Gary Vee on the most undervalued vs overvalued media

Welcome to Uncensored CMO with Gary Vee

Introduction to Gary Vee

• The host introduces Gary Vaynerchuk, known as Gary Vee, highlighting his success as a marketer and influencer.

• Discussion on the purpose of the episode: exploring Gary's background, his journey to success, and insights on current marketing trends.

Nostalgia and Connection to Wine Library

• Gary expresses nostalgia about returning to the Wine Library, where he began his career in business and marketing.

• He compares the feeling of returning to familiar places from childhood, emphasizing emotional connections tied to memories.

Early Lessons in Business

• Key lesson learned: "The customer is always right." Emphasizes delivering value as a competitive advantage.

• Discusses how he focused on providing exceptional price, selection, and service at the liquor store—striving for excellence in all three areas.

Content Creation Philosophy

• Gary attributes his success in content creation to prioritizing audience value over self-promotion or personal gain.

• Reflecting on early debates about customer-centricity; emphasizes discipline and hard work learned through manual labor experiences.

Work Ethic and Sacrifice

• Shares personal anecdotes about working long hours in manual labor from a young age, which shaped his work ethic.

• Highlights that many people see only the success but not the years of hard work that preceded it.

Understanding Luck and Hard Work in Success

The Nature of Attention and Self-Perception

• The speaker expresses humility, stating they do not believe anyone should care about their life or experiences. They only share personal truths occasionally.

Perspectives on Luck and Effort

• The speaker argues that attributing success to luck is a mindset of the "hurt and lazy," emphasizing that hard work is essential for sustained success.

Study Insights on Success

• A study referenced from "Good to Great" indicates that successful companies experience both good and bad luck equally; their outcomes depend on how they respond to these events.

Cynicism vs. Optimism

• Everyone faces challenges (e.g., setbacks, opportunities), but some people are too cynical to see opportunities, while others may be overly optimistic without recognizing reality.

Personal Anecdote: Overcoming Adversity

• The speaker shares their mother's challenging childhood in the Soviet Union, highlighting her resilience and ability to create a better life despite difficult circumstances.

The Impact of Content Creation

Connection with Audience

• A conversation with a barber reveals the profound impact of the speaker's content on individuals, showcasing how it shapes lives beyond direct interactions.

Secrets Behind Reach and Scale

• The speaker attributes their reach to genuine intentions behind their content creation—aiming to improve others' lives rather than seeking fame or wealth.

Philosophy of Selflessness

• Emphasizing selflessness as a form of selfishness, the speaker believes in spreading positivity and joy rather than passing negativity onto others.

Childhood Influences on Perspective

Resilience Through Adversity

• Reflecting on their upbringing, the speaker notes that facing adversities builds character; they criticize modern over-coddling which can lead to entitlement.

Purpose Behind Content Creation

• The speaker feels many creators seek validation through material displays (like luxury items), whereas they aim to instill confidence in their audience through authentic content.

This structured summary captures key insights from the transcript while providing timestamps for easy reference.

The Power of Generosity in Content Creation

Early Lessons in Content Creation

• The speaker reflects on their fortunate mindset and foundation for content creation, emphasizing a desire to share this with others.

• They highlight the importance of generosity, noting that giving away valuable advice leads to greater returns, such as increased visibility and opportunities.

Brand vs. Sales

• A distinction is made between sales and brand-building, asserting that brand consistently outperforms sales tactics.

• The speaker critiques conventional sales advice that discourages giving away value, arguing it actually enhances brand perception.

Negotiation Philosophy

• The speaker shares personal experiences with negotiation, contrasting their approach with that of their father, who was more ruthless.

• They believe leaving something on the table during negotiations fosters long-term relationships and future opportunities.

Reputation as a Brand Asset

• Emphasizing the significance of reputation, the speaker argues that how one communicates impacts long-term perceptions.

• They express joy in knowing those closest to them speak positively about them behind their back.

Authenticity and Trend Spotting

• The conversation shifts to spotting trends; the speaker acknowledges past mistakes but emphasizes learning from them.

• Reflecting on investment decisions, they note a shift from investing in ideas to focusing on people as key drivers of success.

Understanding Consumer-Centric Marketing

The Importance of the Right Team

• Williams reflects on past partnerships, noting that while he recognized potential in ideas, he underestimated the capability of individuals to execute them. This led to a series of losses.

Consumer Obsession as a Winning Strategy

• Emphasizing consumer focus, Williams states that being obsessed with the consumer is key to success. He highlights various trends like live social shopping and collectibles as areas where consumer attention is crucial.

The Disconnect with Traditional Marketing

• Williams criticizes Fortune 500 companies for their lack of consumer-centric approaches, stating they are more focused on industry metrics than actual consumer needs. He expresses disappointment in Madison Avenue's priorities.

Corporate Politics vs. Customer Orientation

• Acknowledging the reality of corporate politics, Williams points out that most professionals prioritize impressing internal stakeholders over understanding customers. He does not judge those caught in this system but critiques its implications for marketing effectiveness.

