- So a couple things I wanna talk about.
First and foremost, I wanna talk about hustle.
And, no better example of hustle, than what just happened.
Right, we had a situation.
It didn't totally work out.
We improvised, and changed the game,
and were still able to deliver to the community.
This is something I do all the time with Wine Library
as a retail company.
When a lady ordered a case of Beringer White Zinfandel
in December, two years ago in Westchester,
and FedEx fucked it up, and she called the store complaining
that we were gonna ruin her Christmas
'cause she didn't have her Beringer White Zinfandel,
during a hail storm while everyone was in chaos
trying to figure out what to do,
I just grabbed a case and drove to her house.
That's caring about your community.
This tonight instead of saying, ah fuck it
nobody paid for tickets tonight,
it's not like anybody really lost anything.
Mashable and I were upset, we wanted to come through.
We didn't want people to schlep over here today
and just for a meetup, that's not what was presented to you.
So, we went fucking outside and
now we're gonna crush a keynote for you.
(audience laughs)
(cheers and applause)
Let me tell you one of the things
that's going through my mind.
A lot of people are talking about the economy,
how it blows, how it sucks, how people are scared,
people aren't spending cash, all that bullshit.
Fundamentally to me, what's gonna happen over
the next 24 months, is going to be the biggest opportunity
in our space, created.
I'm gonna tell you why.
Social media or whatever the fuck you wanna call it,
is mature, it's still a baby but it's
more mature than people realize.
It's definitely a baby, but it's mature,
like a baby with a mustache, right?
(laughter)
So, what you have to understand is this,
major companies, a lot of companies,
are not going to spend money on social media right now.
They're scared, they're cutting, and the first thing they're
gonna cut, is things they don't understand.
And so they're gonna cut some social media opportunities,
which is gonna hurt some of your businesses.
Because your business is built on advertising.
I understand, however, what you need to understand,
is the fact that these major corporations,
that they're not jumping into this space headfirst,
is the single biggest opportunity for you.
Whether you're a content provider,
whether you're looking to monetize,
whether you're a middle man trying to broker deals.
The longer the people that already have established
relationships in the market, stay away from this zone,
from this kind of product,
the more opportunity you have in gaining brand equity.
Had The Wine Spectator, or Robert Parker,
or The Wall Street Journal, jumped into online video,
when I did, there's a very good chance that I
wouldnt've not had the ability to gain all
the momentum I did with all the wine people in this space.
But because they kept to the sidelines,
that allowed me to grow bigger, stronger, and more powerful.
It's kind of like Yelp.
How many people here, in this crowd, know what Yelp is?
Raise your hand.
(cheers and whistles)
Yelp, in a 36 month period, has substantially
deathed and hurt the Zagat brand.
How many people here know what Zagat is?
Raise your hand.
Zagat now is playing catch up.
A 25 year old business, $50, $60 million dollar business,
playing catch up.
What you have to understand is that the internet,
fundamentally, has changed the barrier of entry
to compete with companies.
The cost now to build a business,
is your time, not your pocketbook.
Because the gatekeepers, the newspaper, the radio,
the producers, because they're not in control anymore.
Because a clown like me can put a camera in his office
in New Jersey, start drinking wine, and build brand equity,
and nobody can stop me, nobody, that's a major,
major shift, in what's going on.
Advertisers, that are not coming to your space yet,
and are not getting it, will come.
Because advertisers are very simple, brands are very simple.
They go where eyeballs go, right?
And eyeballs my friends, are shifting.
As a matter of fact, I was in a taxicab just now and
I called the phone number, I wanna buy Wine Library TV
episodes in the taxicabs because that's a captive audience.
You've got to start thinking differently,
people are not watching television the way they used to.
And on top of that, the way content is gonna be distributed
through television has already changed.
If you don't see what's going on with Apple TV,
and what's gonna happen with this Tivo, Netflix deal,
and what's going with Fios,
Time Warner, Comcast.
In 24 months, you're gonna go to channel 999 on Comcast,
and search any content you want on the internet,
and watch it on your television.
And that's when shit changes.
That's when content will change
and you'll be able to monetize.
The problem is everybody that's standing here right now,
and all the people I speak to all the time,
and talk to on a everyday basis, have the same
fundamental fuckin' flaw,
They're not patient.
Everybody here wants shit to happen now.
Shit's not gonna happen now.
