How To Build a Successful Brand In The Social Media World

Summary

The speaker discusses the democratization of storytelling in the digital age, where anyone can share their narrative without traditional gatekeepers. Despite increased global competition for attention, authentic storytelling can still captivate audiences. The talk emphasizes the importance of empathy and consumer understanding in marketing, the challenges of adapting to new platforms, and the strategy of 'day trading attention,' which involves leveraging current social media trends for immediate impact. The speaker also highlights the significance of branding over sales, and the need for businesses to be self-aware, creative, and deeply understand their market to succeed.

Takeaways

• 🌐 The democratization of storytelling is here with the internet, making it easier for anyone to share their story without needing traditional media gatekeepers.
• 🔍 Despite the ease of sharing stories, the competition is fierce as everyone is competing for attention on a global scale.
• 🎯 The key to successful storytelling in this digital age is to be authentic and tell stories from the heart, which can naturally find an audience.
• 📉 Traditional marketing tactics such as reach and frequency are becoming less effective as consumer attention is shifting to new platforms.
• 📈 The importance of understanding and leveraging consumer insights from social media to create advertising that resonates with the audience.
• 🤝 Empathy and caring for the consumer are critical in marketing; a lack of these can lead to a disconnect and ineffective strategies.
• 🔑 Attention is the number one asset in marketing, and strategies that focus on capturing and maintaining attention are paramount.
• 📉 Many businesses, both large and small, are struggling to adapt to the new marketing landscape due to reliance on outdated tactics.
• 🔄 The rapid evolution of social media and internet platforms requires marketers to be agile and innovative to keep up with changing consumer behaviors.
• 🎯 The concept of 'day trading attention' involves being highly adaptable and responsive to the ever-changing dynamics of consumer attention across various platforms.
• 📈 Identifying and capitalizing on 'underpriced attention' — opportunities where the effort or cost to gain attention is lower than usual — is a key strategy for effective marketing.

Q & A

What is the main idea behind the democratization of storytelling in the digital age?

The main idea is that anyone can now tell their story without needing traditional gatekeepers like editors or TV networks, thanks to the internet. However, this also means increased competition as anyone can share their story globally.

Why is it said that despite the challenges, a great story will still find its way?

A great story will find its way because if it's told from the heart and in a pure form, it can resonate with audiences and naturally garner attention, even without mastering all the best practices of various social media platforms.

What is the biggest misconception traditional marketers have about reaching their customers?

Traditional marketers often mistakenly assume that reach and frequency, such as running television commercials repeatedly, are the best ways to reach customers. They may not fully understand where consumers' attention is and how to effectively engage with them through modern advertising or organic behavior.

How has the landscape of marketing changed for direct-to-consumer brands in the last decade?

Direct-to-consumer brands have traditionally relied heavily on platforms like Facebook for advertising and retargeting customers. However, changes such as Apple's iOS 14.5 update have made retargeting more difficult, forcing these brands to find new ways to connect with their audience.

What does the speaker suggest is the main issue with the current approach to marketing by both big and small companies?

The speaker suggests that the main issue is an obsession with past tactics and a curiosity about future trends, while neglecting effective strategies for today. This leads to a lack of consumer empathy and a disconnect in marketing.

What is the concept of 'day trading attention' as described in the script?

The concept of 'day trading attention' likens the rapid, moment-to-moment changes in consumer focus across social media platforms to day trading in the stock market. It emphasizes the need to be agile and responsive to the shifting landscape of consumer attention.

What does the speaker mean by 'underpriced attention'?

Underpriced attention refers to getting more visibility or engagement than the effort or money invested. It involves finding opportunities where the cost of gaining consumer attention is relatively low compared to the potential return.

Why is the speaker critical of companies that focus solely on sales over branding?

The speaker believes that branding is more important because it creates a desire and association with a product or company that leads to sales naturally. A strong brand can draw customers in without aggressive sales tactics.

What is the 'Vayner volume model' and how does it relate to social media marketing?

The 'Vayner volume model' is an internal term at VaynerMedia that refers to the combination of organic social media content with paid media, aiming to drive sales. It's about creating content that builds brand while also prompting immediate purchases.

How does the speaker view the role of authenticity in creating content for social media?

The speaker emphasizes the importance of authenticity in content creation, suggesting that being genuine and true to oneself or a brand can help the content resonate more deeply with the audience and potentially go viral.

What strategies does the speaker recommend for effectively 'day trading attention'?

The speaker recommends strategies such as self-awareness, humility, creativity, and a deep understanding of the craft, including algorithms, best practices, and the nuances of different platforms.