Small Brands Leading the Way

• When asked about successful brands, Williams notes that small brands are thriving by leveraging social media effectively. He argues that traditional advertising methods have become outdated and less effective compared to organic social media engagement.

The Evolving Landscape of Advertising

Social Media Dominance

• Williams asserts that consumers' attention has shifted entirely to social media platforms, rendering traditional advertising methods like billboards and TV commercials ineffective and overpriced.

Challenges in Creating Effective Campaigns

• He discusses how creating impactful social media campaigns is more challenging than producing TV ads due to transparency in performance metrics; good creative must be amplified properly rather than just spending money on poor content.

The Role of Algorithms in Marketing Success

• Highlighting the importance of algorithms used by tech companies, Williams believes marketers should focus on amplifying quality content instead of trying to make bad creative appear successful through paid promotions.

Long-Term Effectiveness: Social vs. TV Advertising

Short-Term vs Long-Term Perspectives

• A discussion arises regarding the long-term effectiveness of TV advertising versus social media strategies. While some argue TV works better over time, others point out recent data showing brands heavily invested in TV have lost market share.

Emotional Measurement Insights

• The conversation touches upon emotional measurement techniques used by certain organizations to predict consumer behavior based on feelings towards creative content—highlighting an evolving approach toward understanding marketing effectiveness.

Understanding the Value of Television Advertising

The Attention Economy and TV's Advantage

• Discussion on how television captures more attention compared to social media, with viewers potentially giving 10 seconds to a TV ad versus just 2 seconds for social media ads.

• Emphasis on the importance of Super Bowl advertising, highlighting its ability to capture significant viewer attention and engagement.

The Super Bowl as a Marketing Phenomenon

• Assertion that the Super Bowl spot is one of the greatest advertisements in marketing history, despite its high cost, which some consider undervalued.

• Acknowledgment that while spending on Super Bowl ads is substantial, poor creative execution can lead to wasted investment.

Evaluating Marketing Effectiveness

• Debate over attributing success in marketing campaigns to television or product quality; example given of Apple’s perceived poor marketing but superior product quality.

• Critique of consumer packaged goods (CPG) companies claiming success from TV ads while also benefiting from discounts and prominent shelf placement at retailers.

Future Predictions for Television Advertising

• Skepticism about the future relevance of television advertising by 2026, suggesting diminishing viewer attention spans towards traditional commercials.

• Presentation of data indicating that only about 1% of TV ads elicit exceptional emotional responses, emphasizing the need for high-quality creative content.

Overvalued vs. Undervalued Media Channels

• Introduction to a game assessing what media channels are overvalued or undervalued; highlights differences between real-life discussions and formal meetings.

• Warning against ineffective social media strategies that waste budgets due to broad reach without effective creative targeting.

The Potential of Podcasts in Marketing

Podcast Advertising Insights

• Agreement on podcasts being significantly undervalued as an advertising medium; comparison made between podcasts and traditional radio.

• Highlighting listener engagement levels in podcasts, where up to 50% listen through entire episodes—an engagement level rare in other mediums.

Challenges in Corporate Marketing Strategies

• Criticism directed at corporate marketing practices favoring broad media buys over targeted podcast deals; emphasizes the need for personalized approaches rather than generic campaigns.

Marketing Insights and Strategies

The Value of Young Talent in Marketing

• Hiring young professionals, such as recent university graduates, can be beneficial for roles that require technical skills like Excel and programmatic advertising.

• The speaker expresses frustration over traditional methods of media spending, highlighting the inefficiency of large budgets being managed through outdated practices.

Leveraging LinkedIn for B2B Marketing

• LinkedIn is identified as an underpriced platform for B2B marketing, suggesting it should be a primary focus for CMOs in this sector.

• Many companies prefer investing heavily in physical conference booths rather than allocating funds to organic social content on LinkedIn, which could yield better results.

Email Marketing Potential

• Email marketing is considered underrated; however, many brands misuse it by overwhelming customers with spam.

• There’s potential for success if email campaigns are designed to provide value rather than just sales pitches.

The Rise of SMS Marketing

• SMS marketing is highlighted as a crucial tool; the speaker emphasizes its effectiveness in their own business context.

• The speaker encourages audience engagement via SMS, indicating its importance in modern communication strategies.

YouTube Advertising Insights

• YouTube is described as underpriced but often misused by brands treating it like traditional television advertising.

• Effective use of YouTube requires validating creative content organically before investing in paid media support.

Concerns About Search Marketing

• Search marketing is critiqued as being more about sales than branding; it's suggested that the term "search selling" would be more accurate.

• Google Ads are becoming increasingly expensive due to competition and shifts towards AI-driven search alternatives.

This structured summary captures key insights from the transcript while providing timestamps for easy reference.

Marketing Insights and the Evolution of Advertising

The Impact of Attribution Models on Marketing

• Discussion on how last-touch attribution has negatively affected businesses by overcrediting platforms like Google while undervaluing traditional advertising methods such as billboards, radio, print, and television.

