00:09 Gary Vaynerchuk: What is the "Thank You Economy"? Why did I call "Thank You"? Because "thank you" means "You're welcome and what can I do for you and how can I help you?" This would probably be the most re-Tweeted quote on my entire talk. I believe that most people in this room and in business think about content. How many of you in here have heard "content is king"? Raise your hand.
00:31 Vaynerchuk: Everybody talks about content. Content is so important. Your product itself, content. Commercials, the way you advertise, your landing pages, the UI, the UX, all that stuff. Content is massively important. If your product is not good, you lose. My wine show that made me famous on the Internet, I had to know what I was talking about. The 15 years that I spent learning wine, leading up to my first show, is what made it work. However, the real secret sauce into why I have 900,000 followers and things of that nature is the word that is the single most important word to every single company in this room, period. The word. The word for the next decade, "context".
01:12 Vaynerchuk: We are living in a context war right now. When I think about content, how good your product is, how creative your advertising is, how well you're converting your SEO or pay-per-click to conversion at landing pages, all that shit, when I think about that, I think about the quote that matters the most right now, which is what Eric Schmidt six months ago said, "The amount of content that we are producing as human beings in this world right now, from the beginning of mankind, like when we fought dinosaurs and shit", the beginning, until 2003... Remember 2003? It was like six seconds ago. From the beginning, every radio, every piece of print, every TV show, every billboard, every song... I'm not just talking of US. Russia, China, global. Every piece of content that we as human beings have created from the beginning of mankind until 2003, is now being replicated in volume every 48 hours.
02:16 Vaynerchuk: No wonder our kids are ADD. How is your content going to break through in a world where there's that much of it? We all know that everything is so fragmented. The water cooler about television now is impossible. There's 73,000 shows and video blogs, and everything. We're living in a more fragmented world. So, do you have the audacity to think that your content is gonna break through? And this is where social comes in. Because we know about global and we sure know that companies like Google and other companies are battling on a local level, right? Google doesn't buy Zagat just for their name, if they don't think local is really important over the next five years. However, it is my firm belief that the battle of marketing, going forward, which means business, is going to be individual. I believe that we're on the dawn of one-on-one marketing, and in that one-on-one marketing world, the stakes are gonna be very high for all of us because something very ironic is happening.
03:15 Vaynerchuk: As we all go Jetsons, the action isn't being like the Flintstones. It's my firm belief that every single person's grandparents are more prepared to be successful in the next decade than you guys because the way business was built in the old days, was built on small town rules. And what the internet is doing... And by the way, let's talk about the internet. This isn't about social media. I don't give a rat's ass about Facebook or Twitter or Google Plus. These are tools. This is just the maturity of the internet itself. How many people here in this room do not remember the world? Don't remember it pre-internet? Just cannot, do not remember 1993? Raise your hand. Sir, you do not remember 1993? How old are you? How much?
04:05 Audience Member: I'm 36.
04:06 Vaynerchuk: Thirty-six? It's only like 18 years. What? Did you drink too much in college? You were 18. I didn't mean figuratively. I mean the far majority, 99% of us, remember the world, pre-internet. This has all happened very quickly. All the stuff that's relevant and that we talk about didn't even exist a decade ago. When I hear people debate, "What's the ROI of social media?" Right? Like "Is it worth it? Like what's the value?" Like, I'm not converting. It just makes me remember why... I'm gonna play over here. It makes me remember why so many businesses fail. The problem is, most businesses are not playing the marathon. They're playing the sprint, right? They're not worried about lifetime value and retention. They're worried about short-term goals. Social is not going to excite anybody in this room for what it's going to do to your bottomline in a six-month or 12-month period. It just can't happen. See, social media marketing is like going Beyonce on your customers. You gotta put a fucking ring on it.
05:12 Vaynerchuk: Meanwhile, 99% of the people here... And I looked at some Twitter and Facebook accounts of some of the peeps in this room. 90% of you, more, but I'm trying to be nice, are treating social media like a one night stand. Most companies are failing in social because everybody in social is acting like a 19 year old dude. They're trying to close on the first transaction. It's going, right?
05:52 Vaynerchuk: The stakes are so ridiculously high. The first talk I ever gave was about e-commerce in 1995, 1996. A guy came out with a PowerPoint and gave so much data on why people would never put their credit card into a computer, you would have left so convinced, you just couldn't even conceive of launching a dot com. There's no way. It was a conservative audience. And then he was pretty gangster actually. Respected his bravado. He goes, "And this kid's gonna come out next and tell you that you're gonna buy wine on the internet." And everybody is like, "Hahahaha." So, I come out, and my opening line is, "First of all, I respect your gangster style. So, thank you. But number two, the only thing I wish is that this was being recorded, because in 10 to 15 years, Mr. PowerPoint, you're gonna be fucking wrong."
