GaryVee - Answering your business questions LIVE! | Tea with GaryVee Episode 72!
Gary Vee introduces the concept of 'Commerce-tainment,' which combines commerce and entertainment, as a powerful tool in live shopping experiences. He explains that this approach leverages real-time interaction and excitement to enhance the shopping experience, making it more engaging than traditional advertising. Gary emphasizes that live shopping works because it taps into human behavior's preference for real-time experiences, similar to attending live events for entertainment value. He also discusses the importance of taking action in entrepreneurship, advising a young entrepreneur to embrace failure as a learning opportunity and to not fear losing money, as it builds resilience and experience. Gary stresses the importance of patience and long-term thinking, encouraging individuals to focus on building foundational skills and not to rush success. He advises parents to allow their entrepreneurial children to experience losses to learn valuable lessons. Additionally, Gary highlights the need for individuals to redefine success based on personal fulfillment rather than societal standards, urging them to focus on self-improvement and positivity.
Key Points:
- Commerce-tainment combines live shopping with entertainment to enhance consumer engagement.
- Live shopping taps into real-time human interaction, making it more effective than static ads.
- Entrepreneurs should embrace failure as a learning tool and focus on long-term growth.
- Parents should allow entrepreneurial children to experience losses to build resilience.
- Redefine success based on personal fulfillment, not societal standards.
Details:
1. 🌞 Good Morning and Welcoming the Audience
- The episode is being hosted by Gary Vee in New York City.
- The weather is notably pleasant outside, contrasting with the colder previous months of January and February.
2. 🎩 Sneak Peek of the Creative Crab Hat
- Maximize reach by sharing content through group texts, Slack, and personal contacts.
- The Creative Crab Hat is launching later this year, generating significant consumer anticipation.
- Secondary market activity for hats shows high demand and potential for value appreciation.
- Pricing strategy adjusted to limit reseller profits and control market pricing directly.
- Launch specifics include marketing plans targeting high engagement platforms.
- The anticipated launch date is set for the holiday season, aligning with peak consumer spending.
3. 📺 Engaging with Social Media and Audience
- There is a viable business opportunity on eBay through flipping 'be friends' caps, which could be lucrative for small-scale entrepreneurs looking for profit.
- The speaker demonstrates a highly personalized engagement strategy by naming viewers across multiple platforms like LinkedIn, YouTube, and TikTok, enhancing viewer connection and loyalty.
- An effective call to action is employed, directing viewers to visit Garyb.com and download an app, which aims to convert social media followers into platform users and increase overall engagement and monetization potential.
4. 🎁 Free Giveaway and Whatnot Promotions
- Gary.com and Whatnot are offering exclusive free merchandise only available through these platforms.
- The promotion includes nostalgic 80s stickers, appealing to collectors who used Trapper Keepers.
- A special giveaway features the 85 basketball prism stickers, highly sought after by sports card collectors.
- Participants have a chance to win a pack featuring characters like 'ambitious Angel', 'positive porcupine', or 'helpful hippo'.
- The promotion aims to engage nostalgic audiences and sports card collectors with limited edition items.
5. 🛍️ Commerce-Tainment and Selling Strategy
- 'Commerce-tainment' merges commerce with entertainment, creating engaging shopping experiences that capture consumer attention.
- Live shopping effectively combines entertainment with selling, boosting engagement and sales.
- Entertainment elements in commerce are crucial for capturing attention in a digital marketplace.
- Successful 'Commerce-tainment' strategies include live interactions that enhance engagement and drive sales.
- Case Study: A fashion retailer saw a 30% increase in sales by integrating live entertainment into their online shopping events.
- Example: A beauty brand increased viewer engagement by 40% through interactive live tutorials and Q&A sessions.
6. 💼 Live Shopping and Human Behavior
- Live shopping effectively harnesses human impulsivity by promoting real-time purchasing decisions, as evidenced by the immediate sale of rare Series 2 trading cards during live sessions.
- Special discounts, such as offering a $40 product for $25 to first-time buyers using a specific code, are strategically used to enhance buyer engagement and encourage quick decision-making.
- Social shopping thrives on the human tendency to make impulsive purchases in live settings, which is exemplified by individuals like Gary who find themselves buying from live platforms despite their usual discipline.
- The fusion of commerce with content, highlighted in live shows like 'Tea with Gary Vee', demonstrates how entertainment seamlessly integrates with shopping, leading to immediate sales and increased viewer participation.
7. 🤝 Building Relationships Through Commerce-Tainment
- Commerce-tainment involves integrating entertainment into live shopping experiences, creating an atmosphere similar to attending a live event, which enhances customer engagement and satisfaction.
