Gary Vaynerchuk: In Social Media, Patience Is a Virtue
Entrepreneur Gary Vaynerchuk is nothing if not patient.
How else can you explain how a 14-year-old eventually amassed $30,000 in cash from baseball card sales alone?
Yup. That happened.
"I have marathon DNA," Vaynerchuk said. "I'm patient. I'm real patient. I'm not looking for the ROI of just this minute or the next six months."
And that's exactly the kind of attitude you need in order to obtain real business from social media, he said.
Vaynerchuk is cofounder of content strategy company VaynerMedia. The impetus for that company, which creates all different types of social media content for brands like GE and Dove, was born out of Vaynerchuk's own experience growing his e-commerce company into a multimillion dollar business.
In 2006, the wine connoisseur was promoting his company with Wine Library TV, a 25-minute online show that featured Vaynerchuk showcasing (and drinking) four bottles of wine. Hundreds of thousands of people tuned in.
"I used Twitter and Facebook and Tumblr in 2008 and 2009 to build that show. And I had an epiphany. I was like wait a minute, I've spent a lot of money on SEO and SEM. On banner retargeting. On direct mail, on radio, on television, and full page ads in Wine Spectator and all this stuff," Vaynerchuk said.
"Look at this new thing. I'm not spending money, I'm spending time. I'm spending effort. But look at this new thing! I'm driving real business and it's not costing me," he said.
So Vaynerchuk went all in. Even while running his business, he spent 12 hours a day on Twitter. And he knows exactly why it paid off.
"I was realizing the ROI of engagement," he said.
To hear more about Vaynerchuk's strategy, watch the video below: