Successful
Change is Your Golden Ticket to Success | Gary Vaynerchuk
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If TikTok's banded America, all that attention has to go somewhere. I believe that X is going to relaunch Vine. Yes. I believe there's four to fifty good entrepreneurs right now building a TikTok competitor right now, right now, because they're like, "Fuck it. The stakes are so high. If it gets banned, I'm going to crush." I think Snapchat, Spotlight's getting better. I believe YouTube shorts will be a winner. I believe Instagram and Facebook themselves will be winners. But what I know is the ultimate winner will be the best day trader of attention because she or he will spend that first two, three, four months really getting a sense in the gray, because it won't show up in the math yet. In the gray, they will figure out where it's going and they will hit it hard. You know, what do I say to all those people? Tough shit. And here's why. Here's why I say tough shit, Kit. When I hear Gary, you don't get it. My email, my Google search, what you just said. This sucks, this sucks. I'm like, "You know what sucks?" When you own AAA cleaners in New York and you were the first result in the yellow pages under cleaners and then Google and Yahoo came along and killed the yellow pages, you had a 70-year business because you were... Why do you think... I don't know if people know this. The reason there are so many companies named AAA, cleaners, AAA landscapers, AAA, is because the yellow pages were the source of finding things and they did it alphabetically and the people that owned AAA showed up first. How about that for a history marketing lesson? Half the people listening to the show had no idea that was the case. So, to me, it is what it is. Do you think that Hershey's is thrilled that Mr. Beast made chocolate? You think Gatorade is super pumped that KSI and Logan Paul made prime energy drink? Do you think that Kmart was happy that Walmart happened? Do you think that QVC is pumped that TikTok shop exists? Do you think that Hollywood ABC was thrilled that Netflix happened? Do you think that Toys R Us was happy that Amazon happened? What are people talking about? Everything changes all the time always and forever and if you're crying that the thing that helps you make money is changing, well then you're a hypocrite of the history of how business works and here's what happened you got fat and lazy and you're in trouble. And I say this, I hope people hear it like it's framed as tough love. Here's why. We can't complain about it because we were the beneficiaries of it at some point in our career. I'm not allowed to be mad that email and search got trumped by blogging YouTube and social media. It's why I ran at it so hard because I didn't want to be a hypocrite. I built the largest wine store in New Jersey because everybody else was doing direct mail and full page ads and newspaper when I outflanked them with a website email and Google. So when I sensed things were changing, I didn't want someone to do that to me. By the way, it happened to my dad. I got busy, started doing major media and became Gary V quote unquote. And wines to sold out came out and innovated a deal of the day group on style and really took and became the biggest store and took that business for my dad. Then I got mad because I love my dad and I invented wine. I invented winetext.com. By the way, everybody should sign up for it. It's crazy. And now it's the all the day in text form, better deals and even easier. You just reply with a number to the text. And so that's what I love about it. It's kind of like a trilogy in boxing. You don't win every fight. You might've won the first one. You lost the second one. The third one was a draw. It is what it is. This is the reality of marketing it will forever change. What I struggle with is how naive the Fortune 500 companies are of what's happening right now. What bothers me is the agency landscape. I am flabbergasted 15 years in how much agencies and symptoms do not align with their clients. Agencies and symptoms are to make TV ads and try to win awards. And most companies don't need TV ads and awards are irrelevant. And if you look even deeper Kip, they sell things that they make margin on. Oh, of course. So it's not right. They make money on up front buying on TV for sure. They make a ton of money on creating television. If you're a creative agency, for everybody doesn't know what happens on Madison Avenue, you get paid a full year of millions and millions of dollars just to think of one commercial. You don't even make it. You outsource it to a production company. Literally to think, make the accent present. And then even worse, programmatic digital. They make so much money in these black boxes justified by CPM call. The whole ecosystem is really, really pissing me off. And I believe that the reason I'm still building an agency is a little bit based on my superhero syndrome, which is a problem. And I got to fix it because you go too far and you start building resentment. That's my personal life and my professional life. Like, I really want to tear down Madison Avenue with Bayner Media. And when I say tear down, I don't wish bad on anyone. I just believe that the interests don't align enough. And I'm hoping that I inspire a lot of kids that are coming out of ad school to build an independent agency and not sell to a holding company. Because if you sell to a holding company, it goes back to what's happening. I'm not even mad at the holding companies. They're publicly traded companies and they care about their stock value, not about driving business results for their clients. And finally, it is the Coca-Cola and BMW's fault. If you're writing the check, you're in control. They are feeding this bad ecosystem. They're the ones that can stop it. So yeah, for everybody who's listening, knowing that there's a lot of people that might be considering getting into the marketing landscape, the Fortune 500 marketing thing is a major problem. It's built on a book called How Brands Grow that was written in 1991. It's the thesis of how companies still run, which is right in principle, but doesn't take into account the practitionership of 2024. Reach and frequency and being consistent is beautiful. The problem is the world is fragmented. People's attention is 9,000 places now. And so you need to win on relevance at scale. That's how you stay consistent. And so that's why I wrote Day Trading Attention. I'm hoping very selfishly, but also selflessly, that I