- Platforms like TikTok Shop exemplify successful commerce-tainment by generating excitement and hype, leading to higher engagement and sales compared to traditional methods.
- Real-time interaction in live shopping can significantly boost the effectiveness of promotions, as seen with interactive sessions that outperform static advertising by 40% in engagement metrics.
- Successful commerce-tainment depends on the seller's entertainment skills, akin to popular QVC personalities who drive sales through engaging presentations.
- The model fosters a new shopping experience that combines entertainment with commerce, promoting increased customer loyalty and satisfaction.
- Case Study: A clothing brand utilizing TikTok Shop saw a 25% increase in sales through live interactive sessions, highlighting the impact of commerce-tainment.
8. 📈 Entrepreneurship and Facing Fears
- Offering new buyers a $15 credit to effectively allow free purchases, strategically targeting iPhone users in the US who also get free shipping to increase engagement.
- Exploring eBay as a platform for future sales, suggesting a buy low, sell high strategy to generate revenue.
- Building trust and engaging with the community to drive sales, as demonstrated by an influencer leveraging personal connections for increased purchases.
- Highlighting the importance of strategic incentives like credits and free shipping to reduce consumer hesitation and promote marketplace activity.
- Encouraging a diverse approach to sales by utilizing multiple platforms and personal networks to maximize reach and revenue potential.
9. 👔 Letting Go of Employees and Business Realities
- An individual is transitioning from a high-paying job to entrepreneurship, experiencing anxiety about income uncertainty and the challenges of a new venture.
- They have developed a financial strategy to support themselves for 6 to 12 months without relying on business income, emphasizing the importance of savings and budgeting.
- The individual is keenly aware of the emotional and psychological impacts of leaving a stable career, preparing mentally for the entrepreneurial journey.
- Their business strategy includes identifying potential revenue streams and managing expenses to extend the runway, reflecting a comprehensive approach to financial planning.
10. 🎓 Career Changes and Taking the Leap
- Individuals often fear leaving secure, high-paying jobs for entrepreneurial ventures, but it's important to try to avoid future regret.
- High-paying corporate jobs will always be available, providing a safety net for those willing to take risks.
- The real victory lies in attempting something new, as many people live with regret for not trying.
- Financial loss is a possibility, but the experience and self-discovery gained are invaluable.
- There's no shame in returning to a corporate role if entrepreneurship doesn't work out.
- Choosing a company that aligns with personal values and provides a supportive environment is crucial for job satisfaction.
- Strategies to overcome fear include creating a financial safety net, seeking mentorship from successful entrepreneurs, and starting with small projects to build confidence.
- An example of successful transition includes individuals who leverage their corporate skills to create consulting businesses.
- Another strategy is to volunteer or freelance in the desired field before making a full transition, reducing uncertainty and gaining experience.
11. 💪 Motivating Young Entrepreneurs
- When transitioning from early employees who helped move from Z to 1, clarity and respect are crucial for letting them go.
- Offer better severance packages and maintain respect by being honest about the transition needs.
- Prioritize candor over monetary compensation to ensure better emotional outcomes for departing employees.
- Reflect on past mistakes where lack of candor and overcompensation led to suboptimal transitions.
12. 🤔 Overcoming Fear and Self-Doubt
- The speaker celebrates entering their 50th year by recognizing significant personal growth, achieving tasks previously deemed impossible, illustrating continuous self-improvement and resilience.
- Encouragement to challenge self-doubt and disprove critics is emphasized, promoting a mindset shift towards resilience and growth.
- Products designed to boost workplace confidence, such as desk toys with motivational themes like 'genuine giraffe', are introduced, linking personal growth to actionable tools for confidence.
- A strategic pricing adjustment is highlighted, with a popular product price reduced to $15, targeting over 500 potential buyers, demonstrating a practical approach to increasing accessibility and confidence-building opportunities.
13. 👨👩👧👦 Parenting an Entrepreneurial Child
- A promotional offer allows U.S. iPhone users to get a product for free with a $15 discount and free shipping, targeting new customers to increase acquisition.
- The process for new buyers involves a specific sequence: clicking a note, followed by a vf5 button, to apply the discount, ensuring ease of access to the promotion.
- Audience participation is encouraged through interactive steps, enhancing engagement by welcoming new customers into the purchasing process.
- A giveaway complements the promotion with appealing prizes like a common sense cow and a genuine giraffe toy, further driving customer interaction and interest.
14. 👥 Handling Undervaluation and Social Pressure
- Address feelings of undervaluation by taking strategic actions both on micro and macro levels.
