- On this episode, I talk about influencers.
I talk about the law
and we hear fire engines.
You keep asking questions,
I'll keep trying to answer.
Hey everybody this is Gary Vay-ner-chuk
and you're watching the #AskGaryVee show.
Episode number 28, fun fact about the number 28
that is AJ's birthday, January 28th
and it is the single number that I made the most money
on roulette in my entire life.
So obviously a couple episodes ago
we did live audience kind of play
when I was at an event.
So I decided to try it out one more time
right behind the piggyback.
Little quick note, I know a bunch of you
expect me to be really sad
since I was sad a couple episodes ago
after a Jets loss and the Jets lost 31 to nothing yesterday.
But Steve as you know very close to the prediction I made
of 37-7.
You're noticing a happy energy today
because here's the difference.
A lot of you who sat through Wine Library TV years
and the Jets know
that when I decide the season's completely over
I'm actually not that upset.
I've hit my pain point, I'm dead
and now I'm really looking on to next year.
So from here on out I won't be that grumpy.
Alright, got some dudes together for today's show
So somebody jump right in.
Let's get right into it.
- Sure
- Your name?
- Kyle Cummings.
- Kyle say hello to the VaynerNation.
- Hi everybody, I'm Kyle with LockerDome.
I run for partnerships at LockerDome.
- Awesome!
- You can reach out to me at lockerdome.com/kylecummings.
- I like the plug Kyle, go ahead what's your question.
- Yeah absolutely, you've been in the influencer space
for just over a year, specifically with GrapeStory.
With that business model
what are the biggest challenges you're facing
in scaling that business model
and what is the brand you would say
is embracing that model for marketing
with mobile and those channels: Twitter,
Snapchat and Instagram specifically.
- Which brands are doing a good job in those channels
using influencers?
- Yep.
- Uh, I think a lot of brands are starting to do it well.
Right like any brand that's not doing well is losing
but I think our GE client was first to jump,
did a really good job.
Virginmobile's done a really good job.
I think Hewlett Packard right now, Samsung,
there's a lot of brands, I think, that are getting the value
of influencer.
The problem with scaling my business is
we're a talent agency, right.
And so these guys and gals get built up.
We build up with them
and then they get too big
and they want to go to CAA or things of that nature.
So, unlike Niche which is an investment that's building
technology in a platform, you guys,
there are people who are doing it smarter than me.
The model issue for me is,
it's just client service. It's just people.
You'll only have the leverage for so long.
But it's not different than CAA or William Morris
if you're the best and you're good at it.
There's a real business there.
But that is clearly the challenge.
To make this an over arching question for everybody,
when you decide to build a model
where you're not building an asset,
which is technology or something of that nature.
You're only vulnerable to your sources.
It's being an accountant or a lawyer
or an agency.
You're only as good as your last billing cylce.
And that's why those businesses don't get
the higher multiple.
That's why people want to build technology companies.
For me I love people
and so I'm always gonna have a competitive advantage
betting on my strengths
which is people interaction.
So I like building those businesses
but I gotta tell you something.
It's really not for everybody
and there's definitely a huge vulnerability.
- Cool. - Cool man, thanks for stopping by.
Next, let's go.
Get in here, let's go, hurry up.
Awesome!
_ Hey, I'm Jordan Moran.
- Jordan.
- I've been a huge fan of your since the Wine Library days.
- Thanks brother. - Thank you for having me.
- Of course, say hello to VaynerNation.
- Hello guys, pleased to see you.
So, my question for you is
I am transitioning to a new project management role
in a company.
How do you maintain having high standards with your team
making sure things get done,
but still keeping the project on time and on budget?
- I wish Aaron Bear was here from VaynerMedia
because he is the head of all that at VaynerMedia
and he's killing it.
You know I think it takes humanity.
I think the answer is humanity.
I actually think the best way to be
a great project manager or get things done
is to be a great listener instead of talker. Right?
You go into this new role, I see with a lot of my
project management people.
They're organized, they're good
but they want to talk it to success.
I actually think it's the drop down, flip it and reverse it.
I think it's a Missy Elliott structure.
I think the way you win is by listening to the people
of to why they're not doing well.
Why are they two weeks behind?
