- I love,
by the way, this is my favorite shit.
- [Male] Right? - Like, I don't like
usually doing work,
do all the jokes about decks and stuff,
but if you ask me what my favorite shit to do
at Wine Library is,
every time I have to go back in and fix it every year,
this shit.
(laughs)
This shit is real.
This is fuckin', this shit fucks with you heavy.
Right? - Yep.
- You must have looked at this and been like,
huh.
Uh-huh.
(crosstalk)
- Huge.
- [Man] Only a hundred?
- Yeah.
It was insane.
- You can't.
Love this shit.
- [Male] Capital, inventory
(crosstalk)
wasting capital.
Thank you for ending my
(laughs)
- You want to know the
You'll love this.
You know what is the hidden one on this?
'Cause that's the math and I get it.
Just macro-energy.
- [Male] Oh yeah.
- The energy of it all.
Just the energy of it all.
The hidden,
to the math is easy to understand,
you cut these,
it's so black and white, it's the gray.
It's the this color,
the million things that we can't
that I don't even know your business well enough
to know just the space it's taking up,
the color,
the operational, and I would again say
- [Male] Pick up the case, put it over there
- But I'll say it again.
I'll say it again, my friend,
it's the operational gray, not black and white.
I understand that you have to have two warehouse guys
who have to pick it up.
I'm talking about thinking.
Like the stuff you can't think of of like,
oh, the dye that goes into that color.
The supplier fainted.
Like, shit that you never think about.
Just like the shit that gets fucked up
when you have too many people.
It's just the reality of it.
The meetings.
The fuckin' meetings.
(laughs)
- [Female] The inefficient
- Thought that last night.
- We need a meeting for a meeting.
- The meeting for the meeting goes down tremendously
when you have a lot less skews.
It's amazing how that actually works.
(drops item)
- [Male] So, our energy is in the right
- [Male 2] Can we go back
so even here, you can see between
(reversed speech)
- The other thing you can do is
to me, when you decide to do something with this,
let's say you like go rogue and you're like,
fuck it, we're getting rid of the 15 percent skews.
Even that to me gives opportunity.
I'm always on the offense.
This is why we never make any profit here.
I would be like, hey,
talk about like macro being chaotic.
I'd be like, let's start a second site,
a Deal of the Day site on the 15 percent,
'cause we're gonna liquidate it,
and maybe by accident, it turns into the thing.
- Right.
Right, right, right.
- So this is where I kind of
like, this is how my businesses work.
They'll do everything right.
Like this is all right.
Then I'll add this extra thing,
'cause you gotta build out a new site and this
so it takes away all the savings.
I do it 'cause it's offense, 'cause God forbid,
that then becomes the thing.
It happened in the wine business.
In the wine business, the way Wine Library got disrupted
after I left was Deal of the Day sites popped up.
Wines that sold out, last bottle
and we have one called Cinderella wine.
But those companies came in were nice little cute things
until they became the market.
Right?
So,
I think the 15 percent
or, or it becomes the biggest piece of content.
Maybe, you know, like discontinue
or my favorite thing.
What was that?
Brooklyn Nine-Nine got canceled by Fox
and NBC picked it up.
Make sure if you decide to do something on this,
to do something with the elimination
of the 15 percent,
you may find out that even though it was
only a small brand, there was so much passion
around this one color or this one skew.
And that becomes a whole thing in itself.
Like, got it?
Like Coca-Cola.
Disaster with new Coke, but actually helped them
for the next 20 years 'cause Coke Classic got a bump,
even though they were
Got it?
- Yeah.
- So there's an opportunity in the
too many people quietly just eliminate these
15 percent, instead of using it as an opportunity
to maybe spark the innovation of opportunity.
Got it?
That's where I am a little bit different.
That's where my creative aspect
(reversed speech)
I wouldn't say that, no.
I would say it's more,
I think new Coke is the thing.
Or, the Deal of the Day site.
These guys are entrepreneurs.
So, this is very exciting to me and I think
I think that what's great about entrepreneurs
that's different than L'Oreal
is the idea I just had is exactly
right for entrepreneurs, 'cause it's our natural state.
Like that sounds fun.
And it, that sounds like yes.
And I do believe in the opportunity
I genuinely believe what I'm about to say.
The 15 percent that they're gonna discontinue
promotionally done right
could lead to one skew in that 15
becoming the number one skew in 2019,
'cause there was community management outrage
of the discontinue-ness of Orange Blossom.
And then they come back and be like,
guys we've heard you,
Orange Blossom is back!
And everyone's like, what the fuck is Orange Blossom?
(group laughs)
Because it was never selling
but the email that goes to everybody,
they go back and watch the YouTube video,
they're like, oh my God they almost
I need,
and all of a sudden you wake up and
the number two skew that's driving your business
is Orange Blossom.
- Yeah.
Yeah.
- See where I'm going?
- 100 percent, yeah.
- That's gonna be
- I know!
I know what my role is.
I sit very away from you guys on this part.
- To be perfectly honest - Please.
- It's,
we're, I mean, me personally, I'm a little depressed.
I'm kind of sad because
it's been
- Eye opening, right?
- It's been fuckin' eye opening
I mean, the
- Honestly bro, you shouldn't
you should be pumped.
I love the last 15 months at Vayner,
where I've had to do a lot of defense,
and clean up stuff, I've enjoyed it.
It's what you sign up for.
- Yeah, yeah.
- It's just,
think about this.
This is what I always do
whenever, and I'm pointing to them,
'cause they're just like Senior executives.
