Gary Vaynerchuk - The Thank You Economy presentation

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Gary Vaynerchuk - The Thank You Economy presentation

  1. 1. Gary Vaynerchuk: THE THANK YOU ECONOMY 2011
  2. 2. Gary Vaynerchuk
  3. 3. Preface <ul><ul><li>Loyal customer is your win </li></ul></ul><ul><ul><ul><li>If you can sacrifice a dollar </li></ul></ul></ul><ul><ul><li>You are not protecting your store, but opening out </li></ul></ul><ul><ul><li>Connect, interact with your customer! It will make him feel good and come again! </li></ul></ul><ul><ul><li>Maybe he even spreads a word!!!!!!! </li></ul></ul>
  4. 4. Part 1:  Welcome to the Thank You Economy
  5. 5. Chapter 1: How Everything Has Changed, Except Human Nature <ul><ul><li>People decide as they talk. They talk more&more social: </li></ul></ul><ul><ul><ul><li>30% of parent's shopping were affected </li></ul></ul></ul><ul><ul><li>Caring first, not selling first </li></ul></ul><ul><ul><li>Do not push too much </li></ul></ul><ul><ul><li>Invest in a relationship </li></ul></ul>
  6. 6. How Everything Has Changed, Except Human Nature <ul><ul><li>Long ago, close societies meant that one customer is worth 10 more (word of mouth) </li></ul></ul><ul><ul><ul><li>We are getting back to it </li></ul></ul></ul><ul><ul><li>Social media means Business </li></ul></ul><ul><ul><li>Social media allows us to get  fresh </li></ul></ul><ul><ul><li>We are &quot;living early days of a dramatic cultural shift&quot; </li></ul></ul>
  7. 7. How Everything Has Changed, Except Human Nature <ul><ul><li>&quot; 10% OFF &quot; is not &quot;caring about customer&quot; anymore </li></ul></ul><ul><ul><ul><li>Customers just must feel extra  </li></ul></ul></ul><ul><ul><ul><li>Do above  and communicate honestly. </li></ul></ul></ul><ul><ul><li>Do not get fake fans (eg. for money reward) </li></ul></ul><ul><ul><li>&quot;In this game, the one with the most real relationships wins.&quot; </li></ul></ul>
  8. 8. Chapter 2: Erasing Lines in the Sand <ul><ul><li>Don't be Mr. Powerpoint, the change is happening </li></ul></ul><ul><ul><li>Forget old business rules </li></ul></ul><ul><ul><li>Don't underestimate Amazon </li></ul></ul>
  9. 9. Chapter 3: Why Smart People Dismiss Social Media, and Why They Shouldn't <ul><ul><li>&quot;ROI of engagement&quot; </li></ul></ul><ul><ul><ul><li>ROI with your mother is higher than with a friend </li></ul></ul></ul><ul><ul><ul><li>Without SM, You and your customer are strangers </li></ul></ul></ul><ul><ul><li>Turn visitors to friends, friends to buyers, buyers to advocates </li></ul></ul><ul><ul><li>2010: &quot;85% US consumers would pay 5-25% more to ensure a superior customer experience.&quot; </li></ul></ul><ul><ul><ul><li>66% said great customer service was their primary driver for greater spending </li></ul></ul></ul>
  10. 10. Why Smart People Dismiss Social Media, and Why They Shouldn't <ul><ul><li>1-to-1 model: both short+long-term rewards </li></ul></ul><ul><ul><li>Quality is much better than quantity </li></ul></ul><ul><li>ENGAGE AND REWARD </li></ul><ul><li>MAKE DEEP RELATIONSHIPS </li></ul><ul><li>TAKE BUSINESS AS PASSION, LIVE IT </li></ul><ul><li>DON'T BE SHORT-SIGHTED </li></ul><ul><li>BE TRUE </li></ul>
  11. 11. Part 2:  How to Win
  12. 12. Chapter 4: From the Top: Instill the Right Culture <ul><li>Which two things could convince consumers to pay more for something when they could pay less? </li></ul><ul><li>a) outstanding experience </li></ul><ul><li>b) conveniece </li></ul><ul><li>Obsess over customer service (Do it like Amazon, Zappos)! </li></ul><ul><li>Great  caring culture is like a waterfall (employees are your obsession). </li></ul><ul><li>  HAPPY EMPLOYEES: treat them like an adult + individual needs are being met </li></ul>
  13. 13. Gary is happy, employess are happy, customers are happy! <ul><li>&quot;I care more about my employees than I do about my customers, </li></ul><ul><li>and I care more about my customers than I do about breathing.&quot; (p. 91) </li></ul><ul><li>  </li></ul>
