- Hey guys, on today's podcast three highlights
from a recent session 4Ds, 4Ds daily digital deep dive,
a $12,000 one day consulting product at Vayner Media.
I'm giving you a little bit of a sneak peek into it.
Here are the three highlights from this episode,
make sure you stay til the end,
a little bit of an interesting request at the end.
Yeah!
You got your perspective.
(crowd cheers)
I just wanna be happy, don't you wanna be happy?
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Hey guys, in this clip I really talked about
one woman, one man practitionership when you're building
a bigger business, a client service.
A lot of people think that every client
wants Gary Vaynerchuck, the reality is
they don't get that, they get Vayner Media
and a lot of you struggle with that.
This was probably the best articulation of that
I've ever done, this is gonna help a ton,
a ton of you who have three, four, five,
seven, nine, 11 person businesses.
- My biggest challenge and the reason
I've been waiting to ask you this is similar to,
probably on a much larger scale for you
when you started Vayner Media,
right now I feel like, my companies called
Eye Magnet Management but our clients predominantly,
they wanna work with Patric Fransko, not Eye,
realistically we have a company
but most of our clients are coming to us word of mouth
because they know me
and their assumption when they come to work with us
is that they're gonna be working with me
and we're at a point now where--
- You need to change that assumption.
- And that's why I assume that when you started
that same thing happened on a much larger scale.
- Nope, it didn't.
They call came because of me and the first conversation was,
before we started this call or before we start this meeting
you don't get me, you're hiring Vayner Media.
I'm here, I like getting my hands dirty.
By the way, you want me, we can have that conversation,
I'm gonna charge you a fuck load more.
- And it's not so much as the actual getting down
and doing the work, I've hired people to do that,
it's more that I think the access.
They wanna be able to call me and be like, Pat,
I'm kinda unhappy about this and this and this,
and it's like getting to the point now,
now we have enough clients where I'm like,
I could bury myself in 80 phone calls.
- Charge more, charge more for the access.
- Okay.
- The 81st person that comes in,
you say you're buying the company, not me.
By the way, a lot of our clients came in for access with me,
for an additional $2,000 a month you have a bat phone to me.
- Okay.
- Anytime time somebody hits
more demand than they can supply
it's time to raise their price.
- And you would do that as a separate?
- I keep shit super basic.
- Well I mean, you would do that as a separate charge
than okay, heres what you're paying for us to do--
- That's one way I would do it, that's one way to do it.
Puts some value on it, a premium value on it.
Could evolve into a highly,
highly profitable consulting business for you.
You could end up, how much top line revenue you were doing?
- I mean right now we're doing, we have about 50 clients
and we're doing about (bleep),
we probably do about (bleep).
- What you might realize, understood,
what you might realize is you're actually staying at (bleep)
business because you're giving away
the most valuable thing away for free
because you didn't merchandise it properly.
- Thanks.
- You know, I get it, man, you know, it's funny,
I think about a lot of things, obviously,
and like I've basically been in business now for 20 years
and basically run the business I've been in
for 20 straight years, liquor store to Vayner Media
and have grown big businesses fast.
And it's because there are things I believe in
and I think a lot of it has to do with
up front expectations, overcommunication,
a lot things like that.
I prefer for you to hit me up in like three months
and be like, bro, I thought it was great advice, it sucks.
I'm like, what happened?
Well, everyone said no.
I'd be like, yeah but that's good.
And you'd be like, why, and I'd be like,
well because you (bleep) but depressed.
(bleep) and the way you're doing it now
is gonna really fuck up your shit.
People don't see that, people don't see the alternative.
I have a very funny feeling it's not how it's gonna play out
and I think it's because you haven't
merchandised it properly.
You gotta create a bigger premium of your time.
- Thanks.
- One of the things that really worked for me
without realizing it was
people would reach out to CIA
and try to have me speak at an offsite
and it would be like 150,000 bucks
and then they would reach out to Vayner Media
and try to do work with us and they realized
they could get a speech to the team from me
along by signing a $580,000 scope
and they're like, oh, that amortized out nice.
