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Gary Vaynerchuk on MSNBC Morning Joe
Ā»> us now, entrepreneur and ānew york timesā best selling author with his new book āthe thank you economy.ā what is a thank you economy? you write about your success with dealing with developing this concept.
Ā» the word economy is a big word so iām not just throwing it out lightly. anyone who is living in the world in 2011 have realized things having changed. whether youāre texting or using ipads or watching tv with two other devices. in this new economy of twitter and the umbrellaler and facebook ā
Ā» donāt go into instantgrams. the world is changing very rapidly and the way we communicate and the context of our relationships based on these microstatements is changing the way we vote, changing the way we buy things. we have a relationship and you say this o. juice is delicious i may look at that product differently. thatās not something you would have picked up the phone and call me about ten years ago. this impact of the immediate kwa structure and the context of that is huge.
Ā» heās got a great personal story. you started working in your fatherās liquor store and now youāre like the wine expert of the world. you got your own media company. what did you learn in your dadās liquor store?
Ā» a guy comes in, has a coupon that we just sent out and said this is 4.99, i just bought this for 5.99, can i have a refund. the manager would say no you have to buy more. i remember looking up and saying that doesnāt feel back. the guy comes back a month later iām never shopping here again. what would look like that today? that guy would not be coming back to the store but tweet on facebook status. itās not just one person itās ten and thatās something iām passionate about.
Ā» does this mean the thank you economy is you go in and buy something, say itās a food coffee place, 507. and you are looking for change and someone says no five is okay. you leave for the seven. you go into an apple store, i can help you? you want to go back to these places.
Ā» itās even further than that. thereās so much data out there. how about if we have a great wine customer. we know because weāre following that customer on twitter that heās a huge jay cutler fan. we watched him talk about jay cutler for a month. when heās buying wine at a rapid pace, we send him a jay cutler signed jersey from e-bay saying thanks for being a customer. thereās so much context. we always hear ā you like that? i promise you somebody sent me a jets jersey iām not shopping anywhere else. when you get into the aisle and something is 19 cents less than what you buy normally you may go for that. if you have a relationship they help you get your kid into nursery schools. businesses are on the verge of being humanized.
Ā» youāre being watched from every angle and everything that happens in your store or business or website could end up being seen by many more people like the guy who didnāt get the buck back from the coupon but thereās also tremendous opportunity. be more small town.
Ā» to be more small town, to be more human. i just think what was very old is new again. i literally believe this. social media scares everybody. itās so new. itās funny the dna of our grandparents i think is more in place to be successful in social media today than the people that are around.
Ā» andy grove, the famous ceo of intel used to talk about this. with all this customization and knowing stuff about your customers itās like going to a small town pharmaceutical. hey mike, i got this new thing in here. i cho what you like. they can make recommendations that they know their customers like walmart or walgreens or whatever doesnāt you know. this social media allows you to do that.
Ā» business goes up, goes down. we have lived through the huge big box store era. you walk in, itās all price. one on one marketing is here. but the proctor and gambles and nikes of the world is scared of this. this is putting your dollars against humans and most people donāt think this is scaleable. iām very counter cultural on this. people do scale.
Ā» itās part of it as you explain it is sort of this hunger for socialization thatās been missing for 10 or 5 years as more people move, they donāt know who lives upstairs or next door they get divorced and this hunger for social san diego.
Ā» you used walk down the street and know ricky just graduated from high school and congratulated the parents. itās turned back the clock with gadgets and gizmos and apps.
Ā» itās scary too. say you run a restaurant. i go to zagat. i go to a certain neighborhood. iām scanning through. you read the first review. worst dining experience in my life. thatās a snap move i move on to the next one.
Ā» thereās things like yelp. thereās a gods in the world that will lose of their power. to me whatās more important is if somebody i know in my social graph says that, if pants 96 says that, i donāt know that person, they may have a convenient death skra. but if my uncle says that and i see that that impacts me.
Ā» yelp is zaga tmpt 2.0. let me tell you who will be doing this. small company called google and so what i donāt think people understand google dropped a bomb the other day. itās going to be based on your social graph. if i link to a resort in maui and you search google for maui resorts and youāre following me on twitter youāre going to see that on the first page. this is a calm before the social media storm. this is 2000 all over again. the internet came out. had a lot of hype. the market crashed. people didnāt see returns. people left it. borders didnāt believe it. they are oust business. blockbuster didnāt believe in it they let netflix come in. social media has had a lot of hype. the next three will be soft because will not figure out the roi and people will be put out of business and huge businesses will blow-out and explode and take over in 2013, 2014, 2015. yeah. thatās whatās happening.
Ā» you just blew everyoneās mind.
Ā» opportunity hooked into barnacle on the travel recommendations. get yourself there. barnacle has been to a resort you want to go there.
Ā» exactly. iām curious about something you say in term of the 2008 election and obamaās use of social media which was not so good.
Ā» it was a starting break but itās definitely not the humanization of politics that i see. you know, i know that if iām running somebodyās campaign in two years or four years in the social side that 100% they are going do dramatically more one on one engagement. they will sit in front of you screen for nine hours. so it was a starting point but itās not this great oh, my god this is the way itās always going to be. itās a very early example of where things are going.
Ā» yeah. thatās a $20 bottle of cabernet.
Ā» the left bank of beuardeux is better.
Ā» i have to go on these sites that are replacing twitter.
Ā» thereās so many more thing coming.
Ā» great. thank you. the book is āthe thank you economy.ā