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JohnW
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Paul – FS Concierge, post: 260363, member: 78928 wrote:
Hi John,

We clean for some social media darlings and they have amazing businesses. Their influence enables them to release new products and services that have been instant sellouts.

Interestingly, both are associated with the Kardashians – one as an adviser and the other company paid for an endorsement. The one with the endorsement is quoted as being worth $46M.

Both are where they are today because of their associations with the Kardashians.

Gary V’s first and foremost argument is that pretty much all of the Fortune 500 companies “waste” a lot of money on broad based advertising such as on TV ads. The money is wasted, he argues because the ads are not targeted.

On the flip side, Social Media advertising is a better spend because it is way more targeted.

Gary V is an investor too and he “pushes” products that he invests in eg Snapchat – I am personally wary about what he says about any of the platforms he is invested in.

As much as the articles you point to indicate there are hurdles to jump, if using influencers means that you can access their audience, which will have a natural interest in what you do, it will be a positive for you.

You only need to look at how influencers help each other to see the effect.

For example, as Brian Dean how much being featured by Pat Flynn helped him.
Hi Paul,
“Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” This old Wanamaker saying goes back to the 19th century.

Now, according to the CMO Survey (linked in post above), online media has increased this offline ad “half” to around two-thirds that may be wasted online. There are lots of reasons for this.

Eg. On Facebook you can be billed at different rates for ad impressions, likes, clicks or video views. There is a higher fee for rare event ads. What do these different metrics actually mean to the advertiser?

You have different ad fee charging methods and metrics being reported on the different search engines and social media platforms. Eg. Video “views” are sometimes counted when someome scrolls past them, on others a view can be as long as 30 seconds of playtime.

At least in the offline world, for all their limitations, there are consistent performance metrics for TV, radio and press. You don’t have each TV channel, radio station newspaper and magazine running its own unique performance statistics.

GV makes no mention of all these major types of problem that confound the world of online advertising. Does he know they exist? Why doesn’t he warn folk about them?

I found the Brisbane video very short on useful social media info that small businesses of the type on FS can really use.

It seems GV is on much the same pathway as the Kardashians. He promoted his name to become a celebrity then developed products to monetize his fame.

He is very good at tying his name to others more famous than himself and getting lots of publicity on TV, radio, major newspaper and national magazines coverage.

Google this list of TV presenters, film stars, celebrities and even an ex US President…

  • Gary Vaynerchuk Mike Rowe
  • Gary Vaynerchuk Ellen Degeneres
  • Gary Vaynerchuk Jimmy Fallon
  • Gary Vaynerchuk Gwyneth Paltrow
  • Gary Vaynerchuk Kevin O’Leary
  • Gary Vaynerchuk Robert Herjavec
  • Gary Vaynerchuk Joe Rogan
  • Gary Vaynerchuk Al Roker
  • Gary Vaynerchuk George W. Bush

He did not become a celebrity buying online advertising.

Now he has a world-wide network of affiliates who invest an unknown quantity of their time and money promoting his speaking events.

He also has a team of 500 people at VaynerMedia who I imagine are involved in preparing and making the thousands of videos and other content he publishes each year.

I gather he has a net worth of $US160MM – not the sort of financial buffer your average FS business is likely to have.

I’m not anti the guy at all. He works harder on promoting his services than anyone I can recall. I certainly could not nor would I want to dedicate myself to the huge work load and life-style he has set for himself.

To me the real issues are the relevance, accuracy, currency and completeness of his advice to the types of small businesses on FS.

BTW, It is not all success stories for his small business clients either…

PS Google Trends is an interesting resource. Enter a search term and Google will show you the term’s search usage back as far as 2004. If you search for Kardashian it peaks in Nov 2014 with the release of her infamous “back-side” pic. I don’t think I have the resources for that sort of online impact. It wasn’t achieved with online advertising either. ;)