How to make marketing and research resonate in a noisy social world by Gary Vaynerchuck #CASRO #MRX


Live blogging from the #CASRO tech conference in Chicago. Any errors or bad jokes are my own.

Gary Vaynerchuk, Entrepreneur, Social Media Guru, Best-selling Author, 

  • maybe don’t need 9000 stores, maybe can do it with just one business
  • humans alter themselves in artificial environments, like surveys
  • he was the first guy to buy the word ‘wine’ on google, 90 days after youtube came out he started winelibrarytv
  • used facebook data to double ROIs
  • our data only allows us to get to 3.5 base, not the homerun. we need to go beyond the data to the story to get people to convert.
  • he loves social media because it sells. doesn’t care about snapchat or vine or pinterest. only cares where the eyes and ears of our customer are. we are all battling for attention
  • we have a supply and demand issue. volume of content vs amount of attention we have. [oh yeah, i can’t keep track and don’t even try to keep track of all #MRX content]
  • are we grossly underestimating social behaviour? why are we more interested in a survey that says i bought 3 bars of soap versus what people actually do
  • what is a facebook darkpost – an unpublished post [remember facebook remembers everything you type even if you didn’t post it]
  • social can finally do direct response, because data is clean enough to allow targeting and storytelling. can target individuals on facebook. can create any query in the backend of facebook.
  • what would happen if facebook brought outside data into facebook – what about bringing mastercard data into facebook. You can target people who work at a specific store, eat at a specific restaurant, and buy at a specific store – massively specific targeting. Facebook is the best targeting platform out there.
  • there is NO ROI in anything if you don’t know how to use it. piano zero. elton john tons. basketball zero. basketball celebrity tons.
  • the longer people misunderstand the market, the longer he can do his thing. he prefers lack of interest because it helps him and he believes he will be historically correct. [dude, check out www.thesaurus.com]
  • where possible, every single person fast forwards through every commercial. yet many people spend all their money on tv
  • i will never put my credit card on a computer, I will never need anything besides my pager, I will never use facebook – can you think far enough into the future to realize what will actually happen?
  • blockbuster should have bought netflix, think ahead etc
  • the internet is only 20 years old for normal regular consumers
  • birchbox – built solely on targeting social data from twitter and mostly facebook, now a $50 million company. twitter doesn’t have quite enough demographic data yet
  • why is there a complete disrespect for facebook data?
  • if you disrespect the use, you will lose. we never had respect because it was a push environment. we didn’t care about the user
  • users want to keep up with friends and their kids. she’s windowshopping on pinterest and has intent to buy and aspiration
  • is our research style really the dark ages? let’s open our eyes to the reality of what’s happening. clients spend a lot of money on traditional data from just 3000 people.
  • let’s look at what we used to be able to do versus what we can do now
  • someone bought 4000 horses the day before henry ford created the car. have a critical eye to your space. your clients are ready to buy a different dataset, if not the person you deal with right now but the person who will be hired to replace them
  • Q and A time
  • broke in 2007 by tweeting for 18 hours a day and connecting with real people. he scaled the unscable, one to one interactions. no one wants to put money into engagement.
  • ‘Like’ data is intent
  • you can find people who used their AAA card three times in the last few months and engage with them “does your car suck?”
  • he did email marketing in 1996. had 400 000 people on his list and nearly 100% open rates because marketers didn’t ruin it yet.
  • waits until something is at a practical scale, then becomes a craftsman within that tool in order to storytell with it
  • the average 20 year old doesn’t see the right side of a computer screen because we’ve trained them not to look there. now ads are showing up as content
  • we want to be targeted now because the ads are better. don’t want a burbon ad when we’ve never had a drink of that before
  • why do people think pop-up ads are good? they take up the whole screen. you can’t even find the X to close the app. they’re only getting click thrus because people can’t find the close button. #3 thing we value is our time and these apps steal our time
  • brands don’t want to target 912 people. but if you do it several times with the absolute best targeted people, you’re way ahead of targeting a million generic people
  • if everyone knows your product and no one buys it, you’re in trouble
  • if you live in texas, you want to see a picture of texas on products. this sells.
  • “what can i do for you today”  he asks this question on twitter and then actually does deliver on some of the questions personally. he got someone tickets to bitcon. that person made a video that got shared with friends, picked up by media, and shared by his friend at this conference.  it’s not scalable but the outcome could be huge
  • social media is the plumbing for WOM and this is power
  • Vine is where to sell to 16-20 year old girls
  • instagram has great intent but it’s difficult to convert because there is no link out
  • what sites haven’t been ruined yet – and he is the first one to go in and ruin it
  • snapchat works well be cause it disappears. on facebook you think you will see it again. if you tell a story on snapchat people consume it because it won’t be back again.
  • people we’re selling to have alternative motives – brand managers want to be famous for a great ad or they don’t want to get fired for doing something – these aren’t good for the brand
  • brands used to try to interrupt people with a story but they didn’t actually have a story
  • become a media company – Michelin created restaurant review so that people would drive to far away restaurants and use up their tires thereby having to visit their auto service stations
  • [really tired of all the unnecessary swearing]
  • if you deliver value, people will want to watch the commercials
  • consumers will let anyone be a media company, if you give them what they want you will win especially if you target the right individual. 18 year olds do NOT look like 35 year olds so break that rule that’s written into your spss code

 

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