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The Fastest Way to Waste Your Marketing Money | DailyVee 502

The Fastest Way to Waste Your Marketing Money | DailyVee 502


– I wanna remind this very smart room that the number one advertiser on Google during the five to seven golden years of it being massively
underpriced attention, was a company called Amazon. When you strike, when you have the best hand, you win. (bass music) – Yeah! – [Gary] You got your perspective. (car revving) (crowd cheering) I just wanna be happy. (car honking) (ambient hip-hop music) Yeah, I mean, I don’t get that, you know? In 1996, my dad had a
liquor store in New Jersey that’s as traditional as you get. That was 22 years ago and I put my dad’s store online and I did email marketing,
and I did Google, and I did content and then, a couple of months after YouTube came out, I started a YouTube show in 2006, which is now 12 years ago. I have no respect, or normally I deploy a lot of empathy. I struggle deploying empathy, I struggle deploying compassion. If you are a business operator, in 2018, we’re recording this is October. 2019, which is when the majority of the people are gonna listen to this. And your excuse is well, I’m a pub, or I make tomato juice, or
I have three restaurants. Digital is oxygen. The real world feels secondary. – Yeah.
– Like to not be a communicator, content producer, part of the conversation. It’s gone from cute and
naive to grossly negligent. – Yeah. – And, I just think it’s unacceptable to be a business in 2019, in the same way that it would be to pay
people not minimum wage. Like I literally believe
it’s grossly unacceptable. To me, it’s like to quantify
digital versus traditional, it’s just marketing. Like, really? You think sending direct
mail print is a better thing to do than advertising on
Instagram as a restaurant? Like really, sit down with me. You’re telling me right
now, that it’s a better deal to spend all that money making a flyer and sending it direct mail?
– Yeah. – Or running a radio ad, or buying a small little
ad in a newspaper. Like this what you’re telling me? It is 2019.
– Yeah. – I felt bad in 2002. It was early, the Internet was new. I had compassion, it was cute. In 2007 it was like, mm, it was kind of like hey, annoying, kinda like, mm, but still kind of. In 2012, it’s like you’re not smart. In 2019, like you deserve to die. (bass music) Look, I want people to
be healthy and happy. I just don’t think that
we should demonize people that love their work.
– Yeah. – And we’ve gone the other way. I love working. I’m sad when I’m not working. So, shouldn’t I work? Who’s to tell me what time I should spend. Work-life balance? I will never have the audacity to tell somebody how to parent. I will have my points of view, I will share them just like others, but nobody talks about quality. – [Woman] Yeah. – Everybody’s talking about quantity. I think that’s very nice that mom and dad are home at 5:00 p.m., but if they’re both still
working on the phone, are they actually spending
time with the kids? People need to be healthy, and so if you’re working
yourself into depression, I think people don’t
understand that most people have bad work-life balance,
because they buy dumb shit, because they wanna look cool
in front of other people, ’cause they’re insecure. This is not a work-life
balance conversation, this is a Keeping Up with
the Joneses conversation. Maybe if you didn’t buy that home that has six extra rooms
that you never use, maybe you wouldn’t have to
stress at work because maybe, this is a far more complex
conversation than I talk about hustle, I talk
about hustle, here’s why. If I looked at all of us right now, and everybody behind these
cameras or reading this article and said get smarter, more talented, I want you to get more talented. That’s very tricky. That’s unbelievably ideological advice. If I said look, two extra hours of work, actually has an impact on your success, if that’s what you’re trying to achieve, that’s practical.
– Yeah. – You don’t have to,
but it’s controllable. Work ethic is controllable. Being born with talent is not. So a lot of my friends in Silicon Valley, who make 50 million bucks
because they have ridiculous DNA, and unbelievable platforms of
entitlement and advantages, and all these other things
that after they make their 50 million bucks,
they look down on everybody and say have better work-life balance, that’s very sweet, but that’s audacious. On the flip side, the 95% of people who are not happy with what’s going on? If they work on their side
hustle after they work and after four years, they’re
selling more strawberry jam on the internet than
the money they’re making being an account executive
at Grey or at Vayner, and now they’re happy,
that makes me happy. – [Woman] Yeah. – So, I think it’s a much more
complex conversation than, hey, people, meditate for an
hour a day and you’ll be happy. That is Band-Aids. Why do you need to meditate? What are you up to? And what are you doing with your life? And why are you working? (bass music) First in Line, what’s
up, I’m here in London I got a Facebook Messenger
hoodie that’s pretty fuckin’ rad and so I’m Facebook Messaging you and I’m gonna sign it right now, and then Andy and DRock,
are about to hide it. You’re about to watch them
hide it and then one of you are gonna find it. We’re having fun on First In Line, London. We’re havin’ fun. A little signature… Andy, DRock? Hide it. (bass music) Wonderful products I place there that allow us to shoot
completely different things. I think we have a very
weak creative conversation around the new channels. I am fascinated that people
even have this debate. How many people here have
