Gary Vaynerchuk - The Thank You Economy presentation

Gary Vaynerchuk: THE THANK YOU ECONOMY 2011

Gary Vaynerchuk

Preface
Loyal customer is your win
If you can sacrifice a dollar
You are not protecting your store, but opening out
Connect, interact with your customer! It will make him feel good and come again!
Maybe he even spreads a word!!!!!!!

Part 1: Welcome to the Thank You Economy

Chapter 1: How Everything Has Changed, Except Human Nature
People decide as they talk. They talk more&more social:
30% of parent's shopping were affected
Caring first, not selling first
Do not push too much
Invest in a relationship

How Everything Has Changed, Except Human Nature
Long ago, close societies meant that one customer is worth 10 more (word of mouth)
We are getting back to it
Social media means Business
Social media allows us to get fresh
We are "living early days of a dramatic cultural shift"

How Everything Has Changed, Except Human Nature
" 10% OFF " is not "caring about customer" anymore
Customers just must feel extra
Do above and communicate honestly.
Do not get fake fans (eg. for money reward)
"In this game, the one with the most real relationships wins."

Chapter 2: Erasing Lines in the Sand
Don't be Mr. Powerpoint, the change is happening
Forget old business rules
Don't underestimate Amazon

Chapter 3: Why Smart People Dismiss Social Media, and Why They Shouldn't
"ROI of engagement"
ROI with your mother is higher than with a friend
Without SM, You and your customer are strangers
Turn visitors to friends, friends to buyers, buyers to advocates
2010: "85% US consumers would pay 5-25% more to ensure a superior customer experience."
66% said great customer service was their primary driver for greater spending

Why Smart People Dismiss Social Media, and Why They Shouldn't
1-to-1 model: both short+long-term rewards
Quality is much better than quantity
ENGAGE AND REWARD
MAKE DEEP RELATIONSHIPS
TAKE BUSINESS AS PASSION, LIVE IT
DON'T BE SHORT-SIGHTED
BE TRUE

Part 2: How to Win

Chapter 4: From the Top: Instill the Right Culture
Which two things could convince consumers to pay more for something when they could pay less?
a) outstanding experience
b) conveniece
Obsess over customer service (Do it like Amazon, Zappos)!
Great caring culture is like a waterfall (employees are your obsession).
HAPPY EMPLOYEES: treat them like an adult + individual needs are being met

Gary is happy, employess are happy, customers are happy!
"I care more about my employees than I do about my customers,
and I care more about my customers than I do about breathing." (p. 91)

Cultural Building Blocks
1) Begin with yourself - wear your own hat.
Authenticity begins with you!
2) Commit whole hog - mental commitment.
The money is there, it is just being spent in the wrong place.
3) Set the tone.
One-on-one interaction.
4) Invest in employees.
Give them freedom to ask- to experiment - to be themselves.
5) Trust your people.
Observe them.
6) Be authentic.
Use power of social media to spread. Authenticity, long-term relationships <- authentic interaction with consumers.

Chapter 4, 5: Empower people, extend the Conversation, Play Ping-Pong
What is important?
Your intent and message, platforms follow.
Does Thank You Economy seem extreme?
It is only for now.
The Perfect Date:
Traditional Media Meets Social!
Use fullest potential of social and traditional media.
These platforms can complement each other.
Social media can extend the story!

Chapter 6: I´m on a Horse: How Old Spice Played Ping-Pong, Then Dropped the Ball
Stories and ideas are sticky.
Sticky stories get carried forward, reaching more people.
Marketing victories lie in the extremes!
Quality content is king
+ it must be followed up with quality engagement.
Use properly micro-trends as fresh channels.
Every brand can benefit from posting personal videos, can write fantastic content.

31 453 536 views http://www.youtube.com/watch?v=owGykVbfgUE&feature=BFa&list=SPB9F260CE56D04E73&index=1 Old Spice starts the game...

Old Spice one-on-one engagement
Old Spice is playing Ping-Pong with you!

Old Spice as a runner #fail
A social media campaign in the Thank You Economy is never done !
Be a marathon runner, you will be rewarded.
Show people, that you care about them.
"As it goes in life, so it goes in business." (p. 128)

Chapter 7: Intent: Quality vs Quantity - Social Media
If your intentions are good - it draws people to you.
Make connections! (Contacts are not enough.)
Go close to the emotional center.
Follow core principles.
Evoke an emotion - compell people to share.
"Use social media campaigns to create an opportunity for engagement, not to force it."
"Simply talk, and listen." (p. 139)

Chapter 8: Shock and Awe
Send a rose or a handwrtitten condolence!
Create amazing customer experience.
Collect data about your customers,
it helps you paint a picture of them.
Be flexible.
Connect at an emotional level.

Part 3: The Thank You Economy in Action

Chapter 9: Avaya: Going Where the People Go
Example Avaya (business communications applications, systems and services)
It showed up
It showed up first
It remembered that behind every B2B transaction, there's a C

Chapter 10: AJ Bombers: Communication with the Community
AJ Bombers:
customers give input
use social media (connections)
build a community
after 7 months: doubled the revenue!
what they did right:
speak the customers language
not afraid to try something new (Foursquare)
reward the right people (customers, not ad companies)

Chapter 11: Joie de Vivre Hotels: Caring About the Big and the Little Stuff
JDV Hotels (=very personal)
message from the top (management)
intent from the right place (balance business - intent from the heart)
hires culturally compatible DNA
It uses "Pull Tactics" (care about the brand and amplify positive feelings)

Chapter 12: Irena Vaksman, DDS: A Small Practice Cuts Its Teeth on Social Media
dentist who wants to provide the ideal patient experience
marketing herself on SNS
strong one-on-one relationships
"Social media is a perfect environment for medical practitioners smart enough, and good enough, to leverage what its platforms have to offer"

Chapter 13: Hank Heyming: A Brief Example of Well-Executed Culture and Intent
Heyming = attorney
used social media tools to:
build practice within global law firm
grow personal brand
communicate with clients and the startup community
culture of trust and transparancy
guiding and advising startups, so they become strong and can hire a lawyer later
good word-of-mouth

Conclusion
Marketing is getting harder
markets are splintering
attention spans are waning
too much information
don't wait for the marketing landscape to stabilize
tremendous opportunities
to develop huge markets
strengthen brands
build lasting businesses
The Thank You Economy has radically altered our customers' expectations; start thinking ahead, innovate to survive
The lifetime value of a customer is going to become a bigger consideration, invest in them and use SNS

Conclusion
Try to gain first mover advantage
Long-term strategies are really hard to maintain
Balance between short-term demands of Wall Street investors and long-term demands of the Thank you Economy
We are living in a Third Industrial Revolution, The Thank You Economy

Part 4: Sawdust
Extra information and thoughts on different topics

Part 5: How to Win in the Thank You Economy, the Quick Version
Most important aspects of the books on 2 pages

=> good to get an idea of what it is about

Overall appreciation
Positive aspects
Easy to read
Very interesting
It is an eye-opener
Negative aspects
Not for haters of "social"
Perspective of individual prevails

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Gary Vaynerchuk - The Thank You Economy presentation

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