BCG Digital Ventures Gary Vaynerchuk Talk | New York City 2017

TL;DR

Attention has become a valuable currency, and there are various trends and disruptions in industries such as retail and media that are being underestimated. The cell phone and social media are central to this shift.

Transcript

(audience applause) - So, growing up in the liquor business I've always learned that it's super hard to compete with alcohol so, everybody back there do your thing. You're not hurting feelings. So, thank you so much for having me. I figured, to be very honest, especially as I've been walking around the room and seeing so many familiar faces. I don'... Read More

Key Insights

• 🤕 Attention is a valuable commodity in the digital age, and businesses need to understand where attention is being focused to effectively reach their target audience.
• 😀 Retail is facing potential disruption due to the increasing prominence of online shopping and changing consumer habits.
• 👶 Traditional media companies are also encountering challenges as new platforms, such as Facebook and Amazon, gain popularity.
• 💻 Direct-to-consumer (DTC) brands are putting pressure on established brands by utilizing online platforms and bypassing traditional retail channels.
• 👨‍💼 There is an opportunity for businesses to engage with consumers through influencer marketing, especially in the long tail of social media, which can offer cost-effective reach and better audience targeting.
• 🍧 It is crucial for professionals to be practitioners rather than just having opinions, as keeping up with the rapidly changing digital landscape is vital for success.
• 📣 The cell phone and social media have become central to our lives, with more than half of the time spent on cell phones being dedicated to social networks and video platforms.

Questions & Answers

Q: What is the speaker's main focus in his entrepreneurial journey?

The speaker's main focus is on the concept of attention and how it can be leveraged in various industries.

Q: How does the speaker suggest using Facebook videos for business growth?

The speaker suggests running targeted Facebook videos to reach specific audiences, such as employees of certain companies, and using attention-grabbing copy to generate interest.

Q: What industry does the speaker believe is about to experience significant disruption?

The speaker believes that retail is about to face major challenges due to the growing trend of online shopping and the changing landscape of consumer behavior.

Q: What is the speaker's view on traditional media companies?

The speaker believes that traditional media companies are facing significant challenges and that new platforms, such as social media and over-the-top (OTT) products, are reshaping the advertising industry.

Summary & Key Takeaways

• The speaker discusses the importance of attention in his life and how it shaped his entrepreneurial journey.

• He highlights the potential disruption in retail and media industries, emphasizing the impact of online shopping and overpriced advertising.

• The speaker advises the audience to recognize the underpriced attention on social media platforms and suggests using Facebook videos as a marketing tool.