bought something on Wish, the shopping app? Raise your hands. Raise it high. Own it, don’t be scared. (audience laughs) Cool, how many people here
have never heard, it’s cool, I need the honesty here and
everyone here’s very fuckin’ like this, how many people
here have never heard of Wish, the shopping app? Raise your hands. This is the best moment of my life. One more time, you have not
heard of Wish, the shopping app, raise your hands, high. Okay, this is the best,
thank you very much. Wish, depending on who you listen to, ’cause it’s a private kinda thing company, is doing anywhere between
three to six billion dollars in revenue, which is
probably the closest thing to any kind of conceivable
threat to Amazon in the world. Wish is doing three to six
billion dollars in sales. They’re spending 98% of their
money outside of a Lakers, Los Angeles Lakers patch on the jersey, and the McGregor-Mayweather
fight, they bought the corner. Outside of those two activations, they are spending 98% of
their money on Facebook ads. Wish’s founders are engineers from Google that worked on the Google Adwords product. Wish is doing three to six
billion dollars in sales and more than half of
this room, this room, not some fuckin’ random 100
people on the street in London, this room, more than half of the people, don’t even know what it is. That, is the punch line. Thank you. (audience laughs) I think why it’s the punch line for me, is I’ve empathy to why that is. One of the biggest
mistakes that people make is they make decisions
in a focus group of one. I have never made a
business decision in my life based on my own behavior. That is laughable, stupid,
and just naive at best, and ideologically kind of
like it’s not a good idea. And so, I’m fascinated by how many people go into rooms and say, “Gary, you’re right! “My 14-year-old daughter uses Instagram.” Great, Jon, you know. (audience laughs) This is not about you,
or your three friends, or your 17-year-old niece, or like what your grandma did yesterday. This is fuckin’ data at scale. This has, black and white, happened. This is not happening, this isn’t coming. 90 plus percent of the
Fortune 500 CPG brands are declining in market share. In their marketing
behavior, 80% of their spend is either on television
or programmatic digital, which is digital 2006. This is not confusing. Meanwhile, Gymshark, and
Fashion Nova, and Lola, and MVMT watches, are
going from zero to 25, 50, 100, $500 million in sales on 100% spend on Influencer, Facebook, and Instagram. This is not subjective debate,
like if a video is funny. This is what’s happening
in the business world. Now, just as an observation,
’cause it’s funny to say, Facebook has done an unbelievably poor job in showcasing the people that
use the platform properly in chasing the BMWs and McDonalds, and Porsches, and GEs of the world. Companies that blindly work on things that have nothing to do, back
to the prior presentation, with actual business. But, this entire industry
that I have come to love, trades on either subjective ego opinions, or complete horse shit metrics. (audience laughs) Included in horse shit metrics,
are things like data logic. The way that I sold Facebook
finally to corporate America, ’cause they finally found
a report that they liked, even though the ROAS on
every report of Datalogix is so phenomenal, yet the
business did not grow. Datalogix is Facebook’s version of Nielsons and Millward Brown, and internal MMS that don’t
take inputs from Facebook, and all the other currency
that people are trading on, that has nothing to do
with the actual business. I’m fascinated by this because
it is not very difficult to do an A/B Test, that
does a hold out cluster that can prove to Nestle’s
if their ads on Facebook versus their ads on
television are driving sales at Tesco or Sainsbury’s or Walmart. You can do it, if you
actually cared to do it. This is a remarkably interesting time. I wanna remind this very smart room that the number one advertiser on Google during the five to seven golden years of it being massively
underpriced attention, was a company called Amazon. When you strike, when you have the best hand, you win. (bass music) Cheers, thank you. Thank you so much.
– Thank you. – Thank you, take care. I think that, for the biggest advertisers, I have empathy for many other behaviors, but it is the analogy
and needs the context so it’s not hyperbolized, that when something is
grossly underpriced. I’ll give you an analogy. If every English Premiere League team reached out to RBS Bank
right now, and said, You know what? Even though we’ve been getting $15 million a year
sponsorships for our stadiums, we like you and we all wanna
offer you eight year deals at one million a year. I think it’s probably a good
idea for RBS to buy them all. That’s where my mind goes with Facebook. I don’t think people
understand the arbitrage. It’s not the television and
outdoor and direct mail, is zero or dead. Not at all. It’s that most of those
things are overpriced. This other thing is underpriced. That means it needs its proper allocation. In today’s world, if you
are a massive company in the UK market, between
Instagram and Facebook, you are getting to a
shocking amount of people at a very low cost. But meanwhile, they wanna deck out a double-decker bus for
awareness, you know? So, I would say this. Nobody is allocating the
appropriate amount of money to Facebook and Instagram,
given how underpriced it is. Do I believe that Pepsi and
Puma, in the UK or in Europe should spend 50, 60% of their money just on Facebook and Instagram? The answer is yes. Should they do a lot of
the other things they do? Yup, but they should cut the
budgets on all those things, so that they can afford the 50 to 60% on Facebook and Instagram. I believe that. (bass music)

