Gary Vaynerchuk: Mastering Attention in the Age of Social Media

Gary Vaynerchuk: Mastering Attention in the Age of Social Media - 이중 자막

Right, talking social media now.

Gary with us in the studio.

He the author of eight books, including his latest offering out this week, Day Trading Attention.

How to actually build brand and sales in the new social media world.

His book, Five of them, New York Times best sellers, 50 million followers on TikTok.

I could go on more.

Good morning, Gary.

Good morning.

Eighth book.

Yes.

Why didn't you stop after seven?

Why the world need another Gary Vee book?

I'm not sure if the world needs it.

We're to find out.

I think the reason I wrote it is for everybody's listening, especially in a business framework.

I people are understanding that social

media is changing and more important than ever and what I mean for that for the

people that aren't really paying as close attention to it changing in that it's very different ago, the way it works.

And important than ever,

I've been on this social media journey for that 15 years,

and I can tell you over the last year, I run a very large advertising agency globally called VaynerMedia.

Over the last six months,

I wouldn't even say the year,

this year,

these first five months,

I've had more significant conversations with Fortune 500 brands about them actually looking to be real serious and want to be great at it.

And I decided to write a textbook, a real detailed manual of the current state of social media.

Let's talk about how the Gary V phenomenon began almost 20 years ago for those who don't know you I do hashtag fanboy but it started in the mid 2000s and it was your family beverage

business in the United States on the east coast and you started doing YouTube review videos yes and that business

on the back of those went from a three million dollar business to a 60 million dollar business and

that made your name and then it all started from there just remind us of It goes back even further than that.

I so early,

for that beverage business,

I launched an e-commerce business in 1997, so nine years prior to YouTube videos, and obviously email marketing, and Google AdWords, and then blogging.

I kind of following, it's basically the thesis of this book, where the attention was, and more importantly, the emerging Right?

So there's always going to be a place where a platform,

whether it's the invention of the radio, like we're doing right now, it didn't exist at some point.

And once it existed,

and people put out content, both music and information, people started listening, then television, And so that's kind of how it all started.

The, to your point, YouTube was a big turning point that also coincided with me jumping on Twitter and Facebook just as they launched.

I became one of the first 50 people in the world to have a million followers on Twitter.

That was obviously a big deal.

And then I wrote the first business, this book because my first book was a wine book.

This second was a business book and that was a phenomenon called Crush It that really talked about the opportunity of building brand

on the internet and that's how it all went.

Well let's break down what this book is about and as you say it's a textbook it's very heavy on examples and diagrams.

to graphs, you talk about understanding attention, and you talk about understanding underpriced attention.

What's underpriced attention?

Like, it just referred to underpriced attention is...

ago, right?

Four years ago, I'm making videos all over the internet saying, please start posting on TikTok.

Please start posting on TikTok.

Uh, underpriced attention may be Spotify ads right now.

It may be, by the way, it may be traditional mediums too.

So one of the interesting parts about traditional,

uh, underpriced attention is sometimes a traditional platform like outdoor billboards or a television commercial or newspaper ad

can actually go from being very overpriced for a period of time to actually becoming

underpriced because media dollars are And so traditional channels may become underpriced.

Email marketing, Google AdWords, they were incredibly underpriced in the 90s and early 2000s.

Today Google AdWords are appropriately priced

or potentially overpriced because there's so much being thrown in there but there's only so much attention on the other side with AI,

chat, GPT and things of that nature.

So it's a concept of where there's market inefficiency of people and companies overspending somewhere and underspending somewhere, thus rendering things overpriced and underpriced.

Okay, you've mentioned the Spotify ads there

and I know you say that day trading is all about the now and not predicting where we're going.

But what do you think, maybe like the Spotify ads, are the next areas of underpriced attention?

I appreciate the way you framed it.

I've had a nice long career at this point.

I a lot of credit for seeing around corners and predicting the future and the truth is

that's that has not been what I've done in my career.

What I've done is I like am hyper-obsessed with today and I think the world of business and marketing is obsessed with tomorrow AI,

metaverse and overly romantic about yesterday.

Let's keep making TV commercials even though no one watches them and so So, you know, look, I think there's clearly things in the air.

I do follow technology very heavily.

Let me say something that I will be proud that I've said so I can recall it five years from now, a from this show.

AI is going to decimate search engines.

I mean, do you know how much money is being spent on Google AdWords?