So what you need to do is take advantage, and hustle,
and build equity, and build opportunity.
How many people here own their name.com?
Raise your hand.
- [Man] What do you mean by own your name?
- Garyvaynerchuk.com, raise your hand
if you own that for yourname.com.
- [Man] Should I go out and do it?
- If you don't, that is a massive mistake.
Go and find it.
- [Man 2] If you're Jim Smith your fucked right?
- If you're Jim Smith you're fucked.
Gary Vaynerchuk finally paid off.
(laughter)
To me I'm fuckin' pumped.
I'm pumped because so much good shit's about to happen.
And everybody in our space is crying
that Main Street doesn't get us.
You're spending all your time trying to convince
your friends to sign up on Twitter,
and tell them why it's important, why it works.
That is the biggest waste of fucking time, on Earth.
Who gives a shit if they don't know about Twitter?
Or if a company doesn't?
That should be your mother fuckin' secret.
That's your secret, keep killing that.
I didn't go around telling people,
oh this is what im doing.
When I launched WineLibrary.com in 1997,
every wine store in America was making fun of me,
because they thought the only things I was selling online,
were Opus One and Silver Oak and all
these hard to get items.
'Cause why would Sally on 53rd ever go to WineLibrary.com
and pick up Santa Margherita,
when she could pick it up next door?
But what I realized then 'cause I got in the orders,
was people like convenience, word of mouth,
everything's different, culture is different,
people are different.
And so that's the same thing.
Everybody's gonna use Twitter, whether Twitter is
Facebook, or whether Twitter is Friendster and
there's gonna be another product that comes out,
tweaks it, does it slightly better,
the general concept of tweeting out, and all that shit,
or texting on a big level, is here to stay.
It's going nowhere.
Just look at the early adapters, how addicted to it,
and how often they use it.
Alright, a couple other things.
Stop crying.
There's so many people crying about something.
Making fun of somebody else, thinking things suck,
worried about this.
There is so much fundamental opportunity.
If you're trying to make a business model,
let me tell you what you need to do.
Whatever your niche is, whatever your subject matter is,
go out and take your money.
And here's what I mean by that.
If you've gotta niche website,
you've got to go to Google.
How many people here have heard of Google?
(laughter)
You've gotta go to Google,
and you've gotta type in
the name or the keywords in your space.
For me that would be wine, and then it would be cabernet,
Château Margaux, things like that.
Any company that has a box on the right side,
spends money.
Click that fucking ad, find the phone number,
and call them and convince those people why
your traffic, that is so focused and on point,
to that subject matter, is more valuable to them
than buying a fucking stupid yellow pages ad.
It's there, you've just got to take it.
There is so much opportunity, the time is now.
Anybody who looks at a 17...
How many people here have a brother or sister,
or somebody they're very close to,
that is of the age of 14 to 18?
Raise your hand.
Watch those fuckers.
They're the ones that are gonna
tell you what's gonna happen.
It is clear as day, that they
are not going to be watching television.
And I promise you one thing, advertisers are not gonna
be spending $80,000 for a full page ad
in Sports fucking Illustrated.
There's no value in that.
And they're realizing that, and they're gonna shift,
and they're gonna put their money elsewhere.
And no matter what you do, you need to position yourself
to be in that.
Whether you're a content provider, or a middle man,
or doing the buying for a product,
and starting talking about it.
A lot of you work for companies,
when I consult for companies,
I get a lot of the same shit.
Yeah but I have a muzzle, I'm not allowed
to tweet for my product, there's too much red tape.
Whatever you do, for your own brand,
because if you don't say anything,
then nobody knows you're thinking it,
communicate your thoughts on our space.
Because when the people above you get fired,
because they suck, and they didn't use this,
and they're gonna lose, make sure the new people coming in
have some content that you saw it,
you just couldn't make it happen.
It's a huge thing for people to do on a corporate level.
But I really didn't wanna talk that much,
I wanna do a lot of Q&A.
I'll stand here until there's no more questions left.
Please ask me any question, if it's about social media,
wine, the New York Jets, whatever you want, fire away.
- [Woman] T-shirts?
- T-shirts is good too, fire away.
- [Woman] What's your favorite five dollar wine?
- My favorite five dollar wine
is a wine called Borgato from Portugal.
Borgato al Fonte.
Five bones fucking crushes most $25 wines.
- [Oz] Hey Gary, so, a lot of people are talking --
- What's your name, sir?
