Gary Vaynerchuk is an influencer, five-time best selling author, investor, and serial entrepreneur. Vaynerchuk, or “GaryVee,” has millions of social media followers and a penchant for the occasional f-bomb. But there is one thing he isn’t…afraid.
- Of changing technologies
- Of trying new things
- Of calling it as he sees it
Speaking in at The Financial Brand Forum in Las Vegas this past week, Vaynerchuk made it a point to call out banks and credit unions for using REGULATIONS as an excuse to avoid innovation.
“Everyone’s debating all the time, trying to prove their idea is ‘right,’” says Vaynerchuk on Instagram. “So much…talking.”
Consumers, the financial institution’s target audience, are online. Every person has a small computer in their pocket through which they view the world. The brick-and-mortar location is a touchpoint but your interactions are increasingly online, and the internet is the middleman. This change in consumer behavior has spawned a lot of innovation for business. But the most practical and affordable thing you can do to improve your business is to adjust your marketing strategy.
Here are a few fast marketing insights from GaryVee to help you make changes in how you market:
- Lean into the infrastructure of the web. Right now, Facebook is king. But YouTube is hot on its trail, and either one could quickly be overtaken in the years to come. Stop fighting the change. Research new platforms. Create accounts. Make connections. Abandon things that do not work. Move on.
- Provide value not sales. What you post on the internet has the potential to bounce around long-term. Sales, interest rates, and promotions do not have that kind of longevity. Focus on content which will continue to provide value for your audience, and won’t come back to bite you in the behind.
- Do not make decisions based on how you wish the world were. You might want your account holders to visit your branches or give you a call. But today’s youth use Facetime, not landlines. People communicate with their favorite brands online, including complaints, financial advice inquiries, and customer service questions. Wishing for things does not make them a reality. It CAN leave you in the dust.
- Capitalize on underpriced attention. Any business can market on social media platforms for a fraction of what they would pay to place billboards and television commercials. As a bonus, social provides trackable metrics not found with traditional ads. Some up-and-coming areas through which FIs can get more bang for their buck include LinkedIn, PodCasts, YouTube videos, and Google retargeted ads. Keep in mind that underpriced attention is a moving target. Mediums that are low cost for significant return today may not be as cost-effective next year.
- “Things are always good before they’re bad.” Strategies that work now could be to your detriment tomorrow. Keep an open mind and an ear to the ground to help you stay relevant.
- Stop making marketing and business decisions based on emotion. Humans have a passion for the past and a nostalgia for what made them what and who they are today. But sentiment also makes people hang onto ideas and strategies when they no longer work. Like Blockbuster refused to go digital. Like Kodak developed the first digital camera, but refused to launch it for fear of the effects on film sales. The world changes. Change with it or fall behind.
- Talk about that in which you believe. Or, as Vaynerchuk says, “there is an ROI to dying on your own sword.” Even if there is not a single person in the room who agrees with you, go on record as voicing your recommendations. People that were historically correct earn recognition, respect, and trust.
The most practical and affordable thing any business can do is change their marketing strategy. These pointers from Gary Vaynerchuk will help you innovate not only today but well into the future. Remember, embrace change and always be on the lookout for the next opportunity to communicate your marketing message.