It's a profound.

hundreds of billions, like a profound that could be wrong, but it's tens of billions for sure.

The human behavior of people searching on search engines with these AI mechanisms is going to change dramatically.

The next generation of kids,

Jen Alpha, is going to look at all of us using Google to look up stuff the way we look at people using the encyclopedia.

So that's clearly going to be underpriced at some point.

It's still so early that it's not there yet, and I don't even know how to run ads yet on a chat GPT.

We don't have those products yet,

but it's very clear to me that the search money is going to be up for grabs over the next decade.

And yet you've written a book.

It's sitting in front of you.

It's hardcover.

Yes.

It's Yes.

The writing process, the editing process, the printing process, the shipping process, all takes time.

Yes.

For someone who's obsessed with now, how long do you think that book is going to be relevant?

It's less relevant.

What's amazing about this book for me is I think about value very simply.

This book is $28.

Do I believe that people over the next three years will get $28 worth of value?

Yes, I do.

But to your point, it's a tremendous call out.

What my publisher hates the way I write books.

This is real.

I to write books that are incredibly timely and have extraordinary value actionable.

So many people listening right now have read many business books and they're great because they're philosophical and they're tried and true human behaviors.

However, I find that books are an incredible way that people live.

learn.

But ironically, I'm not one of those people.

I do much better with audio and visual.

But book form is something that works for a lot of people.

But I tend to that have a shelf life.

And for me,

the way I wrote this and based on what my experience is, I think over the next three to four years, it has higher value.

But the reason I wrote this book, actually, I misspoke earlier of why I wrote it.

I wrote a book 10 years ago called Jab, Jab, Jab, Right Hook.

That a smash hit.

I still get emails from people that bought it like a month ago and they're like, Gary, love Jab, Jab, I'm like, what?

It is so not.

And so this was actually, this book day trading attention.

So original title was Jab, Jab, Jab, took.

I just did it once I realized I was going a little bit in a different direction, but that's right.

Gary Vee, Gary Venachuk.

He is a serial entrepreneur.

He is a man who knows a thing or two about marketing, and we're speaking to him this morning about his new book.

Well, we're going to be speaking about two new books more to come, but the first book, Day Trading Attention.

Gary, thanks for staying with us.

Look, we're a business show, and this is a business city, and one of the things

that really struck me about your new book is the fact that you don't seem to be a massive fan

of what's happening in boardrooms when it comes to marketing decisions.

You don't really like the research, you don't like a lot of the...

the proxy studies.

You don't like the corporate decisions.

Explain why not.

Because they're not business.

More?

Please.

I love business so much.

And I love marketing so much that I'm devastated what fortune 5,000 marketing looks like.

So for context, the 5,000 biggest companies in the world are probably the 5,000 worst marketing companies in the world.

And for every,

back to your point of who listens to this show, every board member of a meaningful company right now, just smiled or said yes, listen.

Because what I can promise you sitting in these boardrooms myself,

being in meetings with the biggest hedge funds and private equity firms and CEOs in the world,

all of them are struggling with justifying the ROI of marketing, because marketing in 2024 has become incredibly academic and reliant on fake reports.

You say that they're boardroom-centric, not consumer-centric, what do you So just explain to everybody how it really works under the hood.

If you're Coca-Cola, the way you're measuring your marketing is by a bunch of reports that are grounded in falsities.

What happened 30 years ago?

ago in Madison Avenue, Don Draper marketing was we separated media and creative.

I don't think people know this,

but most big companies, BMW, Mercedes they have one agency that runs the media and a separate one that runs the creative.

What that creates is no accountability.

And so what we did over the last 30 years is create a bunch of fake reports to justify

And so what everybody in the game really knows,

on the inside,

this is the reason you've probably seen these headlines,

you've probably read some of them on this great show, CMOs only last for 18 months in most of these big companies.

They get blown out all the time because they really are dancing instead of actually driving results.

This all lends itself to why big companies continue to under-invest where the attention is,

social media, and they continue to over-invest in all sorts of silly things like traditional digital banner ads and a bunch of other things.

But even on social media, you're saying that these big well-known brands should throw out things.

the brand fonts that they use, their recognizability?

Well, you know, what I'm, I'm fine with, I love where you're going with this, so what you're referring to is being on brand.

I'm not saying that BMW should not use their fonts.

I'm just saying that they're allowed to use other fonts in an individual social media post that isn't the core fonts, right?

