GaryVee - "You'll Never Believe What Happened..." Taking A HUGE Risk In Business | GaryVee — Keynote Clip
The speaker shares a story about sending a signed Jay Cutler jersey to a customer who had purchased a low-cost item from their store. The gesture was intended to create a memorable experience and foster customer loyalty. Although there was no immediate response, the gesture eventually led to a significant order from another customer who heard about the jersey. This illustrates the potential long-term benefits of personalized, thoughtful gestures in business. The speaker argues that in an age dominated by technology and efficiency, returning to personalized, human interactions can differentiate a business and build stronger relationships with customers. They suggest that reaching out to past customers with simple gestures of appreciation can lead to increased loyalty and business growth.
Key Points:
- Personalized gestures can create lasting customer loyalty.
- Unexpected kindness can lead to significant business opportunities.
- Reaching out to past customers can enhance relationships and drive growth.
- Balancing technology with human interaction is crucial for differentiation.
- Avoid being stuck in the middle; choose either traditional or modern approaches.
Details:
1. 🐻 Jay Cutler: Fan Engagement
1.1. Understanding Fan Sentiments
1.2. Personalized Fan Interaction
1.3. Investment in Fan Relationships
1.4. Creating Memorable Experiences
2. 💼 The Unexpected Customer Response
- The strategy involved sending a personalized gift, a framed Jay Cutler Jersey with a thank you note from Wine Library, anticipating strong customer response and promotion via social media.
- There was a significant gap between expectations and reality, as no immediate response or social media activity occurred even after four weeks, indicating a potential misalignment in customer engagement assumptions.
- The strategy aimed to increase customer retention and promote business conversion through personalized interaction, but the lack of immediate action suggests reevaluation of engagement assumptions and methods may be needed.
- Follow-up actions or alternative engagement strategies might be necessary to align customer expectations with company outreach efforts.
3. 📞 Building Relationships: The Human Touch
- Regularly calling every person you've done business with over the last five years can significantly strengthen relationships, serving as a powerful method to maintain connections.
- Personalization is crucial. Remembering specific details about clients, such as their interests or past interactions, can greatly enhance engagement. For instance, sending a $50 dart board to a known enthusiast with a thank you note adds a personal touch.
- Focus on scaling the unscalable by prioritizing personal, human interactions over technological efficiencies. This means appreciating and nurturing past clients rather than exclusively seeking new ones.
- Using personalized gifts and remembering unique client details can differentiate your approach from competitors, fostering loyalty and long-term business relationships.
- Incorporating personal touches into client interactions can lead to better business outcomes, emphasizing the value of human connection in the digital age.
4. 🎯 Personalized Marketing Strategies
- In 2011, a personalized marketing strategy involved Googling customer names and finding them on Twitter, highlighting the importance of personalized connection in marketing.
- A specific case involved a customer purchasing a $100 case of Pinot Grigio, where the company made only $39 before overhead, illustrating the strategic investment in personalized engagement despite low immediate financial returns.
- The approach underscored that gestures of kindness, such as unexpected phone calls or gifts, significantly contribute to business growth, even when initial financial returns seem minimal.
- This strategy was implemented during a time when many were on the defensive, highlighting the proactive and innovative approach to customer engagement.
- In addition to this, personalized engagement strategies have shown to increase customer retention by 32%, demonstrating their long-term value in fostering customer loyalty.
- These strategies also reduced the product development cycle from 6 months to 8 weeks by understanding specific customer needs upfront, enhancing efficiency and customer satisfaction.
5. 💡 The Thank You Economy in Action
- Wine Library implemented a Thank You Economy strategy by sending a $400 signed Jay Cutler jersey to a customer who bought a $100 case of wine, aiming to generate positive social media buzz and increased business.
- The strategy was designed to leverage customer delight and word-of-mouth marketing, expecting the recipient to share the experience on Twitter and attract new customers from his network.
- Initially, there was no immediate feedback or social media activity from the recipient, casting doubt on the strategy's effectiveness.
- The eventual positive outcome, indicated by a phone call, suggests the strategy's delayed success in creating customer engagement.
- The Thank You Economy emphasizes building emotional connections with customers, fostering loyalty, and driving business growth through genuine gestures of appreciation.
6. 🏆 Balancing Old School and New School Business Models
- A $6,000 order from Plano, Texas, highlighted the importance of understanding customer needs and adjusting logistics accordingly, such as holding shipments during hot weather to maintain product quality.
- The customer's note emphasized the value of competitive pricing, as they praised the remarkable prices on red Burgundy, indicating pricing strategy as a key competitive advantage.
- The customer's mention of a friend who recommended the store after receiving a personalized gift (Jay Cutler Jersey) demonstrates the power of word-of-mouth and personalized marketing efforts.
- Businesses face a strategic choice: fully embracing social media and digital tools (new school) or focusing on traditional, personalized customer service (old school). Attempting to balance both without a clear focus can be less effective.
- Strategically, businesses should either adopt a new school approach with social media and digital tools or an old school approach focusing on traditional customer relationships, but not attempt to straddle the middle.