10 Takeaways From Gary Vaynerchuk’s Speech On Customer Retention and the ROI of Social Media
I’m not sure I’ve heard a speech that more closely matched the way we work with our customers. Like many of the other folks I respect in the online marketing industry, Gary Vaynerchuk isn’t just blowing smoke with theory… he’s aggressively applied, tested, and fine-tuned his approaches to online marketing – and succeeded.
This is a matter-of-fact style speech (warning: some profanity used for emphasis) that clearly articulates how the world is changing and why you want to act now as an organization to change the way you market your products and services. It’s only a matter of time before your competition does, and you have no customers to listen to. There’s not a minute to skip in this video – even the Q&A is amazing and will open your eyes. Watch it!
Here are some takeaways from Gary Vaynerchuk’s 2011 speech:
- Embrace the Opportunity: Gary emphasizes that the online space is still young and growing. He thought by 2006 everyone would know about it, but it takes time, and that’s where the opportunity lies.
- Monitoring Your Brand: He recommends using tools like Twitter’s search feature to regularly monitor what people say about your brand or related topics. This helps you stay engaged with your audience and address any issues or opportunities.
- Building Relationships: Gary highlights the importance of building relationships with your audience. He mentions that he spent significant time personally responding to emails and Twitter, creating context and user relationships.
- Focus on the Customer: Gary emphasizes that the people who engage with your brand are the ones who ultimately drive your business. He suggests prioritizing customer engagement and not leaving any opportunities on the table.
- Context Matters: In the online world, context is crucial. Gary suggests that businesses should focus on acquiring and retaining customers by understanding the context of their interactions and building genuine relationships.
- Social Media ROI: When asked about the ROI of social media, Gary uses an analogy about the ROI of his mother, emphasizing that relationships and emotions play a significant role in business success.
- Media Is a Commodity: Gary points out that media has become a commodity, and businesses must adapt to this reality. He advises building strong customer relationships and finding ways to convert them into loyal customers.
- Leveraging Small Customer Bases: Gary suggests going deep emotionally with each customer for businesses with smaller customer bases. Building genuine relationships and understanding their needs can lead to long-term loyalty.
- Mapping Customers’ Social Presence: He recommends mapping your customers’ social profiles and engaging with them on various platforms to understand their interests and preferences better.
- Hustle and Swag: Gary appreciates the hustle and swag of entrepreneurs but emphasizes the importance of building meaningful relationships before trying to close a sale.
Take care of your customers and retain them. Acquisition strategies will become more and more difficult, making them more and more expensive. You can’t compete with a company with wildly happy customers who tout their greatness daily. Become that company with incredible companies, and you’ve just multiplied your marketing beyond what any advertisement could provide.
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