You cannot imagine what I'm saying.

Again, the biggest companies in the world will sit and debate for an hour in Instagram

post that hardly anybody even sees if it's not good,

and they'll decide that they can't use a font or a color because it's not on brand, but no consumer actually thinks that way.

So I'm not telling them to change your logo or make it look different.

I'm saying that they can do and instead of or.

Let's talk about your other book that you've got with you.

It's a kid's book called Meet Me in the Middle.

Thank you.

I want to.

So a three-part question on children.

One is tell us about the book and why you wrote it.

The second one is what about the ethics of the social media playbook in day trading attention?

I've no doubt it works, but I've got teenage kids that worry about their exposure on social media.

And third part is you as a family man.

You famously don't share your family on social media, so you're clearly very attuned to this.

Pull those threads together.

Let's pick number two, real fast.

This will help everybody listening.

I want everyone to really pay attention.

If you are worried as a parent about your children on social media, take them off of social media.

I beg and plead for this generation to finally start parenting.

I think we have conformed into trying to be too much of our kids' friends if you're genuinely concerned.

If you're genuinely, if you're not genuinely concerned, and it's a conversation piece, then that's fine.

But if you're genuinely concerned for your children about anything, I would highly recommend to step up and be a parent.

So that's what I think about that.

Number three, I'll go there.

I was genuinely concerned that I didn't think it was was a good idea ever in my life to share my private life with the world,

because whatever you share with the world is theirs.

And private life and my family life is the most important thing to me in the world.

It didn't even cut.

And I, as you know, and I appreciate your words earlier, I never did.

2006, when this was all Nirvana and nobody was thinking about the downside, it was intuitive to me.

that that's not something I needed to give the world.

And I'm very happy I've done that.

And so that's been the case.

And then number one, the kid's book's really fun for me.

Four years ago, I started this intellectual property.

Think of it as Sesame Street meets Pokemon.

on.

So it's very focused, the book's called Meet Me in the Middle, and it's a story of patient pig and eager eagle.

Both are great traits, in my opinion.

Being eager is a wonderful thing, being patient, a wonderful thing.

But if you do too much of it, being too patient means you're complacent.

Being too eager, you could be sloppy.

And what's really fun about this book is it really teaches people to find the middle and in general.

I think on most wonderful human traits, people take them too far and then they get to a bad version of it.

And more importantly, I think society.

global politics and business and life, I think we've just gotten too far to the edges.

I think we live in a generation now where the tail is wagging the dog and I implore everyone to find the middle.

As a matter of fact,

very subtly in my other book,

Day Trading Attention, I picked the color purple for my cover as a little wink to myself about the middle.

As some may know that are listening,

America has a very red and blue society and I feel like if it got to the middle and became purple,

we'd be in a better place and so meet me in the middle.

Why, though, write about something completely different for the kids?

You're talking about emotional intelligence there.

Surely these are the guys who are going to be the content creators.

Why not content creation for kids?

You know my last book that only came out a couple years ago was called 12 and a the 13 ingredients of emotional intelligence

I'm you know again.

I think about going back to it.

I I'm not I'm not against or for Kids doing content creation.

I think that's a very personal decision for families moats art was a character Right?

So, I think if, you know, telling parents what they should or shouldn't do is not what I'm interested in.

I'm saying parenting should be talked about in modern times.

But on an individual level, the last thing I would want to get into is tell somebody what they should do.

And so, there may be a time where I write a book for content creation strategies for the younger set.

That Alpha is actually very of studying it, but just timing.

Lastly, on that, what does AI and chat GPT mean for all of this?

You've written these books.

But you could have had someone else write them for them with just approach.

Yeah.

I to your point, great call out.

You know, let me just bring as much value to this audience as possible.

Please, please, please do not put your head in the sand like an ostrich to AI.

AI one of the most profound technologies in the history of mankind.

I don't even think the best thinkers, you know, can really understand how mass, I mean, I'm sure you've covered this.

You've seen the quotes.

Some Some some of the powerful, greatest thinkers of modern technology are petrified, and that's just because they're trying to be thoughtful.

But think AI is going to change our world, and you're right.

I mean, I'm mapping all of the information I've put out on the internet for the last 25 years.

A lot of things are going to be able to be done in a press of a button, which is...

game changing Gary.

We're going to have to leave it there.

I'm fascinating insights.

Appreciate it.

The book is called day trading attention.

It is out now $28.

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