photo by TedMurphy
Everyone keeps reading about social media. That’s the buzz word in much the same way that ‘blogs’ were a few years ago (wasn’t it picked as Oxford’s Word of the Year?). And the million dollar question is how does someone monetize it?
I’ve been following Gary Vaynerchuk for a while now, first as a huge fan of WineLibrary TV but now I’m a huge fan of his Social Media and Marketing chops. He shares a lot of this knowledge at his own website and if you’re getting into social media, or just want to be inspired to go out there and crush it, I’d highly recommend it. I think Gary is a prime example of how you can take something you’re really passionate about and monetize. Hardcore. BUT I think its a winning combination of his work ethic, business knowledge and personality that makes him successful. There’s no magic bullet here, folks.
And now he’s taking another step making more dough-nuts than ever before as I read that he’s working with Virgin Airlines to provide in-flight content. He’s also launched Obsessedtv.com which is an online talk show aimed at 25-55 year old women, and has plans to diversify even more.
He’s done a great job in taking his traffic and status as a web celebrity (though he’s say he’s a Z-lister) and leveraging that into building his own brand and diversifying. Certainly not the only way to monetize, but it worked for him.
So is that selling out or diversifying?
First of all, its monetizing. 2nd of all, diversifying is probably a smart move given how fickle web users are and by partnering with ‘bigger business’ and creating other outlets it certainly will expose his content to tons of new people.
But here’s where it gets complicated. I’d argue that his fans are so passionate because in addition to putting out great content, he’s accessible. He interacts with his ‘tribe’ on a regular basis and proudly declares that he answers every email personally (it appears this is true, as I’ve received personal responses back to both my inquiries). He creates a great sense of community. Wine may be his business, but COMMUNITY is his brand.
And I’m a little bit worried that with this brand expansion, that some of this community will be lost. Its like when we were one of the first people to get the goods on a great band that wasn’t ‘mainstream.’ you got to see them in clubs rather than stadiums, you could have a beer with them, and certainly they were NEVER on the radio. And that was cool, because now you are an ‘insider’. You knew what made them so special and although you wanted them to get known for their art, by getting HUGE that sense of community can get lost.
Many would argue that Getting Big = Selling Out. I disagree. I think the modified statement should be Getting Big and NOT CARING = Selling Out. Selling out is losing perspective. Selling out is giving up control of your tribe to someone or something that doesn’t understand how to lead it.
While I’m really happy that Gary is rocking it in other mediums I hope that he’s careful in how he manages his community brand, and continues to interact in a way that made him successful. Can he answer every e-mail forever? Its doubtful, but I hope that he can grow his business while not losing sight of what made his content appealing. If he can do that, then he can grow without ‘Selling Out.’ And I for one, am looking forward to many more inspriational keynotes, and wine recommendations from @Garyvee.
What’s the lesson for your business? I’d say for one thing, know that caring about and interacting with customers matters way more than you think. Forming relationships with them will help to perpetuate growth organically. Also, know what the difference is between what you’re selling (your business) and what your brand is (how people perceive you and your business). And finally, dont’ lose sight of what makes YOU and your business unique, even when faced with aggressive growth. Be the band that plays a stadium like its a club.
When your primary business is selling wine, then WineLibrary.tv is a logical brand extension. Corked.com is a logical brand extension. An interview show for “celeb-obsessed” ladies is not quite as natural of a progression for Mr. Vay-ner-chuck. So I think the risk he is running here is not so much selling out, but over extending his brand into areas far outside his core competency. When you try to over leverage your brand, you put energy and resources into things that not only fail to reinforce your primary brand, but perhaps water it down and weaken it. Some industries have a very high tolerance for brand extensions (think Starbucks Liqueur). Some industries do not (think Hooters Airline). Hope things work out like the former for Gary V.
I resonate with your apprehension about a gem being exposed to the masses. i.e. bands, movies, people, Vee, etc.
However, when something is good or even great, it should be exposed to the masses. Keep in mind that, at some point, WE are the moment at which someone before us claims their sacred-whatever-it-is “Sold Out”
Rachel (previous commenter)– Unless you are Gary Vee how do know where his “core-competency” is? What if he is on the verge of expanding that core?
Be careful about putting him, or anyone else but yourselves, in a box.
I was thinking along the same lines, but I’m just wondering if the Wine fans are now getting the short end of the stick.
It seems like every week he’s announcing a new venture. Did he truly care about the game he put out on the iPhone? It felt too Billy Mays to me. Some guy/company made it and Gary was just signed on to pitch it.
And I don’t even get why he is attaching his brand to Obsessed.tv.
I don’t know, but at least he’s gone back to doing 5 shows a week for Wine Library TV.
How does someone who’s been in the business of “selling” his whole life, sell out?! maybe by stopping selling??
Sorry, couldn’t resist the word play. I don’t know completely what obsessedtv is, but we all know he needs lots of $$$ to buy the Jets, so…
Hey guys,
Thanks for the comments and for checking out the post. I’m also glad he’s stepped up the WLTV shows again.
Chris, I got a little nervous about the iPhone app myself, but he is doing some things (like Rachel said) to extend his brand in a logical way. It may turn out that Obsessedtv is a perfect venture to reach new audiences too, we’ll just have to wait and see.
No one is telling him what he can and can’t do, I was just pointing out that its important to know your brand and know your community – but Gary made a good point when he said its equally important to KNOW YOURSELF.
Thanks again for all your thoughts guys.
WLTV has and always is 5 days a week unless i get “caught” and the iphone game was as mentioned often for a great friend and WL employee not a “COMPANY” and obsessed is a show I always wanted to do and basically created co-created Sam and I nailed it out over drinks!
This was a good, objective post, and the civil discourse back and forth, that includes Gary’s defense, was a pleasure to read. Gary wreaks of personal success, but I’ve been more “hooked” on him not only over my obsession, ahem of wine that I share with him, but his good-vibed attitudes like “don’t listen to anyone, listen to everyone… and be respectful” – I think after 600+ hard-earned episodes on wine-library, I think I’d be trying new things too. Go check out episode 1 in 2006 and you’ll see he’s done jsut what he said he would. He just better not ever get tired of sippin’ the wine and tellin’ us what’s up, cause that’s his brand to me.
QOTD: Between what two winelibrary episodes did gary chuck the gaudy spitoon and replace it with the Jets one? hmmmm?
Cheers, Jason
http://www.blogtext.org/hugo2witt/article/266910.html?Closet+Organziation+Systems+-+excellent+factors+you+can+purchase