- [Oz] My name's Oz!
A lot of people are talking about
branded social applications being
the next big thing in advertising.
What do you think?
- I think people have to understand what advertisers
want. They want eyeballs.
So, I think anything that has eyeballs is monetizable.
In my opinion, if you have...
2,500 unique people a day
coming to whatever you're doing,
you should be making bank.
You should be able to live off of that.
I really fundamentally believe that.
- [Oz] Really? - Yes.
I know it sounds very low.
2,500 uniques a day, to me, is very much monetizable.
The problem is a lot of people (laughter)
A lot of people don't position themselves to monetize.
And that's what I get passionate about.
Wow, that's what I talk to people about.
If you don't position yourself,
if you don't redesign your website,
and most of all, if you don't go after people,
I mean for me, I did a case study for myself
when I had about four thousand uniques for my show,
and met with a very famous wine glass company,
and showed them all the numbers and duh-duh-duh,
talked to them about what they did
in the Wine Spectator for $70,000 a month
and all this other bullshit.
And at the end of the meeting,
and I didn't wanna take it because...
I didn't take it because I've got
other monetizing things going on,
and there was a lot of different discussions
with television going on at the time.
But, at that point, he offered me $2,700 an episode.
That's, you know, I do five episodes a day.
I mean that's real money.
Now, that's because it's niche.
Now again, you might talk about technology,
a lot of you do, that's not as niche,
and that gets harder, that 2,500 might be tougher.
So, it is individual.
But, how many people here consider themselves,
when they blog, they talk about social media,
technology, that kind of whole span, raise your hands.
- [Man] I do a lot.
- Real high, I wanna see everybody who it is.
Every person that has their hand in the air,
if you're not leaving a-- (laughter)
If you're not leaving a seismic video reply
to every TechCrunch post every single day,
you are a clown.
It is a massive-- IAM Center Networks, thank you.
Sorry my friend.
But honestly, you know that--
TopMashable, sorry.
But, listen, I'm telling you what I saw,
because that's where it was launched first, what I saw.
These are places where you can build equity.
The problem is people stay within their own cocoon.
You need to go out and work the community.
When Wine Library TV had no viewers,
the way I got them was by leaving
content on other wine blogs.
Even ones that were ranked 11 million on Alexa.
You know what I mean?
Yes. You go to them all because you
don't know where your opportunity's gonna be.
People look at numbers too much.
Everybody gets caught up way too much
in how many people are in their RSS,
or how many uniques they had in a day.
You've got to build.
You've got to build.
- [Woman 2] If you had the ear of all the top management
at these brands, national brands.
- [Gary] Like Pepsi. - Like Bonin Bough
at Pepsi, I was one of the 25 that got that thing.
Okay, so, what would you say to them?
What do you think is the most important
thing they need to hear?
- [Gary] They don't-- The question is,
If I had the ear, and when I do talk to some of them,
these big brands, what would I tell them about the space?
Is that right?
The social media space.
So, here's their problem,
here's the problem for Green Mountain coffee,
and for Pepsi, and for Budweiser,
and the vodka brand I talked to yesterday,
they don't think there's enough people.
And they're right.
The most followed person on Twitter is Obama,
and he has what, 100,000 people following him?
- [Man 4] Obama!
- Okay. (laughter)
So, right? They don't think there's enough people.
What I convinced them is two things:
one, they suck. They wanna spend money, right?
This space doesn't cost them money.
It costs them time.
Which does have a money value.
But not like the bullshit money they spend
by like, who are those assholes that put that
thing on that phone booth right there?
You know how much that cost?
A lot more than if you really cared about your community.
So what I tell them is this,
you need to immerse yourself in this space.
Because a lot of the people in 2009
that do move the market are paying attention to this market.
And it's a trickle-down and the cost is so minimal
that there's no value in not doing it.
You know what I mean?
So, that's what I tell them.
(audience applauds)
- [Woman 3] Gary- - Yeah.
- [Woman 3] What do you say to the people that say
that Twitter actually degrades the English language,
- [Man] I've never heard that.
- [Woman 3] Is that a way
to us not communicating in marketing any longer?
- [Man] I've never heard that.
- Right, so I don't give a shit about the English language.
(laughing)
So that's first and foremost.
I think there's absolutely no validity to that.
I mean, not marketing in an effective way
with the English language is the stupidest thing
I've ever heard because most people know that
it's visual, it's emotional, you know,
it doesn't need to be spelled right to be right.
