What I Learnt from Gary Vaynerchuk

So I’ve been pretty ignorant on everything Gary is about. All I knew was he is a social media guru and he swears a lot! Anyway, the opportunity came up to sponsor the Business Armageddon in Sydney. So BrandStrong jumped on the opportunity and I was excited to get us out there.

I want to share with you what Gary had to say. He talks REALLY fast so please, if it doesn’t read perfectly, I typed as quick as I could….

We are living through biggest culture shift of our time.

In 24-36 months we will be consuming all internet through mobile device.

All Gary’s success has come from day trading attention. He monitors the attention market, and makes sure he is one step ahead.

2016 supply and demand of attention is very difficult – it’s only getting worse.

You need to understand the context of the place where content being consumed

You need to understand people have a different mindset on Pinterest (aspiration) to Facebook (keeping up) – you can just repeat the content on all platforms and get the same results.

Here’s the problem – Marketing in the business’s best interest rather than their consumers interest. It’s defaulting to caring about yourself first.

The people that win deploy more value than they are asking for in return

What he is seeing by so many is a lack of patience – 11yrs ago, none of this social media existed. If you’re not retiring in next 10 years, practice patience for results

From 1998-2005 he took his father’s wine company from $3mil – $65million a year.

Gary enjoys putting out information that has impact on people – He enjoys the high of positive feedback

90% of people not willing to work as hard as their ambition

Passive income doesn’t exist – Period.

He works 18hrs a day as he talks a big game, and backs it up.

2016 World, everyone is the patriarch and matriarch of their family. How you make your money is more important than how much you make.

Need to talk more about emotional intelligence of a business – empathy, self awareness, gratitude. Gary wants to make money in a way that makes his grandchildren proud. Everything is being documented. Every blog post, every selfie, everything that is generated and created. He’s very concerned about everyone chasing money.

Has read 7 books, written 4

Gary believes In 20 years, we will be struggling to tell the difference between virtual reality and actual reality

He was told buying wine on the internet was never going to happen (on a stage he shared with a Yellow pages guy)

Hotel’s didn’t see the threat of Airbnb coming

Taxis didn’t see Uber coming

Email – didn’t ever think it could collapse – Slack was an unexpected

Stay in your lane – Don’t talk about things you don’t know about. Employ some common sense – take business advice from someone who has built a business, not someone whose only business is to give business advice.

He originally built his business on email marketing – in 1995! He was marketing to 200,000 people 91% open rate and 65% click through. At this stage, marketers hadn’t ruined it yet.

He was an early adopter in Adwords. He was the first to have the word ‘wine’ at 5c a click – It was 9 months before anyone bid him up

Snapchat – fastest growing platform. In 24 months, the majority of 25-45 will be on it, and will have more attention than anything else.

Gary amassed Twitter following of over 1million as he started in 2007 (before it took off). He’s now spending less and less energy on it as it’s Getting less attention now.

The market doesn’t care about your open rate, your affiliate newsletter, or even what platform you are trying to play on.

The quickest way to go out of business is to be romantic about how you make your money. You can’t stay on one platform just because it’s what you are used to, or because your ‘NOW’ customers are there.

Whatever used to work, now it doesn’t. Gary sees the most undervalued opportunity right now is Instagram accounts with big followers – getting a sponsored post out there to their big following is yet to take off.

There are going to be 4-7-11 shifts in the market place. No different than hit television show – big brands want to run ads while the show is popular, but dies off when the show loses following. The same thing is now happening in the online space

He hears all the time, people complaining ‘But Gary, I Didn’t grow up with this stuff’ – Gary says ‘You didn’t grow up driving either, but you learnt that’

The Market is moving faster – generations of attention are shrinking

The Facebook algorithm saved the platform, to filter the amount we see. It’s the only reason it is still around. If Facebook had allowed all of the content, organic and paid to be sprawled across out screen it would be dead right now. They had to find a way to control the flow.

Pay attention to what is emerging. Create quality content that is valuable to your audience. You are only as good as your last piece of content.

Mobile is becoming a very important tool in our lives. It’s becoming the television, and television is becoming the radio. It’s the preview of us becoming robots

Gary said he would rather have his wallet stolen than have his phone stolen. I think most can relate to this. He no longer travels with his laptop, only with his phone.

He views social media as just a word – social media is the slang term for the current state of the internet.