- Micro-level actions include actively searching for new job opportunities on platforms like Indeed and LinkedIn to better match your professional worth.
- On a macro level, consider enhancing your skills through additional training or certifications to increase your market value and leverage in job negotiations.
15. 🗣️ Embracing Self-Worth and Rejecting External Validation
- Individuals often indulge in self-pity and blame others for their life's challenges, similar to pigs rolling in mud, which is an analogy for people enjoying dwelling in negativity.
- The narrative emphasizes taking control of one's life by reducing engagement with negative external influences, as some people found increased happiness by ignoring distressing political cycles.
- The speaker criticizes the societal trend of valuing opinions of celebrities and wealthy individuals over personal or historical role models like grandparents or astronauts.
- There is a call to redefine who we look up to, focusing on individuals who provide genuine value and treat others well, instead of following those with superficial success.
- The message encourages rejecting environments or 'rooms' that make one feel inferior, emphasizing that self-worth should not be dictated by external acceptance or validation.
- Confidence in one's ability to find new opportunities and recognizing personal value is highlighted as a key to overcoming feelings of inadequacy.
16. ⏳ Patience and Long-Term Goals
- The speaker stresses that external perceptions, like societal status symbols, should not determine self-worth.
- A young individual expresses a desire to become a successful entrepreneur or public speaker while managing a full-time job, fearing they may miss out on achieving these goals.
- The speaker shares a personal experience of working in a liquor store until age 34, illustrating that significant achievements can occur later in life.
- At age 23, individuals have ample time to pursue long-term goals and establish a solid foundation, emphasizing patience and planning.
- The speaker’s story serves as a reminder that success is not confined to a specific timeline, encouraging young people to focus on building their future patiently.
17. 💭 Learning from Experience and Overcoming Regret
17.1. 📧 Strategic Networking and Persistence
17.2. ⏳ Patience and Long-term Success
18. 🧠 Mental Health and Self-Kindness
- Allocate your 24-hour day strategically, as demonstrated by dedicating 9 to 10 hours to work and balancing it with content creation, learning, and public speaking practice.
- Ensure adequate rest by aiming for 6 to 8 hours of sleep per day, which contributes to better productivity and self-care.
- Avoid self-criticism over minor setbacks; maintain ambition while being kind to yourself to prevent regret and burnout.
- Strive for consistency and discipline in personal goals, recognizing that self-compassion is as important as confidence.
- Being kinder to oneself and maintaining confidence leads to better performance and personal satisfaction.
- Dedication to foundational work is crucial, with examples of spending 12-hour days building infrastructure, which highlights the importance of groundwork over immediate high visibility actions.
19. 🔄 Life's Unpredictability and Perspective
19.1. Entrepreneurship and Technology Utilization
19.2. Perspective on Life's Challenges
20. 🎯 Making Smart Financial Decisions
- A limited offer of 100 collectible trading cards, typically sold for $25 to $30, is available for free to new buyers, potentially attracting first-time customers and expanding the brand's reach.
- New buyers are encouraged to engage by clicking a 'white button' on the app, ensuring participation in the giveaway and increasing user interaction with the platform.
- The initiative aims to introduce the 'vfriend Trading Card' to new audiences, marketed as a valuable collectible similar to Pokemon and Disney, targeting collectors and young audiences.
- The cost of grading each trading card is mentioned, implying its perceived value and the effort to enhance its market appeal.
- Communications encourage existing users (OGs) not to take advantage of the offer, emphasizing fairness and fostering a welcoming community for new participants.
- Strong measures, such as banning existing users who exploit the offer, are proposed to maintain the integrity of the initiative and ensure it benefits the intended new audience.
21. 👶 Supporting Young Entrepreneurs
21.1. Resilience and Adaptability
21.2. Evolving Perceptions of Education
21.3. Practical Experience Over Academic Credentials
22. 📚 Parenting Advice and Entrepreneurial Guidance
- A 14-year-old boy successfully sells sneakers on 'whatnot', showcasing early entrepreneurship.
- Parents are advised to support their child's ventures by allowing independence and staying minimally involved.
- Intuition is crucial for knowing when to provide space for exploration and learning.
- A partnership with the father in sourcing and flipping shoes aids the child's success.
- Parents subtly encourage business activities without pressuring their child, allowing self-paced management.
- Each parenting situation is unique, implying that general advice may not apply universally.
23. 🏆 Embracing Losses as Learning Opportunities
- Engage with teenagers by communicating with them as adults, which can redirect negative influences strategically.
- Encourage entrepreneurial experiences, understanding that early failures teach valuable lessons and prevent future financial losses.
- Allow children to experience financial losses to instill important financial lessons, which is a key aspect of effective parenting.