100 thoughts on “The Fastest Way to Waste Your Marketing Money | DailyVee 502

  1. Gary as always just dropping straight awesome…….I keep learning all this great knowledge from you so that way when you are buying all of the world you will be like you know I think I need JohnDoe he has learned so many vaynerisms

  2. I recently found this channel and I really enjoy the way You are able to boil down complex concepts and issues into simple answers. Thanks Gary.

  3. This guy doesn't know what he's talking about in regards to mail in. Many start ups are actually reverting back to mail in because people are less likely to mindlessly ignore the ad. Look it up, NPR did a piece on it.

  4. Love what you were saying about work/life balance. I don't think you can have it, but what you can do is have quality time which is more important than having balance.

  5. hello random person scrolling through comments have a great day and bless you and your family!!! Have a GREAT day 🔥🔥🔥👍😭✅

  6. Gary Vee IS THE MAN!!!!! I love the segment on work-life balance. It is 100% true that the quality of time is more important than the quantity of time. Being self-employed for the last 10+ years has taught me that what other people think about me and my time management doesn’t matter one bit, especially when those same people criticize first and then have the audacity to ask for help second. Gary always speaks the truth – MUCH RESPECT!

  7. This is exactly why I quit my second job. The boss was not hearing me at all. He wouldn’t post in social media but would spend $$$ sending catalogues of products.

