Video Transcript

00:13 Scott Gerber: Should every business take part in social media?

00:15 Gary Vaynerchuk: No.

00:17 Gerber: Wow, I was not expecting that answer. Why would you say no?

00:21 Vaynerchuk: Because every business has its own dynamics. I think you have to know what you're trying to accomplish. I would tell you that if you are running a business where you're a high-end matchmaker and you live on the upper East side, and your job is to take your guy clients that work on Wall Street on the busiest crap or your female executives, and match them with somebody, and discretion is massively important to those people, then it would be a bad idea to go and tweet, looking for guys and gals for those people. I think anybody that wants to story-tell and say something publicly in any shape or form, has ever spent $1.00 advertising anywhere else, should do social media.

01:03 Gerber: Okay, so if that's the case, what do you say to folks like business-to-business companies? These are the folks that let's say you're in infrastructure technology, that there's no... In their mind, the way they do business, they say, "Well, there's nothing interesting about a server, there's nothing I can tell you about that."

01:17 Vaynerchuk: I know, let's get right to the punchline. B to B is to people that should be most doing social media. Here's why. You actually know who's making your decision. When you do B to B, I know who's gonna sign my check for me in the media. So my ability then to follow them on LinkedIn and then look them up and then follow them on Twitter and Facebook, or Instagram or Pinterest, and get a look into who they are as a human being, is data that I can use to form a stronger relationship with that individual, which will then make if more likely for me to sell. So, if you're selling boats, tankers, servers, anything B to B, the fact that you have more information on that person, the same reason you took them golfing, the same reason you took them out for dinner, the same reason you did a nice event for their family down in Florida, you're creating contacts and a relationship, and creating information for yourself that you're gonna use to try to make the sale, that's the number one reason you should use social media.

02:18 Gerber: In those situations there, do you think that social media plays the most important role in things like acquisition, customer service? What are the key areas that a business should be looking at? Because many would say, "Promotion is a waste of time."

02:28 Vaynerchuk: I'm writing a new book this year and it's gonna come out in the fall and it's gonna be called, "Jab, Jab, Jab, Jab, Jab, Right Hook". Five jabs and a right hook, that's what I believe should happen. Context, context, context, context, context, content. Give, give, give, give, ask. Not take, ask. I think that you can do anything you want in the world, as long as you earn it. And so you know how your grandma can say ridiculously racial things? [laughter] You know grandma, she earned it. She's old school, this and that. It's not appropriate but there's an earned... And they can do things, right? It's a funny kind of like, I think about the psychology of that. Like why would I like punch my dad in the face but not my grandpa? You understand the context? They earned it, kind of thing.

03:12 Vaynerchuk: I think that you can get away with anything if you put in the work. I feel like I can promote my book heavily come September next year, 'cause when I'm done with this interview and get in a cab, I'm gonna answer people's questions 'cause I'm giving and I'm giving and I'm giving. And so, I think customer service is clearly a good thing. But I think content and story telling is the big one that nobody's talking about. I think everybody looks at social media as distribution of information. I look at it as native platforms where you should be story telling.

03:40 Gerber: So, let's talk about story telling. So, you have a business, let's say, that just can't figure out the right strategy. And I'm sure you deal with this almost on a daily basis.

03:46 Vaynerchuk: Yeah, sure.

03:47 Gerber: They come to you and they say, "I love what you're saying, Gary. Story telling, wonderful. Telling my narrative, great. I don't understand what the hell you're talking about."

03:54 Vaynerchuk: And the first question I say is, "What the hell do you want to happen?" Because that's real business. I think the reason so many people are failing is they aren't starting with the finish line, reverse engineering. Do you wanna sell your soda? Do want to make the retailers that you sell to your soda, to think of you in a different way? Are you using it to recruit talent? Do you wanna sell impressions against that content? How do you make your money? I'm gonna say something right now that I think sums this up in a very theoretical way, that I think a couple of people that watch us will get and it will change the way they think about this. I believe being religious about how you make your money is the quickest way to go out of business. Let me say it again. How you make your money, being religious about that, is the best way to go out of business.

04:43 Vaynerchuk: Let me explain. I believe that every TV show that is airing right now, where they make their money by ads, the commercials that are spent in between the content, will make more money on the impressions that they get through social medial platforms in 10 years than they do now on commercials. I believe that if Blockbuster wasn't religious about being in the retail business, that they would have bought Netflix or competed with it in an appropriate time, that wouldn't have put them out of business. I believe that nobody would know Nintendo if they were religious a hundred years ago, about that they were a playing card company and never evolved. When you are religious about how you make your money, you lose. The only way we make money is based on the consumer's eyes and ears and attention. That is shifting to mobile and SOCIAL, and if you don't figure out to monetize in that realm, you're in trouble.