  14. 14. Cultural Building Blocks <ul><li>1) Begin with yourself - wear your own hat. </li></ul><ul><li>Authenticity begins with you! </li></ul><ul><li>2) Commit whole hog - mental commitment. </li></ul><ul><li>The money is there, it is just being spent in the wrong place. </li></ul><ul><li>3) Set the tone. </li></ul><ul><li>One-on-one interaction. </li></ul><ul><li>4) Invest in employees. </li></ul><ul><li>Give them freedom to ask- to experiment - to be themselves. </li></ul><ul><li>5) Trust your people. </li></ul><ul><li>Observe them. </li></ul><ul><li>6) Be authentic. </li></ul><ul><li>Use power of social media to spread. Authenticity, long-term relationships <- authentic interaction with consumers. </li></ul>
  15. 15. Chapter 4, 5: Empower people, extend the Conversation, Play Ping-Pong <ul><li>What is important?  </li></ul><ul><li>Your intent and message, platforms follow. </li></ul><ul><li>Does Thank You Economy seem extreme? </li></ul><ul><li>It is only for now. </li></ul><ul><li>The Perfect Date:  </li></ul><ul><li>Traditional Media Meets Social! </li></ul><ul><li>Use fullest potential of social and traditional media.  </li></ul><ul><li>These platforms can complement each other. </li></ul><ul><li>Social media can extend the story! </li></ul>
  16. 16. Chapter 6:  I´m on a Horse: How Old Spice Played Ping-Pong, Then Dropped the Ball <ul><li>Stories and ideas are sticky. </li></ul><ul><li>Sticky stories get carried forward, reaching more people. </li></ul><ul><li>Marketing victories lie in the extremes!  </li></ul><ul><li>Quality content is king  </li></ul><ul><li>+ it must be followed up with quality engagement. </li></ul><ul><li>Use properly micro-trends as fresh channels. </li></ul><ul><li>Every brand can benefit from posting personal videos, can write fantastic content. </li></ul>
  17. 17. 31 453 536 views http://www.youtube.com/watch?v=owGykVbfgUE&feature=BFa&list=SPB9F260CE56D04E73&index=1 Old Spice starts the game...
  18. 18. Old Spice one-on-one engagement <ul><li>Old Spice is playing Ping-Pong with you! </li></ul>
  19. 19. Old Spice as a runner  #fail <ul><li>A social media campaign in the Thank You Economy is never done ! </li></ul><ul><li>Be a marathon runner, you will be rewarded. </li></ul><ul><li>Show people, that you care about them. </li></ul><ul><li>&quot;As it goes in life, so it goes in business.&quot; (p. 128) </li></ul>
  20. 20. Chapter 7: Intent: Quality vs Quantity  - Social Media <ul><li>If your intentions are good - it draws people to you. </li></ul><ul><li>Make connections! (Contacts are not enough.) </li></ul><ul><li>Go close to the emotional center.  </li></ul><ul><li>Follow core principles. </li></ul><ul><li>Evoke an emotion - compell people to share. </li></ul><ul><li>&quot;Use social media campaigns to create an opportunity for engagement, not to force it.&quot; </li></ul><ul><li>&quot;Simply talk, and listen.&quot; (p. 139) </li></ul>
  21. 21. Chapter 8: Shock and Awe <ul><li>Send a rose or a handwrtitten condolence! </li></ul><ul><li>Create amazing customer experience. </li></ul><ul><li>Collect data about your customers,  </li></ul><ul><li>it helps you paint a picture of them.  </li></ul><ul><li>Be flexible.  </li></ul><ul><li>Connect at an emotional level. </li></ul>
  22. 22. Part 3:  The Thank You Economy in Action
  23. 23. Chapter 9: Avaya: Going Where the People Go <ul><li>Example Avaya (business communications applications, systems and services) </li></ul><ul><ul><li>It showed up </li></ul></ul><ul><ul><li>It showed up first </li></ul></ul><ul><ul><li>It remembered that behind every B2B transaction, there's a C </li></ul></ul>