  8. I do agree that it's crazy to not have a digital/social presence as a business right now. But what most "irl" entrepreneurs struggle with is getting out of the Catch 22 spiral of working so hard to run their business NOW to learn a whole new skillset, or even just learn enough to be able to hire the right person for it, even if it will serve them in the future. I know MANY business owners who are trying to figure out the online game but also are juggling the rest of the game at the same time. It's a big gap to jump and I DO have lots of empathy for them, especially when so many so called "experts" are better at selling themselves than they are at doing what they claim to be expert at. The number of friends I have struggling to find an "expert" to hire and winding up with some over-confident, under-delivering kid working from their couch, unable to even answer a phone call, and not producing results is heart-breaking. There is a HUGE opportunity for social media experts in the market. If the right, motivated person with the results to back their own talk would pitch themselves to these "irl" businesses, they'd be SWAMPED with work. But it seems like most of them are trying to market oNLINE for these businesses, not realizing these business DO NOT HAVE TIME to waste online. They aren't scrolling social and clicking random FB ads. They are in the business of producing, not consuming.

  9. I tried signing up for your VIP, and it turns out I already am signed up! That's some good marketing there, made me even forget I was connected but wanted to do anyways. haha

  10. I started my marketing agency where I help Influencers use their platforms to actually make money & I got my first client through DMs and cold emails cause of Gary’s Videos!!

    Now I own a 6-figure Agency within a year! Gary Vee is the truth!! I’m still coming to these videos to learn more💪🏽

  11. “Digital is oxygen.” El GaryVee dropping wisdom, dropping knowledge. “Work ethic is controllable, being born with talent is not.” Squint Boss approved.

  12. Gave print ads a try 8 months ago. Smallest return per dollar I have ever experienced on anything. Never again! Social platforms forever!

  13. Believe it or not, direct mail still works in some industries. Clients have mentioned several times to me that it’s nice change up.

  14. Let's go! Time to pump all we have into Facebook and Instagram marketing! We're going places! How long do you think until Facebook raises their prices to a less efficient level?

  15. Learn to understand your audience and address them wisely. If your audience responds well to traditional marketing (print, newspaper, billboards, flyers, etc.) don't hold back from budgeting for it just cause digital marketing is the "trend". Too many sponsored ads being shown on instagram and facebook in a few scrolls.

  16. Thanks for all the content Gary, I run a service business and an ecommerce store, and it’s been very valuable. I used AdWords for my service business and FB ads for ecommerce. What do you think of advertising on google smart shopping for ecommerce? Or is all the attention still on FB and insta? Thanks 🙏✌️

  17. Best thing you said in this video, "One of the biggest mistakes people make is they make decisions in a focus group of one…"

  18. Id like to see one of these "I made it" guys tai lopez, Grant cardon and Gary do a blog of themselves leaving there success and starting a blog of themselves jus flat broke and watching them use there formulas cus i get ads all day of these guys that "made it" and im a hands on guy but obviously i want be making 7 figures doing construction

  19. Plz gary dont raise the awarrness about how under rated instegram and facebooks ads are so they wont raise the prices lol .. lets all work in silence 😂😂

  20. Ok so I realize that when you are smart it's hard to avoid irony and hipocracy because an active mind can see things from many angles and juxtapositions. But here we have a guy singing the praises of in your face marketing on all fronts. But then trashing people for falling for this marketing and filling their life with shit they don't need. You kind of have to decide bud…are you a guru or captain of industry? The dualism is a bit schizo at this point spreading more confusion than valuable advice. Preach minimalism or aggressive marketing but you can't really have it both ways. You want to tell the population that they are idiots for buying the crap that you help people sell. Kswiss expensive ugly shoes with a signature comes to mind of dumb crap people do not need and make them only more miserable. Get your shit together Gary.

  21. Wish was a way to do FB google so on adds for the vape ecig industry.
    Would like to know Gary view on how psychology aspects of using cars homes so on life style works for many brands/companies.
    Like we are limited to how to promote our website, one thing that has been working well is having exotic cars and taking them to many events, IG photos so on, has helped in many ways.
    Same time tax write off.
    In same light looks like trying to keep up with the jones.
    Will admit need to get back on youtube in many ways and use that to gain more sales vs going to influencers that only gain little return and many of them not willing to promote vape.
    Ones that are willing did not bring that much of a return.
    Back to youtube seeing many make good money and have good following on youtube makes it seem using the cars works well and can leverage it for own website traffic, till youtube makes it that cant promote vape websites. I can go on and on about all this.