- [Woman 3] Thank you, Gary.
- You're welcome.
- [Man 5] If your marketing is coming across
in 140 characters,
then you're doing something really amazing.
That's basically the bottom line on Twitter.
- [Gary] Guys, the problem is, is everybody thinks about
marketing from like, "What can I do to catch a splash?"
It's a game of nutrition, it's a long process.
You really have to give a fuck about your users.
The people that win really care.
They have a true community and when that original fan base,
like for example my Vayniacs originally,
they're the ones who build your brand equity.
Whatever you do, you have to make sure
your user is the happiest son of a bitch
on Earth, because then you crush.
Then they do it for you, you will never have the time.
Everybody's always amazed by how much
I do, but I'm only one person.
It's not scalable, I try to make unscalable things.
I made a Facebook app the day apps came out called Ask Gary.
You asked me a wine question, I fuckin' answer it.
That worked for about two days until
I got 900 questions an hour.
I mean, it's not scalable, but if you
build passionate users and you really give a shit
about them, then that's the marketing.
The marketing is, see, what you have to understand
is nothing's changed except word of mouth.
Word of mouth is what's changed.
The biggest fuckin' yenta on the Upper East Side
10 years ago, could've told 60 people about your product.
Now some clown in Ohio with a Twitter account
can tell 4,000 people in one shot.
Word of mouth has changed.
And if you're shit is on point and people are passionate
about your product, that's what's gonna explode.
They can keep it going forever.
It's that tale.
Yes.
- [Man 5] Do you run a business model that
not relying on content,
but the model is a platform in and of itself.
- A business model not relying on content,
but is a business model-
- [Man 5] It's a platform in and of itself.
- Give me the example.
- [Man 5] I'm in the process of building a platform,
it's called Democratus.
- Democratus.
- [Man 5] It's a customer service platform for the
government helping people to get
satisfaction from the government.
- So, Get Satisfaction from the government.
With-
- [Man 5] with ID, innovation and actual experience.
- It's the same game.
When you launch that product, it's an app, it's a web app.
So the early users, you need to listen to them.
So when they're like, "I don't like the submit button
"'cause it's pink."
You listen to that shit or whatever it is.
And then, the other game is to outreach, you know,
I'd live on Huffington Post and shit like that.
Just building up your street cred,
not spamming and and linking your shit,
just getting you name out there.
When I left all those comments on those wine blogs,
all it said was Gary Vaynerchuk, that's it.
My name linked back to my video blog, but I never
left a link in a comment.
Now a lot of people in the SEO game think it's important,
I don't, I think it hurts you.
I think it shows what your intentions are.
Instead of adding to the community,
you're trying to suck out.
What I would do, you, or somebody else,
be a face of this product.
Live and breathe every politic blog on the internet
and build up that name equity and they see your quality
responses and thoughts
and then they click your name, find your site
and then when you get them into your house.
You treat them like guests.
- [Mna 6] Well, what you're saying is...
- [Gary] You've gotta raise your hand sir.
- I'm sorry.
That's okay, here is ladies first.
- Anna Savino @LucidAnna, Gary, your tipping point
what, how can you define it, what was it?
- [Gary] The question was, "What was my tipping point?"
I've no idea and I honestly-
- When did you realize, "Oh, it's working, I'm so psyched!
- [Gary] The day before I started it.
(laughing)
I'm telling you the truth.
To me, if you're passionate about what you do
and you love it more than life
and you believe you know what you're doing
you've won already.
The day I felt I had something,
the first comment I got on my blog.
The first day.
It was always going to work, in my opinion,
there was never a doubt, I believed in it that hard core.
I knew how had I was gonna work for it.
That's it.
I don't believe in tipping points at all, I really don't.
I'm sure there's always a moment.
Was it when I was on Conan O'Brien
or on the Wall Street Journal?
I'm sure there's something.
You know being on Diggnation, there's definitely things
that made it go up.
When Center Networks linked me up, National talked about me
whatever it may be but I'm not sure.
But I know this, I never looked for it
and way too many people look for their tipping point
and that goes back to not paying attention to your stats.
- I just wanted to say @marshallsponder that it looks
to me like you spent a lot of sweat equity and time
to build this up. - [Gary] Always
- I mean that's the commodity, yeah, not the commodity
but this is the pain.
- [Gary] If you don't work, you have no chance.