There was another, over time they understood
there was a value to that that used to kinda come for free.
You're in a micro version of that, it's so tied into you.
You gotta establish its value.
Every time I see a movie where like
the mom tells the daughter like,
you've gotta show that boy what you're worth, you know,
I'm always like, that's exact,
that's good fuckin' business advice.
My hot take on micro influencers
is that it's micro micro micro.
Give me an alpha mom in a suburb in Pittsburgh,
gimme the cheerleader that's the most popular in her school,
who have 4,000 followers on Instagram,
I'll show you bigger business results
than somebody who has 300,000 and is verified.
- [Woman] Everyone wants to be a micro influencer,
what's next and like how do you think we can
get ahead of that so that we're doing something different.
- If you're focusing in that lane
what's next is micro micro influencer.
- [Woman] Well, that's kinda what the--
- More micro. - What do you mean by that?
- Everybody, than the way it is now.
If you're asking me what's gonna happen,
everybody's in play.
And the companies that figure out through technology
or frameworks will understand that the,
I mean, it's not very complicated,
if I told you that you could,
and I don't have the way to do this yet, but we,
if we were partners, the three of us, I'd be like,
all right, here I am guys,
I'm supposed to be some sort of wizard,
here's what I'm gonna figure out.
We're gonna have 177,000 freshmen this year
share our content at scale.
Micro micro.
How one does that, there's a lot of ways to think about it
but what I'm good at it is understanding
what's gonna happen a lot times.
If you're talking about humans
and influencer marketing, ambassadors, whatever,
the next thing, you're asking me the question,
I'm giving you that answer I feel confident about.
Micro micro.
Here's why, if you have, let's play it out in perpetuity,
if AI and machine learning's good enough
to be able to run an algorithm
and find every single high school senior,
incoming freshmen, and everybody who graduated a year ago
and you can get to them and create a trade
where you'll get more sales out of them
than you have to give them, you would do that.
- [Woman] Right, we just have to reach them all.
- That's right. - That's our problem.
- I believe the way to do it now is hand to hand combat.
- [Woman] Elaborate.
- I think you should hire 78 people
in a country that allows you to pay them three bucks an hour
to reach out to people one by one.
- [Woman] Just like DMing on Instagram and?
- Yep.
- [Woman] We do that but it needs to be scaled.
- The end.
Think you need to hire 90-- - What would you offer them?
Not the people doing it but like, on the other end,
the freshmen, what do you think
is most effective to offer them?
- I don't know, but I do have a lot of thesises.
First of all, I would ask them.
So I would ask that question too,
here's what I want, what do you want?
You can get a lot of info that way.
But there's a million cliche things, you know that, right.
Whether it's monetary or free goods or money
or perks or access or something cool
that they think is currently cool,
there's a million things to go there.
I think asking works, but I think if you make a strategy
to hire 100 employees in Vietnam to do this
I think it would work.
I wanna do it, I'm giving you advice
that I'm thinking about right now.
I have three full time employees
buy they sit in New York City, they're not inexpensive,
and I'm building a first party CRM
by pulling everybody out of Instagram
'cause I don't wanna be at the mercy of Instagram.
- [Woman] What do you mean
you're pulling them out of Instagram?
- I'm DMing every single person that follows me
that's verified or has 100,000 followers
and I'm asking them to fill out a first party data form
so that when I send an email to 74,000 people
that are legit as fuck on Instagram
and ask them if they want a sample of Empathy Wines
and if they do I expect them to post it
on their story and posts, it's going to work.
- [Woman] One of your people asked me
to do something with them the other day.
- That makes me happy.
That's amazing, you know, so like.
And I think, and honestly, the reason I'm giving you advice,
I'm giving you advice that I'm gonna take,
I'm gonna hire 100 people in Vietnam
or in Bahrain or somewhere. - Do you wanna share them?
