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Published Nov 22, 2020

Why Giving Is A Good Strategy | 2013 Interview on This Week In Startups

Gary Vaynerchuk delves into his entrepreneurial philosophy, highlighting the power of giving and innovation, while sharing strategies for engaging customers through transparency and emotional connection within the evolving social media landscape.
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  • Value & Problems

    Gary Vaynerchuk emphasizes the importance of providing value and solving consumer problems as a pathway to business success. He shares how his approach of giving as much as possible has kept him relevant in the industry, highlighting the need for businesses to focus on customer engagement rather than just social proof 1. Gary also predicts that as companies adopt this mindset, customer service will become a commodity, much like free shipping did in the late 90s 2.

    You know what I mean? I was like, what problem are you solving? And do you give a fuck about your customer?

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    He stresses that understanding and addressing customer needs is crucial for long-term success.

       

    Transparency

    Transparency and ethical practices are vital in building trust with customers in today's digital world. Gary discusses how the transparency provided by platforms like Twitter and Facebook amplifies the impact of good business practices, making them more valuable than ever 3. He warns, however, that as companies adopt these practices as mere tactics, their effectiveness may diminish over time 3.

    The return on investment of being a good guy and a good company has dramatically more value.

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    Gary believes that genuine engagement and ethical behavior will be essential for future business success.

       

    Emotional Ties

    Emotional connections and personalized interactions are key to fostering long-term customer loyalty. Gary shares how touching a customer's emotional center can create a strong bond, as demonstrated by a wine shop customer who remained loyal due to the emotional impact of their service 4. He reflects on his own experiences, noting that personal connections have significantly influenced his business philosophy 5.

    He told us that he's not shopping with any other wine shop because we hit his emotional center.

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    Gary's insights highlight the power of emotional engagement in building lasting customer relationships.

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