Gary Vaynerchuk Interview With Larry King
#AskGaryVee | 2016
Being an immigrant is a great benefit. Gary was born in Belarus in the soviet union and came to the states and 78. He lived in Queens and his parents lived the American dream.
His dad was a stock boy in a liquor store in New Jersey and became the manager of that store eventually saving up enough money to buy a store in Springfield, New Jersey.
He was a lemonade stand, baseball cards real hustler kid anything to make a buck.
At 14 being the oldest son he was dragged into the store.
Gary fell in love with collecting wine when he was 17 because he was into collecting sports cards, that was the connection point.
He wanted to build 4,000 wine shops, he was going to build the Toys-R-Us of wine, sell the franchise and buy the New York Jets. That was the plan.
During his freshman year of college he heard the sound of dial up Internet and knew it was going to be special. In 1996 he launched on one of the first e-commerce wine businesses in America called WineLibrary.com
In 1998 he took over the running of the business alongside his dad grew the business from 3 to $60 million business in 2003.
He built that business on the foundation of e-commerce, email marketing, banner advertising, Google AdWords things that the marketing world didn't believe yet.
Four months after YouTube came out he started a wine show because from 15 to 30 his whole life was wine.
Were You Always Successful?
Gary has always been successful except he was terrible in school and they failed him. His parents grew up in a world where all their contemporaries knew that education was the way out for immigrants.
Gary's mum realised that he was a merchant, an entrepreneur, a promoter.
Schools are failing entrepreneurs every day because it's not built for entrepreneurs it's built for workers. they teach you to play between the lines and there's nothing that maps to the entrepreneurial market.
Gary's biggest cynicism when he sits across from an entrepreneur today is if they are too successful at school. He looks at Ivy League grads that are starting start ups with more of a negative light than someone that wasn't as good.
In the world of private schools, in the world of mummy and daddy having a lot of connections, when you go from 18 years of that ecosystem and you create an app, the market doesn't give a crap who your dad is. The market responds to your product.
A lot of these kids haven't been able to take a punch in the mouth that comes along with entrepreneurship.
Gary doesn't know how to become self-aware, he doesn't know how to teach self-awareness but he knows it's damn important.
Gary teachers to create an ecosystem where you make the people closest to you feel comfortable to tell you the truth. So ask your mum, dad, spouse, best friend, coworker hey tell me the truth what am I good at and what am I bad at?
It's gonna take a couple months to get them comfortable telling you the truth because the people that love you sure don't want to tell you.
Gary created VaynerMedia that is a 650 person social media digital agency that works with brands like Toyota and Pepsi.
VaynerMedia is a Madison Avenue agency. The same people that used to sell commercial time on anything Larry ever did on radio and television they now do that on Facebook, Snapchat, Instagram and they produce the creative for the brands to sell stuff through the phone.
We are living through a very interesting moment where the telephone is becoming the television and the television is becoming the radio. This is the first time we've had a platform shift in our society in half a century so Gary has spent a lot of time trying to be the best storyteller for that platform.
How Social Media Can Transform Your Business
Social media is a slang term for the current state of the Internet. When your position social media that way you take it a lot more seriously.
The first step for 97% of people is to actually take it seriously. A lot of radio people didn't take television seriously that was their loss. That's what's happening right now.
Second understand that Facebook, Instagram, Snapchat and YouTube different channels. It's the difference between CNN, Fox, ABC and Sports ESPN. You've got to understand the context of the medium that you're on.
When your storytelling about your business on YouTube you've gotta put different content than the picture you put on Facebook. People underestimate the context of the media.
There are going to be slight differences between interviewing a person on radio than on television because they are different mediums.
Third you need to understand that you need to provide value. Too many businesses right now on Facebook, Twitter and Instagram are saying buy my stuff on every post they put out:
- Buy my stuff;
- Here's where I'm gonna be check me out;
- Buy my book;
- Check out my experience;
- Watch me on my show;
And nobody is providing value.
The prior book Gary wrote is called Jab, Jab, Jab, Right Hook basically give, give, give, ask. It gives the formula for how to put out content that actually gave people enough value that they then considered buying your stuff.
You had to become number one while every day people put out shows in an attempt to knock you off your pedestal. Gary has 1.2 million followers on Twitter but it's losing its leadership role.
Twitter lost its way because they didn't create an algorithm that filters content. Now when people follow everybody they see everything and it gets too loud.
They had a fire hose problem so with too much information people tuned out. Facebook and Instagram don't show you everything, they show you stuff you've been liking and that they think you're gonna like.
Is this for just for the younger generation?
Behaviors change so even people over 40 are sending texts with Emoji's.
it's stunning what has happened to the 35 to 60-year-olds if you look at the data. If you knew your parents when they were the age you are now you'll notice your behaviour is much younger.
That has a lot to do with technology. The fastest growing segments on the Instagram and Snapchat's of the world are the over 40s because just like Facebook these things age up.
Why do you want to buy the New York Jets?
When Gary came to Queens, New Jersey he didn't speak English he spoke Russian. It was watching Eric Godfrey and Robbie Turnick playing American football that made him a Jets fan.
Everyone was wearing a Jets jersey but it's not what immigrants do when they cost $30 so Gary's mum knitted him one, it's his prized possession. Around the second or third grade he created this fairytale around not being able to afford a jersey to owning the whole damned thing.
The quest to buy the Jets is his happiness.
There's a lot of things you can't control in your fairytale but you can control the ambitious climb to get there. The Jets are his one kryptonite.
Gary is emotionless when it comes to business because it's a win/lose thing, a net/net game that he can deal with. The Jets bother him because he's not in control.
3 Tips To Keep In Mind When Starting A Business
First, cash is oxygen.
It'll blow your mind how many people start a business thinking that money isn't important. They're thinking about four years from now when they haven't made their first cheque, it's a complete lack of practicality.
Second is your strengths.
Do you have sales strength, do you have financial strength, are you operational, are you good at HR? Whatever you're best at - do that and surround yourself with the other three or four pillars.
Third, look for the white space.
Where are people not marketing and storytelling that you can fill? Is Snapchat, YouTube, a blog, or a podcast your way to separate yourself from everybody else running direct mail, radio, television, and print advertising.
As a 14-year-old Gary was full of crap, he would say anything to make you buy baseball cards or a bottle of wine. His dad grabbed him by the neck and said:
"Listen to me, where we come from, you've got one thing: your word,"
With his dad at work his mum did most of the work building his self-esteem and making him the right kind of guy. She built the foundation but that one tweak but his dad changed the outcome of his life from being a good huckster/salesman who would've made it okay and made a good buck to someone having real potential.
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