If you haven't actually applied empathy
and understand what's going on there,
you become known to everybody
as the project manager that gets it.
And so I say you walk in with,
not your architecture and organization
and like, I'm gonna guide this.
You're gonna guide it with your ears more than your mouth.
And that is most something most project management
oriented people only learn later in life
and realize is the key factor.
- Got it. Thank you. Appreciate it. - Thanks for those kind words.
I'm glad you got on.
Alright next, let's go.
Let's keep this going.
- Hey guy I'm Max, nice to meet you.
- Max, real pleasure.
- Say hey, what's up to everyone.
- Hey, what's up.
So I co-founded a company called Shimmer
and we're just building a whole bunch of assets
around social media and filter space.
- Okay
- So as you know, you work with the space,
it's really raw.
- Yep!
- So, what do you think the biggest opportunities are there
currently untapped?
- In social media influencers?
- Yeah, like, obviously there's brand agencies,
there's events.
All that stuff, where do you think like the next
you know, like the next big thing can be in the space?
- I'm gonna go over arch again.
I know we already had an influencer question,
so I like how this is working ...
We're you, like holy crap he asked way too ..
We're you pissed?
Yeah.
- That's not cool.
That's why I gotta go first.
To me this is the biggest thing
that people don't understand
about the influencer space.
Not only do influencers create content,
they create distribution.
So for the first time ever, in one entity,
you get both things that people want.
You know, if you think about television
production companies or movies, Steven Spielberg.
But then you need distribution, right.
So what I would say is,
the biggest opportunities for these guys,
for you, for me,
for everybody's that 's playing in the space,
is to recognize that unique principle
in today's internet world
where they actually can drive two things.
And then apply them.
The other place that I think there's a huge opportunity,
to answer you question,
to give everybody more information, go a little deeper
as I've been trying to go, is product.
I think that the infomercial space,
the leveraging of like, you know
of like celebrity into product.
I at one point could have easily sold
tens of thousands of glassware sets
because of my wine influence.
I think retail and product, call it QVC 3.0
is another place that people need to think about.
- Okay. - Thanks brother.
- Appreciate it, Gary. - Good luck to you, stay well.
Next, let's go.
- Hi Gary.
- Hey man.
- I'm Ashish,
I'm a co-founder of a startup company called lawtrades.
We're a market place for legal services.
- Love it.
- So my question is,
you advise startups, you invest in startups.
But when startups become inherently competitive
with other companies.
- Yes.
- What's your biggest advice to stay ahead of the game?
Is it just to give more value than the person behind you
or just interested on your thoughts on that.
- You know, I default as an entrepreneur
thinking it's always gonna be competitive.
You know, I love when people are like,
nobody's in our space.
I'm like great!
Because if you're good, everybody's gonna
be in your space, right.
If you figured something out, you're gonna have
plenty of competitors.
You know, to me, it's a same old game.
Like, it's better execution, it's better product,
it's better service, it's a better everything
that's actually going to drive your business.
So, I can't give a blanket answer here.
This is why VaynerMedia works in a world
of #AskGaryVee and me putting out content.
I can give your general stuff.
I'm trying to go deeper and give you more stuff
with this format.
But I need to know who your competitors are.
So, for you, your business
are they bigger entities with more money?
When you're David, you don't play Goliathscape.
When you're Goliath, destroy David.
Like, that match-up, it should have never gotten
to the sling shot.
Just squish that guy.
So, to give the practical advice,
it's gotta be something ...
Here's an example, back to depth.
Something I'm trying to challenge myself on this show.
Was anybody else surprised as hell
that I barely talked about VaynerMedia for three years.
Like, for somebody that's always out there promoting
you noticed, if you went to VaynerMedia's website
for the last two, three years.
There was like nothing there
because I was David.
And I needed to make sure that the bigger agencies
didn't realize how big I was actually getting.
That was my competitive play
in a competitive landscape.
Now that I'm getting a little bit bigger,
I'm getting a little bit more out there.
I'm putting myself more out there
because I have the leverage of having more money
to hire the best talent or acquire the biggest clients.
So, the answer to your question
is completely predicated on where you are
in your life cycle versus your competitor's life cycle.
