This morning I watched a keynote by marketing force, Gary Vaynerchuk being given at Web Summit 2016 in Lisbon, Portugal. Gary is an inspiration to thousands of marketers because he’s raw, he’s unfiltered, he swears too much, and he seems to be at the cusp of every emerging digital marketing platform. I don’t know when this guy sleeps, honestly. He produces content non-stop.
I read his book “The Thank You Economy” recently as well, in which he basically boils it down that the companies who care the most are the ones who will win in the long run. Companies must care about their customers at a level that they used to, back when customers were fiercely loyal to the local butcher, for example. Social media has connected customers in a similar way, and so successful companies must encourage that open communication and care as much as possible about interacting. Leaders must be authentic, honest, and humble.
Another interesting tidbit learned from The Thank You Economy was about the ROI of social media. ROI is a business term for ‘Return on Investment’, and many people’s careers depend on ROI. If a company invests $100, they’d like to make sure that they made a distinct profit. HOWEVER – What Gary says in his book, is that ROI on Social Media is very hard to track, and so is the ROI of treating people well. Businesses that focus too much on ROI, and less so on providing a warm and welcoming experience, may suffer from customers going elsewhere in the long-term.
A few other points that stuck with me, that Gary mentions in his books, but also in his keynote today that I’d like to reflect on: (more…)