the moment. To sum up, being everywhere your genre's audience is, creating content, and interacting with your fans are key elements for musicians to thrive in the 21st century music industry.
Democratization of Music Industry: More Artists Earning Sustainable Incomes: In the democratized music industry, artists can earn sustainable incomes through various platforms by prioritizing their audience, building genuine connections, and consistently innovating.
The internet has democratized the music industry, allowing more artists to make a living through various platforms like YouTube, Vine, Snapchat, and Instagram. The number of top-earning artists has decreased, but the long tail of artists making smaller but sustainable incomes has grown significantly. To succeed in this landscape, artists must prioritize their audience and build genuine connections through innovative means like behind-the-scenes content and wearable technology. The competition is fierce, but those who engage with their fans and consistently innovate will thrive. So, if you're an artist aiming to make a living through your music, focus on your audience, keep innovating, and never forget the power of a strong connection.
The role of technology in shaping our interactions: As technology advances, we must decide whether to share our lives publicly or consume others' content, and consider the potential for marketing in unexpected places and technology's role in enhancing these trends.
As technology advances and allows for greater transparency into people's lives, we will have to decide whether to be the Truman Show, putting our lives out for all to see, or if we will be consumers of others' content. The speaker expressed a preference for creating content but acknowledged that this dynamic may change in the future. The conversation also touched on the effectiveness of marketing in unexpected places, such as bathrooms, and the potential for technology to enhance this trend. The speaker also shared a humorous anecdote about cultural differences in bathroom design and the potential for using technology to document these experiences. Overall, the conversation highlighted the importance of being mindful of how technology shapes our interactions and the potential for it to be used creatively in various contexts.