06:41 Vaynerchuk: So, that was my opening line. By the way, he was, and we know that. What I am shocked at right now, is that people that are building real businesses, who've seen this happen before, every debate of the ROI of social right now is the same conversation we had about e-commerce. People don't wanna bet on the culture shift because it's not happening in the next 20 minutes. It's hard. People don't want to do that.
07:05 Vaynerchuk: However, I promise you, the companies in this room that don't bet on it, don't go all in, 'cause the big problem is, most people in this room are half-pregnant. You're half-in. You kind of wanna be in, but then, you don't see the quick results. And you hedge, you don't understand what's really happening because for the first time ever, it's not push. For the first time ever, marketing isn't what I'm doing right now, giving a presentation, and hoping it converts. For the first time ever, it's a cocktail party. Everybody's in play. Totally different skill set of giving a good presentation up here and then working the room like a cocktail party. Totally different. I dominate both, but some don't.
07:50 Vaynerchuk: Let me give you an example of the "Thank You Economy". We've created a Thank You Department at winelibrary.com, my business. I was talking to Christine, the head of the Thank You Department, which, oh, by the way is not customer service. The Thank You Department is playing offense. Customer service on social media is playing defense.
08:13 Vaynerchuk: So, we're playing a little offense. Customer comes in, I call Christine, and go, "Listen, the book is about to come out. I need some examples for this crowd, something that's relevant, something that's real and tangible", not me just going up there and saying, "Here, do it." Customer places an order from Chicago, and we find who he is on Twitter. And then we follow him in the month of January. And here is what we saw. "Jay Cutler, I love you." "Super Bowl runs through Chicago, bitch." "Packers, you suck." "Aaron Rodgers, you're dead." "Yeah, we won today." "Next stop, Super Bowl." "Today is the big game." "Oh, shit, Jay Cutler is hurt." "We're in trouble." "Crap, we lost." "But I still love you, Jay Cutler, okay?"
08:58 Vaynerchuk: We took that data. So, the data I have in a normal 1995 world was, he likes Barolo and Brunello. The information I have today is what hits him in the emotional center, what he's willing to put out to the world and what paints the picture about who he is. So, I call Christine after she sent me this data, and I said, "Christine, here is what I want you to do. I want you to go to eBay and I want you to buy a Jay Cutler signed Jersey, and send it to him with a note saying, "Thank you for your first order with winelibrary.com." And that was it.
09:28 Vaynerchuk: And that was kind of the talk I was giving for the first part of the book to tell people about some of the things we're looking at, that consumers are putting out more data than ever. And we can really leverage that data to give one-on-one marketing to win their wallet. 'Cause it's all about lifetime value, not about the spend you get right now. But over the last couple of weeks, the story has changed on stage because something good happened. He finally emailed back, and he said, "Hey, you know, first of all, Christine, thank you so much. I'm a hedge fund guy in Chicago. I'm very, very busy. I got the Jersey, I love it. It's framed in my office. I didn't have time to write you back. Amazing. How did you know?"
10:09 Vaynerchuk: "But I just want you to know that I've spent hundreds of thousands of dollars with Sam's in Chicago, which is a great store if you're in Chicago. You should shop there. Great store. I've spent hundreds of thousands of dollars there, but they've never done anything for me. When I walk in the store, they don't even know who I am. This gesture means a lot to me, and count yourself as somebody that I want to do business with the rest of my life." Now, that's fine and dandy. That's big play, one-on-one. How do you scale it, right? It's something that's gonna be brought up in the seats right now. We do other things. We started doing something else. We call every single customer that places an order now, and thank them. And that's it. Jersey is one of the few states where you can actually record the conversation of a phone call for pretty interesting reasons, I'm sure.
10:55 Vaynerchuk: So, I've been able to actually listen to some of these things. Here's how it goes, "Hello, Susan. This is Lily from winelibrary.com. I just wanted to call you and thank you for your order. Hope you have a great day." "Uh-huh." That's it. "Have a great day. Bye." About 7% of the people we're calling right now are calling back, apologizing for being rude because they thought there was going to be another shoe dropping on the phone call.
11:20 Vaynerchuk: That's what we got. People got really cynical. We're always in sales mode. See, it's super funny. People are marketing right now the way people plan weddings. It's really funny to me, watching wedding planning. I bust in a lot of my wife's friends about this. I truly believe in my heart that most people put way more time and effort and oomph into planning their wedding than putting energy into their actual marriage. And I truly believe that that is the analogy of how people are treating their business and marketing tactics. I firmly, firmly believe that. And I really think about that everyday. I believe that we're living through such an unbelievable time...