  22. This is a constant soapbox I am on with my clients… target the people who are engaged and get into the community of people who actually can be shown your products or services at the very instant they are paying attention. Make good content and stop using a print and tv model to market on Facebook.

  23. Gary Vee has the entrepreneur space bent over with its pants around its ankles! In terms of social media content he is the top dog. There is not even a close second! Much respect! However, there is one thing that Gary Vee is adamant about that i do not agree with! And that is his opinion on ''DNA'', that some people are born with abilities to accomplish certain things that other people can simply not attain and therefore not achieve the same successes! I simply don't believe this to be the case…………. That is all. Adios!

  24. Once I was told that Facebook was a passing fad. The person who told me this was the VP of media at Canada’s largest company… that was in 2013…

  25. Hi Gary,
    I’m 51, spent 30 years in graphic design and CAD design for packaging. I decided to quit and try my own thing. In the past 6 months I’ve created a website to sell things I’m passionate about: www.shopoystercottage.com
    But it’s having a really slow start (really slow) I’m sure it’s because no one knows it exists. I’m attempting Facebook ads and just started Instagram and Pinterest to get the name out there. But I could use your advise. I’m thinking my dollars might be better spent on hiring a marketing co. to do it for me? As I’m not very good at the technical side where to market and how. Just help please! You can message me through the website if you’re interested in helping.

  26. Amazon learning is cute. What is Gary Vee doing in 2020? that's going to be a great year for me as well😎 then 2050 and 2100… And the sweetness is if I want to hang around until 2220, I will. ONE which means #respect

  27. YOU ARE THE MANNN! you have inspired me to make myself a youtube channel i would say thank you so much and it would be a helpful reason if you guys subrcribe send some feedback thanks alot.Peace!

  28. Invest your spare change with acorns to invest without thinking much about it. Use my link to sign up and both of us get $5. But the next part is huge: refer 11 people and get $1100 that you can transfer to your bank for this month of november. Please use my link and help me get a rack in return for this knowledge!

    https://acorns.com/invite/WXP3SQ

  29. I have advertise my music on facebook by sending people to my spotify page and I see the results ,check out my artist , its unkamike……on itunes, spotify and so on.

  30. Love it! Gary says he keeps saying the same things but people and businesses don't listen. Meanwhile us "small potatoes" who are listening will be #crushingit

  31. https://www.shopfactory.com/contents/en-us/d274_download_free_shopfactory_trial.html?fbclid=IwAR10H28LirKRsH0BM65W2poITeOBgAGD-aBz3ECMxfca6Qiw6-q1FTMYXtk

  32. Love Gary but definitely cringe at the gross misunderstanding of meditation and who it’s for but agree on his overarching points.

  33. What steps would you recommend that i take to find a mentor with powerful ideas and ability to implement like you that i can shadow.

  34. Hm, thanks for sharing these insides. But,

    Gary didn’t get what Meditation is about. So doesn’t get it the people who say ‘meditate for an hour a day and you will be happy.’

  35. There's a psychology to using bill board and print that Gary is missing. Agreed, sometimes it's used improperly, and a complete waste, but that's bad marketing. A channel itself cannot be bad. Something about billboard and print serves for some companies as a visual stimulus – purely brand. For local players, it serves as an indication of being successful – a stepping stone and a call to arms to support their success. Print means presence – not just ROI. Thats fair, but that's always been the way.

  36. When 80% of your wealth is from facebook and instagram and you push others to use facebook and instagram, look at what's happening….it's luck folks, it's not grinding, it's not fu*ing working harder, being smarter, it's being lucky ok. Gary V would still be working at the liquor store if it wasn't for luck….#truth…great guy, not saying that, just saying don't get it twisted from these guys that "claim" they make and have made all this money from hustling, many people hustle, many people aren't multi millionaires..

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