Gary Vaynerchuk (also known as GaryVee on Youtube) is one of the most prominent American entrepreneurs, who is well-versed in motivational speaking, business as well as digital and social media marketing. He is also the author of several entrepreneurial and motivational books that have inspired masses worldwide.
In this interview with Larry King, Gary shares his brief story, his thoughts on education, social media as a marketing tool and tips for budding businesses.
Humble Beginnings
From a young age, Gary dabbled in various entrepreneurial pursuits to "make a buck" - selling lemonade, selling baseball cards, then started working in the family Wine store business from the age of 14. From there he knew he could develop the business further, and after taking over the business he rebranded it as an e-commerce online Wine business. From 1998 to 2003 he managed to grow their yearly earnings from $3 million to $60 million USD. He was a pioneer of sorts in digital marketing, using e-mail marketing, banner advertising and Google AdWords to attract customers to their business.
What does education mean to an entrepreneur?
He claims he didn't perform well in school, but that school failed him, rather than he failed school. He says that school doesn't teach anything about entrepreneurship - school is not made for entrepreneurs, but workers. His criticism is less a blanket statement as it is a piece of advice about the harsh reality that real, successful marketing and entrepreneurship cannot rely on private education, good grades or nepotism and connections.
Self-Awareness
Gary is also big on self-awareness. It's not something that can be taught easily, but his biggest tip is to create an environment where the people closest to you are comfortable enough to tell you the truth. The easiest way to become self-aware is to use other people to give you HONEST feedback on your strengths and weaknesses. That way, you can constantly improve and grow in the right direction. Otherwise, your closest friends and family will often be too kind to tell you what you actually need to work on.
How Can We Use Social Media to Help Our Business?
"Social Media" is just a colloquial word for what is the current state of the internet.
1. Take it seriously.
When people think of social media they think of seeing what other people are doing, Instagram models, funny videos etc. So, the biggest mistake is to not take the potential of social media as a marketing tool seriously enough. Gary compares this to how those in the radio industry in the 50s didn't take the transition from radio to TV seriously enough. Now we are experiencing a similar transition from TV to Internet - and not everyone has caught on quickly enough.
2. Understand the context of the medium you're using
Youtube is different to Instagram, which is different to Facebook or Twitter in the same way as Fox being a different news channel to CNN. Even though the audience may be similar using different forms of social media, the type and presentation of content may need to be tweaked to be specific to that platform.
3. Understand that you have to provide value through your content
You can't just repeatedly post content that asks people to buy your products, to come to your store, to check out your website etc. One of Gary's book titles summarises this cleverly - "Jab, Jab, Jab, Right Hook". He says you need to give, give, give then ask, i.e. demonstrate and establish your value to your audience before asking them to invest in you or buy your product. Don't spam. Put out content, not advertisements.
"Attention is the asset, and the internet owns it."
Tips When Starting a Business
1. Cash is Oxygen
Don't start thinking so far into the future yet before you understand how much money you have, how much you can make now and how much it'll cost to reach certain goals.
2. Know your strengths
Find what you're good at, then do it.
3. Look for the White Space
Look for where people aren't marketing and creating content - fill that gap. How can you separate yourself from everybody else seeking attention and customers?
My Biggest Failure
Trying to do everything. When Gary transitioned from his wine business to founding his own digital marketing business (VaynerMedia) and writing a bestselling book he was working 15-18 hours a day. He told himself he could do anything - which wasn't wrong, but he wants to emphasise the importance of knowing your limits. There is only so much energy and focus you can fit into a day.
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