• Critique of AdWords being overpriced; companies relying heavily on it may face significant challenges if they do not diversify their marketing strategies.

The Importance of Brand in Modern Marketing

• Emphasis on the necessity for brands to adapt quickly if they are currently dependent on AdWords, highlighting a sense of urgency among marketers.

• Argument that brand awareness is crucial as it helps optimize consumer perception and search behavior.

Exploring New Advertising Platforms

• TikTok is identified as an underpriced platform with immense potential for organic creative content; success can be achieved through impactful short clips.

• Nostalgia for the golden age of television advertising where commercials had universal reach before remote controls changed viewing habits.

Evaluating Current Social Media Platforms

• TikTok's unique ability to transform businesses is noted, comparing its impact to that of Super Bowl ads in recent years.

• Twitter (X) is described as having an underwhelming ad product but holds potential for community engagement and management at scale.

Challenges Facing Marketers Today

• Acknowledgment that many CMOs struggle with political biases affecting their marketing decisions, which complicates effective spending strategies.

• Discussion about balancing brand building with immediate sales needs; highlights the importance of driving short-term sales alongside long-term branding efforts.

Future Outlook and Personal Engagement

• Recognition that Twitter remains relevant during major news events but may not be the best investment compared to other platforms currently available.

• Reflection on sports teams as symbols of status in society; expresses a desire for greater financial opportunity within this realm.

The Impact of Authenticity and AI on Society

The Nature of Success in Business

• The discussion begins with a metaphor about shooting baskets, emphasizing that success is measurable and indisputable in business, similar to making the most baskets.

• The speaker highlights the binary nature of business outcomes: either it makes money or it doesn't, paralleling this with the performance metrics of a podcast.

Traditional Media vs. Social Media

• There’s an acknowledgment that traditional media's value is less clear compared to social media algorithms, which provide more straightforward metrics for success.

• The speaker expresses a preference for authenticity and truth over ambiguous traditional media narratives.

Emotional Authenticity

• Emotions are discussed as being either present or absent; people may hide their true feelings behind facades.

• Tough times reveal true character, suggesting that genuine connections are crucial during hardships.

Challenges and Opportunities Presented by AI

• The conversation shifts to AI's role in enhancing human connection while also presenting challenges in maintaining authenticity.

• A historical perspective is provided on video as a tool for truth-telling, noting its effectiveness over the last century but warning about future skepticism towards video content due to deepfakes.

Trust Issues with Technology

• The speaker reflects on how society has relied on video evidence for truth but anticipates a future where such evidence may be doubted due to technological advancements like deepfake videos.

• Concerns are raised about the potential misuse of technology leading to misinformation and distrust among individuals regarding what they see online.

Blockchain as a Solution

• Optimism is expressed about blockchain technology serving as a decentralized source of truth amidst rising concerns over digital authenticity.

• Future applications of blockchain could validate content authenticity, ensuring that recorded interviews remain credible despite advances in AI-generated content.

Human Resilience Amidst Technological Change

• A strong belief in humanity's ability to adapt and find solutions is conveyed, emphasizing the importance of focusing on positive aspects rather than negative news cycles.

• The speaker champions human beings as resilient entities capable of overcoming challenges posed by emerging technologies like AI.

Advice for Aspiring Marketers

• For those looking to start their own brands or ventures, creating content on social media is emphasized as essential for building presence and credibility.

• Personal anecdotes illustrate how initial skepticism from others can turn into support once they witness successful journeys through platforms like podcasts.

The Importance of Mid-Funnel Marketing

Shifting Focus in Marketing Strategies

• The speaker emphasizes the necessity of being detached and agenda-driven to recognize the significance of mid-funnel marketing, particularly when posting organically on social media.

• The mid-funnel is identified as the most crucial stage in marketing, contrasting with traditional upper funnel strategies that focus on creating a brief for 30-second spots.

• The speaker argues that many campaigns fail because they rely on outdated methods, suggesting we have moved beyond the campaign era, which he finds disappointing.

• Successful mid-funnel content can be transformed into lower funnel performance metrics, indicating a shift towards merit-based creative strategies.

• Content that resonates well on social media should inform broader distribution strategies across platforms like YouTube and connected TV, highlighting a new era where creativity drives success.

Creativity and Industry Realities

• The speaker notes that brands achieving success are leveraging this new approach, where content quality directly correlates with entry barriers being low.

• There’s an acknowledgment of the creative industry's struggles; many creatives feel unfulfilled due to constraints imposed by their roles and financial responsibilities.

• The speaker shares insights from interviews with 16 executive creative directors (ECDs), emphasizing his active involvement in the industry rather than being an outsider critiquing from afar.

• He reflects on how industry professionals often suppress their true beliefs due to financial pressures and job security concerns related to outdated practices.

Conclusion

• Acknowledgment of gratitude for participation in the discussion and encouragement for continued engagement with future content.