might write the current Bible of marketing and that's the attempt I'm giving. That's awesome. Well, first of all, I agree with you on the agency model being broken. Like we work with you all at Vayner on a social ad hub spot, right? Brian and folks on our team. We're killing it with you all. Thank you. But like I can't imagine other agency moving and executing. And you know this fast, right? Let's share a little bit from behind the scenes that I think will help everyone. It is thank you and it's starting to go well. But you know, it takes like I'm sure you've heard from your team. I'm reading the notes every week. When you're doing it different, it takes a few minutes to calibrate it. Like it's not the easiest thing for a hub spot or anybody else to make that transition because it's a different model. Yeah, well, you have to move fast and back to your point, you have to be relevant at scale. And to be relevant at scale, you have to say interesting and different shit. And it offends people and people are a little uncomfortable about it. And they don't know how to act. And then you get some people who will send you DMs and be like, Oh, I don't know if I like this. And you just have to be like, well, most people do. And the people I'm here for and the people I'm here to serve do. And that's ultimately what matters. I'm not here to make everybody happy. I'm here to make companies who are trying to grow and be the next Fortune 500 companies, trying to make them happy. 100%. And you know, it's hard. It's hard for your most senior constituents. I know your founders very well. I'm sure that, you know, maybe they've seen a post and like, but then by the way, it's hard for my team. I always tell my team, if we're asking for humility and yes and culture from our clients, we have to be the same. I had to speak to a creative last week in Asia and said, you're doing to our clients, what you cry about that our clients do to us. Because she was like my model, our model, the model, is we need to win on relevance to many different consumers. When the client has an idea, we need to make that piece of creative with the same gusto as if it was our own idea. And so my team's at its worst when they're like, Oh, client, you don't get it. No, no, every client usually knows their business better than us. And then on a flip side, you know, sometimes it's a senior person, but then sometimes it's day-to-day people. Sometimes a 30 year old who says no to something we're making because it's not on brand in their mind, but on brand is to the different constituents, not to the subjective opinion of a human. Look, I'm obsessed with strategy, right? So first, that makes sense, like I couldn't comprehend not overthinking about this stuff. You know, like think, you know, it's my favorite part. But I would say to people, the second you take your hand off the wheel, you become a worst driver. And so I do believe that let's go very high up. The sole reason Fortune 500 CMOs really struggle with today's marketing is they are so removed to your voice, so removed. They don't even have some of these apps on their phone, let alone consume the creative that works on it, let alone make the creative that works on it. Think about that. They are so uncomfortably removed. And so for me, the reason I like being in the craft, it gives me a currency, a pulse of its actual success with the end consumer, but this is also challenging. Here's why. First of all, if you're in the Fortune 5000, so let's include private equity-based owned businesses and series DVC backed startups, you know, if you're at that level, a lot of your marketing isn't even in the trenches. Fortune 500 continues to overspend on television, continues to overspend on traditional things. It is flabbergasting how much Fortune 500 companies spend on print, magazines and newspapers. There are many companies in fashion and other areas that spend more on print than they do on social creative. Do you know what saying that is? So first of all, if you're Fortune 5000, you're running on reports, not on truth, right? Internal MMM's, M.A.'s, justifying media spend that are fake. Creative is being done by creative agencies that want to make television ads on a good day and on a bad day want to make banner ads for the web. So it's a mockery there. As you go underneath that, you have a lot of founders that start companies doing all the social creative, doing all the copywriting, doing the website, doing the email. And it's great. And then they get bougie, especially the under 40-year-old set. I get it. They want to get to the lambos and the private planes and the vacations and the pretty girls and the pretty boys and all the things that they want. And you know, they start to delegate. And they have fast dreams that also leads to quick vulnerabilities. And so, you know, I think you're right, my man. I'm pumped to see the way you jumped in and asked with passion. Because I do think it's the biggest, it's the biggest variable out there. And I think in a world where money got expensive, right? Like, meaning raising capital is expensive now. And in a world of post iOS 14.5, and let's call it what it was. The ones that figured out that Facebook, when I was yelling and screaming, it was true. Facebook was so effective that if you just did a very simple CAC, LTV, ROAS, cookie people and travel around the whole internet and sell to them until they finally give up and raise tons of capital, you were able to make it look like on paper, you had a great business. And so that year is also over. And I think this is also one of the reasons I wrote the new book. I think we're going into an era where you're going to have to be better to win. And that excites me and I wanted to prepare my community or the people that have followed me or the people that are curious after they hear about it. And I think I did just that with this new one. 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With no upfront fees, Renter's warehouse works for you, not the other way around. From marketing and showing your property to screening tenants and preparing the lease, their team of experts handles it all so you can sit back and watch the rent roll in. Renter's warehouse even warranties their tenants for up to 18 months at no extra cost. And if you need ongoing management, they've got you covered too. All for a flat monthly fee. Visit renter's warehouse dot com to request a free rental price analysis. That's renter's warehouse dot com. Or call 303-974-9444 to speak to a rent estate advisor today.