  24. 24. Chapter 10: AJ Bombers: Communication with the Community <ul><li>AJ Bombers: </li></ul><ul><ul><li>customers give input </li></ul></ul><ul><ul><li>use social media (connections) </li></ul></ul><ul><ul><li>build a community </li></ul></ul><ul><ul><li>after 7 months: doubled the revenue! </li></ul></ul><ul><ul><li>what they did right: </li></ul></ul><ul><ul><ul><li>speak the customers language </li></ul></ul></ul><ul><ul><ul><li>not afraid to try something new (Foursquare) </li></ul></ul></ul><ul><ul><ul><li>reward the right people (customers, not ad companies) </li></ul></ul></ul>
  25. 25. Chapter 11: Joie de Vivre Hotels: Caring About the Big and the Little Stuff <ul><li>JDV Hotels (=very personal) </li></ul><ul><ul><li>message from the top (management) </li></ul></ul><ul><ul><li>intent from the right place (balance business - intent from the heart) </li></ul></ul><ul><ul><li>hires culturally compatible DNA </li></ul></ul><ul><ul><li>It uses &quot;Pull Tactics&quot; (care about the brand and amplify positive feelings) </li></ul></ul>
  26. 26. Chapter 12: Irena Vaksman, DDS: A Small Practice Cuts Its Teeth on Social Media <ul><ul><li>dentist who wants to provide the ideal patient experience </li></ul></ul><ul><ul><li>marketing herself on SNS </li></ul></ul><ul><ul><li>strong one-on-one relationships </li></ul></ul><ul><ul><li>&quot;Social media is a perfect environment for medical practitioners smart enough, and good enough, to leverage what its platforms have to offer&quot; </li></ul></ul>
  27. 27. Chapter 13: Hank Heyming: A Brief Example of Well-Executed Culture and Intent <ul><li>Heyming = attorney  </li></ul><ul><ul><li>used social media tools to: </li></ul></ul><ul><ul><ul><li>build practice within global law firm </li></ul></ul></ul><ul><ul><ul><li>grow personal brand </li></ul></ul></ul><ul><ul><ul><li>communicate with clients and the startup community </li></ul></ul></ul><ul><ul><li>culture of trust and transparancy </li></ul></ul><ul><ul><li>guiding and advising startups, so they become strong and can hire a lawyer later </li></ul></ul><ul><ul><li>good word-of-mouth </li></ul></ul>
  28. 28. Conclusion <ul><ul><li>Marketing is getting harder </li></ul></ul><ul><ul><ul><li>markets are splintering </li></ul></ul></ul><ul><ul><ul><li>attention spans are waning </li></ul></ul></ul><ul><ul><ul><li>too much information </li></ul></ul></ul><ul><ul><li>don't wait for the marketing landscape to stabilize </li></ul></ul><ul><ul><li>tremendous opportunities </li></ul></ul><ul><ul><ul><li>to develop huge markets </li></ul></ul></ul><ul><ul><ul><li>strengthen brands </li></ul></ul></ul><ul><ul><ul><li>build lasting businesses </li></ul></ul></ul><ul><ul><li>The Thank You Economy has radically altered our customers' expectations; start thinking ahead, innovate to survive </li></ul></ul><ul><ul><li>The lifetime value of a customer is going to become a bigger consideration, invest in them and use SNS </li></ul></ul>
  29. 29. Conclusion <ul><ul><li>Try to gain first mover advantage </li></ul></ul><ul><ul><li>Long-term strategies are really hard to maintain </li></ul></ul><ul><ul><li>Balance between short-term demands of Wall Street investors and long-term demands of the Thank you Economy </li></ul></ul><ul><li>We are living in a Third Industrial Revolution, The Thank You Economy </li></ul>
  30. 30. Part 4: Sawdust <ul><li>Extra information and thoughts on different topics </li></ul>
  31. 31. Part 5: How to Win in the Thank You Economy, the Quick Version <ul><li>Most important aspects of the books on 2 pages </li></ul><ul><li>     </li></ul><ul><li>         => good to get an idea of what it is about </li></ul>
  32. 32. Overall appreciation <ul><li>Positive aspects </li></ul><ul><ul><li>Easy to read </li></ul></ul><ul><ul><li>Very interesting </li></ul></ul><ul><ul><li>It is an eye-opener </li></ul></ul><ul><li>Negative aspects </li></ul><ul><ul><li>Not for haters of &quot;social&quot; </li></ul></ul><ul><ul><li>Perspective of individual prevails </li></ul></ul>

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