Too many people, I mean this takes every minute you've got.
Depending if this is what you want to do,
it starts with what do you want to do.
If it's just dollars and cents, fuck that.
You're not gonna win.
You're not.
If you don't have pure passion, then you've got no
chance of victory.
And so, it has to come down to what you want, always.
- Yes?
- Jason Baer, social media consultant.
Quick question
I bet a lot of brands we've talked about say,
you know,
there's not enough mass in social media,
just to put dollars against it.
And my response to that,
to my clients
is yeah, but it's 1000% targeted.
There's literally no waste in social media
because if you put yourself out there
everybody that interacts with you is
by definition a fan of the brand
or they wouldn't be there
so there's no wasted impressions
the way it is with TV,
or radio, or print,
or yellow pages or direct mail
or anything else. How do you feel about that?
- [Gary] I feel that the difference between
a social media user today--it'll change--but today
as a consumer of a product
compared to a non-social media consumer
is that a social media consumer is an advocate.
They continue the building process of the brand
because they are using the tools
like Facebook Share,
like Twitter
like that,
to continue the story about the brand.
- [Jay] Quick follow up on that, Gary.
So what you're saying though is
so that you advocate social media
as more of a customer loyalty
and retention tactic
moreso than a customer acquisition?
- [Gary] Yeah. Both.
It's like players, right?
Everybody has players.
Your basketball team you have 12 players
but 12 of them might suck.
You might have customers
but they might not be doing anything for your brand
except a one way transaction.
I feel that social media consumers are multiple traction
and can create so much.
Listen, if I love your product
and I tweet about it
and do a video blog about it,
things are going to happen.
And there's a lot of people replicating like that
on many different levels.
You know what?
Let me finish with this before it rains too hard,
but we can keep going.
I don't give a fuck about one brand that doesn't get it.
Not for one fucking second.
You know why?
Cause they're going to fucking lose and be gone.
I'm not in the business to protect Pepsi from dying off
and letting some other brand come in and take it.
because if you don't think shit changes
when platforms change
just pay attention
to the five biggest selling beers
when radio was in existence
and what happened in the first five years
of television hitting some sort of critical mass.
Because Schaffer and Pabst Blue Ribbon,
I promise you,
they would re-do some shit.
(laughing)
So the landscape's going to change.
The next Red Bull and Vitamin Water and blah blah blah
is gonna come from this space
and they're gonna spend a hell of a lot less money
than Red Bull and Vitamin Water did.
Somebody's gonna crush it,
build a fucking $100 million brand,
and do it for less than $500,000.
And that's when people are going to be like,
"Oh, now I get it". (laughing)
- [Man 6] Do you think the space
is going to become saturated
with people who don't want to spend any money
and expect great results?
- Yes!
And then the cream will rise to the top
and they'll get money.
It's going on right now.
There's a fuckload of shit going on
but there's only a very small tier that makes money.
Guess what?
That's how it is out here too!
- [Man 6] It's always been that way.
- It's always that.
But everybody thinks that if they have a blog
or if they're on social media
they're gonna get in and they're gonna crush it.
You've gotta be good
and you've gotta work your ass off.
It's the same principles that have always existed.
If you suck
at sports radio talk
nobody is going to listen to your shit
and you're not going to be able to monetize.
So make sure what you do
is something you're passionate about
and you're good at.
- [Man 7] Do you swear this much
when you talk to Pepsi and those big brands?
- Never. Only when I get people.
- [Man 7] Do you tell them that they suck?
- Yes. Immediately.
Immediately.
- [Man 7] Do they give you a hard time with that though?
- I have nothing to lose. That's not what I do.
I do a lot of consulting
but it's not my main source of income.
So for me to walk in--
I saw Tim Zagat at the Founders Meeting the other night,
and said, "You're getting your face beat in".
That's my opening line to him.
- [Man 7] He smiled at you, right?
(laughing)
- And he said to his friend, Bernie, from ABC
who introduced me. He's like, "I like this kid."
Because I don't give a fuck
if he's out of business tomorrow.
I really don't.
It's not what I can do.
I don't have the time to help him. You know?
- [Man 8] What kind of wine goes good with fish?
(laughing)
- White.
Guys, thank you so much for coming out.
(applause)
Thank you for braving the elements.
I really appreciate it.
Thank you guys.
- [Man 9] Thank you, Gary!
(applause)
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