Instagram’s fastest growing demo is 42-45yr old females ‘Cougars taking selfies of themselves’

53% of all minutes spent on a mobile phone are on Twitter, Facebook, Youtube, Instagram, Pinterest, Snapchat

He predicts in the next 5 years, 75% of all media consumption will happen on a mobile device

How many have sent an Emoji? 36 months ago, most didn’t know what an emoji was. Now 46 yr old men texting OMG and sending :poop: to each other. Technology is ageing down the population.

If you can remember your parent at your current age, you are much younger than they were. Think about what you spend money on, how you spend your time, how you communicate.

If the people in the room woke up in 5 years, they wouldn’t believe how much ecommerce was happening. Even now, he has a friend that bought a $700,000 watch on Instagram.

You are now a media company first, and then you sell your product. You are not understanding what is happening if that’s not the case.

The consumer internet is 20yrs old. Look at the growth over last 5 years. Globally, just 7-14% of ecommerce happens on the internet. It is just in it’s infancy.

Everybody is addicted to what’s going to make them money tomorrow, rather than looking at the macro trend that is happening all around.

Gary knows 20-30% of his investments are going to provide zero return in the next 12 months.

In America, top 1% of earners are at $400,000 per year. The notion to make millions of dollars is insane. You can’t get it just because you read a book. ‘There’s no 17 step process to make me Beyonce!’

Reframe the concept of entrepreneurship – understand what you are good at, and what you are bad at.

Gary worked out his strength is being a robot – doesn’t need to eat, drink, little sleep. He can work 18hrs a day, every day.

He believe people should work out the 3-4 core things they are better at than anything else. The quicker you deploy all of your energy into those things, you will be happier and make more money.

Think about the 1,000 people who are most successful – they got rid of everything they weren’t good at.

If you start betting on your strengths – It’s not about being number 1, it’s about understanding what you can do to maximise the best you.

The girl who was number 30 at Facebook, she made more money than most of us will ever see.

You only have so much time and energy – If you work out where to deploy it, you will maximise your success.

Spend more time surveying your friends and customers and finding out what they are doing.

Look at the apps on your home screen – says a lot about the type of person you are.

Q&A

How does a local business use Snapchat

Snapchat – Own your territory. Go and interview all of the businesses that matter in that territory.

How do you stand out when everyone is trying to stand out

It’s not a good strategy to follow someone else. Be someone who stands out for yourself.

AirBnB intermediary in Japan

Be a media company first. Don’t think as the content as a gateway drug to your product/service. Be the information service for Japan AND THEN let people know about the service. Focus on great content first – regardless. You need to be an editor in chief for your business

Wedding Planner – launching program to teach brides to plan their own wedding. How would you market it

Focus on Facebook – Australia top 3 in world for Facebook use. Investigate Pinterest heavily.
Focus on the mobile, as majority brides younger
Look for # such as engaged, just got married – get ambassadors
Look at models and the narrative with them
If you scratch your own itch with content you win

Did podcast with James Altucher – North Star of Truth. Looking at the kids coming through who all they want to make money – how do you put them together?

No interest in people doing what I do. Worry is young people putting so much content up that they won’t consume. When Kardashians blow up in America, people think it’s shit, but highest watched show. We don’t get to decide what is and isn’t good content.
Gary thinks it’s a waste of time to read business books.
The cream will always rise to the top. A lot of people will try to copy what the Kardashians do – the market will decide what the market wants to see. Focus on what you do, and what you are trying to achieve. Reserve energy and time for this.

Greg Vincent – Real Estate agents are mistrusted across the profession – what ideas for trust based marketing?

I panned the wines I sold. I would say ‘This wine sucks!’ In 1998 I was one of loudest voices on the Barossa Valley wines. I then flipped when they got too fruity, too alcoholic etc. I was always obsessed with the honesty.
Get tough with telling the client what they need to here. Don’t simply say ‘This is an up and coming neighbourhood’ if you know in your heart it is 7-10 years away from blowing up.
I didn’t want to sell more wine, I want to sell you the best wine.
Just tell the F*Ckin’ truth.
The further you get away from the truth, the less likely you are to succeed.

Jab Jab Jab Right hook, is not give give give and then entitled – it’s then ASK – it’s all you get

How do you find your skill?

Get out there and try shit! Literally, spend 8hours a day paying your bills and then the rest of the time trying things out.

So, what did I think? I am a Gary V convert, bad language and all!

Audience shot from the real estate armageddon conference

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