And what I would tell you is,
and here's where I can give the most tangible answer
though still theoretical,
never play the other person's game.
- Got it.
- That's where everybody gets, like oh,
that big guy or gal is now running ads.
We're gonna too.
Problem, they have ten million dollars.
You have $80,000.
- Yeah.
- You lost. - Yeah.
- And so it's never playing the other person's game.
- Cool man. Thanks a lot.
- Real pleasure meeting you.
Finally.
- How are you, Charlie.
- Charlie.
- Nice to meet you. What's up, guys?
- Pretty quick question,
what's your stance on investing in competitive companies?
- Meaning?
Like for me as a fund.
- You as a fund, you individually
- Don't, guys.
- [Steve] It's gonna be useless audio though.
- It's not useless audio, it's just a horn.
Nobody in the VaynerNation is concerned about a horn.
- [Steve] They won't be able to hear the words.
- They'll be able to hear the words.
Do you think they'll be able to hear the words?
- Yeah.
- Can we hear the words.
I get it and I love you supporting your teammate DRock.
I see what you're doing. I love the support.
But that horn, this fire truck,
is adding to the ambiance
of the fact that we're sitting
in New York City.
Like we're not sitting in our normal room.
They'll deal with it.
Right DRock?
Alright, thank you.
It pains you right?
It's like the editor in you just like
can't deal with, now the horns are coming.
This is just pouring it on you.
We're sticking with it.
So, if I'm a fund, for example,
when I was an investor in Gowalla
and there was a chance to invest in Foursquare.
I didn't, but I know people that have invested
in similar companies.
Are you asking me like to put my VC hat on?
- Yeah. - And angel hat.
You know, look I think, there's two answers.
One I think, if you're investing in a company
and then there's a chance to invest in somebody
who's a direct competitor
and that company wants you to do that.
That seems to me like ...
(sirens blaring)
(laughing)
That seems to me like a little bit of a dick move.
What I'm more worried about is the problem I'm facing now.
(sirens blaring)
I'll be quiet for you.
This is me doing a nice thing for you.
But the tape is running, the tape is running.
- It better be.
- To me the bigger problem is the pivot.
Right now my biggest problem is
I'm investing in companies that are a little bit different.
But I can see an entrepreneur
how one move by each product
gets them in to a competitive space.
My answer is, you go in with the open eyes
and honesty that you can.
But you can't fight against the fact that people
are competing with each other.
As we now live in a world where the cost of entry
to compete with each other is so much lower.
I think you should go in with the right intentions.
Your reputate, by the way,
the only reason I think you should be a good guy or gal
and not invest in a competitor,
is because your reputation is your equity.
Like it's selfish.
It's cause I want to be able to invest in things
in the future.
And if I have a reputation for constantly investing
in my competitive stuff just to win on short term money,
I'm not gonna be able to get into deals.
So I think reputation management
in a transparent world matters.
I think that is a dick move, if you're doing that.
- Gotcha.
- Is that basically answering your question?
- Totally makes sense. - Why do you ask that question?
Is that something you're seeing out there?
- Just kind of curious.
I co-founded a startup with Max.
Sometimes we kind of run into that problem.
People say no, they already invested in a similar company.
- And do you view them as a direct competitor?
- No, that's the problem.
Like on paper, they see us as a competitor.
But when you dive into it's not.
- Well that's where you guys just have to do a better job
and educating people how it's different.
- Gotcha. - Thanks.
- I appreciate it, Gary. Thank you. - Thanks guys.
Guys, episode 28 in the bag.
There's some fire engines in the background.
If you would have seen the,
we need to go to a second screen environment,
cause if they would have watched DRock's pain.
Zak you got his pain?
- I got some of his pain.
- I need some of that pain, out there.
Appreciate the questions today.
Lot about influencers.
I appreciate that guys.
Question of the day,
who's the biggest influence to you right now
that is not in your inner circle.
Outside influence, not family.
We just did that.
Not your mom, your grandpappy who raised you.
The biggest influence right now outside of your inner circle
that's a new influence in the last 24 months.
You keep asking questions,
I'll keep answering them.
On this episode I talk about Kickstarter,
Twitter, Facebook and finally Ello.