- Maybe, it might become my company, I don't know,.
You know, to me it's a very simple thing,
what part of the world is the least expensive talent
that is the most good.
- [Woman] So instead of using a tool that like
filters through your people-- - Correct,
because you're gonna like where I'm going with this,
'cause I think the human part matters.
- Me too. - That's why I do it.
My team reaches out and I'm CCed on a DM
and literally on my flight from London yesterday
I'm just replying and they're like, this isn't Gary,
and then I take the video, I'm like, it's me,
and they're like, oh, I thought, you know.
- [Woman] Yeah I know, same thing.
I guess you were there. - That was me.
So, that matters.
And to your point, like me writing it
still made you think it wasn't me
'cause as much as I'll say that anytime I write it's me
it's not gonna go there and so then I have to do the video.
So I think that will work, I know that will work.
Hand to hand combat at scale
to create more opportunity in the long tail
that you can amortize and make valuable is the game.
Scaling the unscalable is the game, it will work.
Look, balancing listening to the market
and holding your convictions
is probably the most important execution
any entrepreneur can do, I highly recommend
that you listen to this clip
and get out of it what I think is right.
- [Woman] So in this notion of listening to the customer,
like we do all the time.
One thing we have heard is that some customers
think our prices are too high.
So we have, whether it's through Slack, our MPS scores,
or we put an abandon cart page,
why are you not purchasing now?
And it's either, I'm broke 'cause I'm in fuckin' college,
literally, or the prices are too high.
We're not trying to be Walmart,
we have a really awesome high quality, high design products
and our value proposition is just so much more,
but how would you think about this issue?
- I think you always have to listen to your customers
but your customers are always gonna say that.
- [Woman] Yeah, in any business, right.
- My answer to you is what happens in my office
once a month, Karen walks in, Gary I need mentorship.
Vayner's been amazing, I've been here three years,
this is great, I love it here, I need mentorship,
I feel like my boss is kinda, you know,
like I need fuckin' mentorship.
Okay, Karen, I got you.
I'm running the company, we hire some great SVP or VP,
I'm like, oh fuck, Karen, right, I remember,
okay, we're gonna staff her over there.
Year later, Karen walks in, Gary,
I'm being micromanaged.
I don't have room to spread my wings.
Johnny's amazing as a mentor,
but he's not letting me fucking do shit.
Karen, last year you told me you needed a fuckin' mentor.
Customers do the same shit.
- [Woman] So you would ignore that?
- I wouldn't ignore that, I wouldn't ignore that, nope.
- [Woman] Talking about listen, listen, listen.
- Listen and synthesize and make decisions, right?
Like, that's why both listening to your customers
to develop product is right and also whoever said,
if I listened to my customers
I woulda made a faster horse, is right, they both can work.
It's big data, people love to talk about big data.
Big data's very cute,
what you do with the data is what matters.
I'm so pumped that you're listening, it's a big advantage,
what you two or just her or however you guys roll,
what you do with that information is the key.
You could stay the course and keep your brand affinity
in the right place and win, you could lower your price,
and that was exactly right, it was a 10% swing
that totally changed the course of your business.
You could lower your price by 10%,
nothing different happened, and now you've just given up
10% margin and maybe even hurt a little brand equity.
They've all worked.
Listening and then the beauty of business.
Business is talent, your talent in synthesizing.
Here's my real question, how many,
I'll tell you what I do in those scenarios,
how many of those people have you called?
'Cause I'll tell you what I'm good at,
and I don't know you two, it's one thing to read it,
it's another thing to hear it.
It would mean the world to me if this podcast
has brought you any value, whether you listen to one podcast
or 9,000 of them, if you could take a moment right now,
I know you're busy, and I am asking,
and you don't have to do it, but it would mean a lot to me,
if you left a review of this podcast,
whether it's one stars or five that's irrelevant,
a honest score and an honest couple sentences about
why this podcast brings you value, thank you.
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