Whenever it's the most depressing of our meetings,
like, we're gonna lose money this year
and the notion is,
ultimately when you're the CEO, it's your fault.
There's no confusion on my end, I mean,
the thing I always remind them, no matter what,
I'm like, yeah but how do we get here?
And oh, by the way, we do
(reversed speech)
in sales.
So like, to me, it's actually complete optimism.
Fuck!
You've been able to, you know how hard it is
to build a business doing eight figures?
- Right, right.
- You've done that,
and you've done nothing right,
is kind of like how I say to my,
I always say to myself,
we've done this,
and we're not even doing anything right yet!
I think it's awesome.
Maybe I'm a little optimistic,
but I do think you need to take it in that place.
Oh yeah yeah, it's just like the
Dennis and I have connected on a whole
- Spiritual level
(laughs)
He's gonna make you climb a mountain soon.
(laughs)
Be careful.
- I'm down to climb that mountain.
No, but like, overall it's like,
just the level of sophistication that it's
bringing to our business is
- Is huge.
- Is fucking insane.
And it's true, it's like,
we've literally muscled our way to this point.
- Willed it.
- Yeah, we willed it.
- 100 percent.
- Now we've got this
- Thoughtful will is super exciting.
- [Female] And getting efficient as well.
All that wasted will - Oh my God.
- [Female] Is now gonna be focused in the right place.
- [Male] I think there's a lot of people
who can get there,
I think there's few people who can sustain it.
You sustained eight figures, year after year,
I mean that takes effort, you know?
So,
- It also means that in a world
where there's so much opportunity,
there's a couple core things that are really special.
Right?
I had a meeting today and they're like,
what's the Twitch studio about?
One of our creatives and I was like,
well that's the part that's special about us.
For all the things we are, and aren't,
the reason Vayner is going to destroy everyone
is you have a CEO who's willing to build a
Twitch studio outside of his office.
That will always play out.
So what you need to also do through this process is
ask yourselves why have we been able to
get the eight figures and sustain it?
In there is the secret sauce of the Big Mac.
Sure the Big Mac's frozen,
sure nobody wants to eat fast food anymore but
still that secret sauce is real.
And so, it's A, figuring out what to do here
but it's also be like,
why the fuck did this work?
Okay cool, let's scale even more of that
or let's put that on a pedestal
so that everybody goes to that north star too.
And that just sheer will of family business
and that's fine too.
Capture more of that, that's why I don't let
that ever get broken here.
Dennis, in my limited time here,
what's the best use,
from your perspective?
- [Dennis] That's why I have
to through this stuff. - No worries, no worries.
No worries.
Well then if we're gonna do that,
back to the younger part, it's all 15 year old influencers.
I have a humongous recommendation.
Face
now you did this, the next pillar I would do
if I owned this business,
is I would go on an aggressive road show
of Thank You Economy
against number one on objectives.
I would look at my business
and I would literally fly to Omaha
and sit down with the owner of the warehouse,
or the distributor, I would fly to
now go deep as fuck in building the relationship
with the top costumers you have.
In human form.
- Right.
Right. - Get to them.
Not the convenience of a trade show.
Not when they happen to be in town.
- Carve out the time
- Allocate the time
to go and show
just the shear execute
even the attempt of, if they like, cancel twice
'cause they're busy.
Even the attempt of is gonna be massively ROI positive.
- Okay.
- Find out what matters to them.
- Flat out.
I'm here, I'm here on a mission
to reverse engineer how to make your business better.
If I as a supplier
am making your business better,
my business with you will grow.
You set up that framework of a conversation
- Okay. - Got it?
- Yep, yep.
- [Dennis] Another thing that they have, Gary
they have, they constantly innovate.
They produce interesting concept that nobody has
in the industry
and yet they're not capitalizing on it.
They're not launching it properly
so having one, two massive innovations launched
every year, religiously,
will take their business to the next level.
- [Female] I think that ties into,
aggressively speaking, to existing customers
to find out we're gonna be innovating
what can you, how we want you
to influence our next innovation.
- [Dennis] We gave them tools.
- Or, or making a big deal of it,
and doing two dinners a year
that you fly people into and you do the
presentation of the innovation.
- [Dennis] Exactly.
Like Steve Jobs
- Just seven people though.
- Right, right.
Very intimate.
- Steve Jobs' first wooden computer with Steve
was nine people in a fucking classroom.
Later, in was fucking the world watching on live stream.
Gotta start somewhere.
Fly seven people in,
give 'em a nice dinner in Canada,
let them, you know?
Pop open a nice Okanagan Pinot Noir
and some Inniskillin Ice Wine
and make them feel like they're really
part of this, this is a thing.
- Yeah.
- [Dennis] It shouldn't be treated like another bottle.
'Cause I face this whether
- Couldn't agree with you.
Couldn't agree with you more.
- [Dennis] It's another product.
- Right, right.
- It's an event.
- [Dennis] It's an event.
- It's an event.
It's why we threw Voice Con.
By throwing the party,
it's the high school party rule.
If you throw the party, you have the leverage.
- People don't really know.
They watch your content, but when they meet the team,
it's like, holy fuck, it's really powerful.
It's really fuckin' - Yeah I mean
if you watch my content to your point,
I don't think people even understand.
Forget about how even amazing the team is
and the capabilities.
I don't think people understand,
they hear VaynerMedia but they have no sense of
by the way, this one of our four offices.
- [Male] Yeah. - [Male] Yeah.
- [Gary] Like this, you know, so.
Cool.
- [Male] Thank you. - [Male] Thank you, Gary.
- [Gary] You're welcome, man.