Just before stepping on stage to light up the audience at FP Reach 2012, GaryVee spent a few minutes candidly (read NSFW) sharing his thoughts on changes in the marketplace and what to keep an eye on in the coming years. Video is only 7 minutes long, but you’ll get a ton of valuable insights you can apply to your business immediately.
Some of my takeaways were:
Focus on Lifetime Value
Often, businesses focus on one transaction at a time (we need to sell this right now) vs looking at the big picture. If you win one client over and they become loyal to your brand – their value over 2, 6 or 12 years is exponentially larger then that one transaction alone, or as Gary calls it “a one night stand”. Of course, this starts with figuring out who your target customer is and then superserving them.
25% of our marketing efforts are fruitless. They bring little to no value to the business. Gary suggests being brutally honest, finding where that 25% is in your business and then cutting it out in order to free up time to serve your customers. Basically, using customer service as an offence rather than defence. This means actively reaching out to your audience with valuable interactions. Specifically, you could be using the Twitter Advanced Search tool to find all the people in your area that might be asking questions about your industry (eg: “Which CRM can I use with an Android Phone” ) and then engaging them in conversation and offering suggestions. Key here is to remember that each interaction should be focused on making their (the customer) life or business better.
Native (Microcontent) Storytelling
Each social or digital platform we use has its own soul and appeal. Rather then trying to shoehorn all our social interactions into one blob called “Social Media”, we should focus on each piece of our marketing ecosystem and figure out what makes it unique. For example, how could you tell a story on Instagram vs Facebook. One is photo only with twitter like tags, while the other allows you to provide context with text or a video. Forget hootsuite and social media mangement tools, try living in the social space you’re entering for a while. See what picks up traction, who the influential users are, what kind of language they use, how frequently do they interact… Try to really understand the platform, so you can then weave your story using their yarn.
Hope you enjoyed the video! I’m currently recording the second installation of the Minimalist Marketing Strategy Framework, talking about where most businesses fail when it comes to the digital efforts (at the beginning, by the way), so join our community below to receive free updates and more exclusive interviews as they’re posted.
– Ernest // Follow me on Twitter