24. 📺 Promoting Content and Engaging Audience
- Foster an entrepreneurial mindset by encouraging individuals to learn from both their successes and failures, which leads to authentic growth.
- Provide direct contact information, such as an email address, to facilitate inquiries and enhance channel promotion.
- Emphasize parental support in developing entrepreneurial skills and talents in children, highlighting its importance for nurturing future generations.
- Enhance content credibility with personal endorsements, such as trusted figures endorsing the quality of the channel's cartoons.
- Engage audiences through interactive strategies, like prompting viewers to participate in live chats with specific actions (e.g., entering 'nine' in the chat).
- Target niche interests, such as pin collecting, to captivate specific audience segments effectively.
- Leverage family-oriented platforms like YouTube Kids to reach young audiences, emphasizing content appeal to children.
- Create buzz and intrigue by making bold claims about content quality, supported by endorsements from family members.
25. 💡 Preparing for Economic Downturns
- Stop buying unnecessary items immediately to prepare for potential economic downturns.
- Review and unsubscribe from automatic payments and subscriptions that are not in use, especially multiple streaming services.
- Warren Buffett's move to cash is a strong indicator of potential economic trouble, suggesting the importance of liquidity.
- Avoid purchasing non-essential items, even if they seem valuable, unless they can be easily afforded.
- Focus on financial prudence and cutting unnecessary expenses to maintain stability during uncertain economic times.
- Increase savings by setting up automatic transfers to a savings account to build a safety net.
- Consider diversifying investments to reduce risk exposure in volatile markets.
- Regularly review financial statements and budgets to identify areas for cost reduction and savings.
26. 🎤 Comedy and Content Creation
- Consumers are encouraged to reassess and potentially cut unnecessary subscriptions to prepare for economic uncertainties.
- A major shift in comedy content strategy has occurred over the last decade, moving from withholding top material to promoting it widely online to gain exposure.
- The shift highlights the benefits of sharing content online, providing comedians with greater reach and opportunities, evidenced by many who have successfully leveraged platforms like YouTube and Instagram.
- The change in approach allows comedians to build a personal brand and audience directly, which can lead to more live show opportunities and revenue streams.
- However, there is a need to balance content sharing to avoid overexposure and maintain the intrigue of live performances.
27. 📈 Success Metrics and Personal Fulfillment
- Success should not be measured solely by reaching the top 0.001% in the world, but rather by personal fulfillment and enjoyment in what you do.
- Many people mistakenly equate not achieving the highest level of success with being a failure, which can lead to a negative self-perception.
- It is important to redefine success on a personal level, possibly viewing it as a fulfilling hobby or side gig, rather than a primary measure of self-worth.
- Maintaining a positive mindset and surrounding oneself with uplifting and supportive individuals can help shift perspective from negative to positive.
- Life perspective greatly influences perceived success, and focusing on mental well-being through therapy, reading, and positive interactions can aid in redefining personal success.
- Strategies for redefining success include setting personal goals that align with individual values and passions, as well as engaging in activities that bring joy and satisfaction.
- Examples of personal success could include mastering a new skill, contributing to community projects, or balancing work-life commitments effectively.
- Seeking mentorship and building a network of like-minded individuals can provide support and encouragement in pursuing personal success metrics.
28. 🧭 Life's Complexity and Perspective
- The comparison between two individuals: one with a high income but miserable, and another with a modest income but a fulfilling personal life, highlights that happiness and success are subjective and not solely dependent on financial status or social media presence.
- Financial stress does not necessarily equate to a less desirable life; having a loving relationship can be more valuable than wealth.
- The unpredictability of life means that even those who appear to have everything can face sudden tragedies that drastically change their circumstances.
- The narrative emphasizes the perspective that life is inherently complex and simple solutions or judgments about others' lives based on superficial metrics are inadequate.
29. 🗓️ Maturity and Personal Responsibility
- The discussion emphasizes the importance of personal responsibility and maturity, questioning at what age individuals should stop blaming their parents for their circumstances.
- Participants suggest ages ranging from 18 to 31 as the time when one should take full responsibility for their actions and future, indicating that maturity can be circumstantial rather than based on a specific age.
- The conversation encourages self-reflection on personal growth and accountability, highlighting that the 'right' age for maturity varies for each individual depending on their life situation.
- The discussion includes diverse perspectives, suggesting that external factors such as life experiences, cultural expectations, and personal challenges play significant roles in determining when an individual becomes mature.
- Examples of varying maturity levels are shared, such as individuals taking responsibility at an early age due to difficult life circumstances, compared to others who may mature later due to prolonged dependence or lack of challenges.