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Gary Vaynerchuk on MSNBC Morning Joe

TRANSCRIPT:

»> us now, entrepreneur and “new york times” best selling author with his new book “the thank you economy.” what is a thank you economy? you write about your success with dealing with developing this concept.

» the word economy is a big word so i’m not just throwing it out lightly. anyone who is living in the world in 2011 have realized things having changed. whether you’re texting or using ipads or watching tv with two other devices. in this new economy of twitter and the umbrellaler and facebook —

» what.

» what’s tumbler?

» don’t 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. that’s 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.

» he’s got a great personal story. you started working in your father’s liquor store and now you’re like the wine expert of the world. you got your own media company. what did you learn in your dad’s liquor store?

» 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 doesn’t feel back. the guy comes back a month later i’m 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. it’s not just one person it’s ten and that’s something i’m passionate about.

» does this mean the thank you economy is you go in and buy something, say it’s 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.

» it’s even further than that. there’s so much data out there. how about if we have a great wine customer. we know because we’re following that customer on twitter that he’s a huge jay cutler fan. we watched him talk about jay cutler for a month. when he’s buying wine at a rapid pace, we send him a jay cutler signed jersey from e-bay saying thanks for being a customer. there’s so much context. we always hear — you like that? i promise you somebody sent me a jets jersey i’m 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.

» you’re 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 didn’t get the buck back from the coupon but there’s also tremendous opportunity. be more small town.

» 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. it’s so new. it’s 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.

» andy grove, the famous ceo of intel used to talk about this. with all this customization and knowing stuff about your customers it’s 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 doesn’t you know. this social media allows you to do that.

» business goes up, goes down. we have lived through the huge big box store era. you walk in, it’s 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 don’t think this is scaleable. i’m very counter cultural on this. people do scale.

» it’s part of it as you explain it is sort of this hunger for socialization that’s been missing for 10 or 5 years as more people move, they don’t know who lives upstairs or next door they get divorced and this hunger for social san diego.

» you used walk down the street and know ricky just graduated from high school and congratulated the parents. it’s turned back the clock with gadgets and gizmos and apps.

» it’s scary too. say you run a restaurant. i go to zagat. i go to a certain neighborhood. i’m scanning through. you read the first review. worst dining experience in my life. that’s a snap move i move on to the next one.

» there’s things like yelp. there’s a gods in the world that will lose of their power. to me what’s more important is if somebody i know in my social graph says that, if pants 96 says that, i don’t know that person, they may have a convenient death skra. but if my uncle says that and i see that that impacts me.

» what is yelp.

» yelp is zaga tmpt 2.0. let me tell you who will be doing this. small company called google and so what i don’t think people understand google dropped a bomb the other day. it’s going to be based on your social graph. if i link to a resort in maui and you search google for maui resorts and you’re following me on twitter you’re 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 didn’t see returns. people left it. borders didn’t believe it. they are oust business. blockbuster didn’t 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. that’s what’s happening.

» wow.

» you just blew everyone’s mind.

» wait.

» opportunity hooked into barnacle on the travel recommendations. get yourself there. barnacle has been to a resort you want to go there.

» exactly. i’m curious about something you say in term of the 2008 election and obama’s use of social media which was not so good.

» it was a starting break but it’s definitely not the humanization of politics that i see. you know, i know that if i’m running somebody’s 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 it’s not this great oh, my god this is the way it’s always going to be. it’s a very early example of where things are going.

» or let them go.

» yeah. that’s a $20 bottle of cabernet.

» the left bank of beuardeux is better.

» that was wow.

» i live it.

» i have to go on these sites that are replacing twitter.

» there’s so many more thing coming.