garyvee morning joe

joining us now entrepreneur and New York Times best-selling author with his new book The thank you economy Gary vaynerchuk very good to have you on the show thanks guys uh what is a thank you economy you write about your success with dealing with this developing this concept you know the word economy is a big word so I'm not just throwing it out lightly I think anybody who's living in the world in 2011 realizes things have changed you know whether you're texting a trillion times a day or you're using iPads or you're watching TV with two other devices and I think that in this new word of mouth economy in the world of Twitter and Tumblr and Facebook your social Equity what's Tumblr Oh Tumblr is the new thing don't talk about that it's just going to confuse got it deep so don't go into cor don't go into Kora and Instagram no yo Bango okay got it keep the world's changing very rapidly and the way we communicate and the context of our relationships based on these micro statements is changing the way we vote buy things you know if we have a relationship and you say this orange juice is delicious I may look at that product differently that's not something you would have picked up the phone and called me about 10 years ago and so this economic impact of the media infrastructure and the context of that is huge you got he's got I'm sorry he's got a great personal story too you started working in your father's liquor store right and uh now you're like the wine expert of the world you got your own Media Company what did you learn in your dad's liquor store that you're applying now you know I learned from an early story you know guy comes in has a coupon that we just sent out and said this is you know $4. 99 I just bought this last week for $5. 99 can I have a refund and the manager at the time said no you just have to buy more at $4. 99 and I remember being 16 and looking up and saying that didn't feel right and the guy leaves and I thought he'd never come back he comes back a month later and says I'm never shopping here again to my dad and I just remember thinking what would that look like today that guy Not only would be not coming back to the store but he'd walk out and tweet and Facebook status and maybe it's not just one person who doesn't shop at the store anymore it's 10 and that's something I'm passionate about so does this mean the thank you economy is it like this you go in and you buy something that comes to say it's a food coffee place 507 yeah and you're looking for Change and someone says you know no the five is okay you leave for the seven you go into an Apple Store someone right away at the Apple Store can I help you and everything that you want to go back to these places it's even further than that guys there's so much data out there right now how about that how about if we have a great wine customer at wine library. com and we know because we're following that customer on Twitter that he's a huge Jay Cutler fan we've watched him talk about Jay Cutler for a month and when he's buying wine at a rapid pace and we're happy with him as a customer we send him a Jay Cutler signed jersey from eBay saying thanks for being a customer there is so much more context you know we always hear you like that right I promise you somebody sent me a Jets Jersey eight years ago I'm not shopping anywhere else and when you get into the aisle and something's 19 cents less than what you buy normally you may go for that now but if you have a context of a relationship they help you get your kid into Nursery School businesses are on the verge of being humanized and it's coming so what you're saying is not only are you being watched from every angle and every little thing that might happen in your store business or website could end up being seen by many more people than you did hope like the guy who didn't get the buck back from the coupon but that there's also tremendous opportunity to be more small town rules to be more human you know I just think what was very old is new again I literally believe this you know social media scares everybody it's so new but it's funny the DNA of our grandparents I think is more in place to be successful in social media today than the people that are around it's funny Andy Grove the uh the famous CEO of Intel used to talk about this how you know that with all this customization and knowing stuff about your Cent about your customers it really is like going back to a small town Pharmacy where when you walk in the guy behind the counter says hey Mike you know he I look what I got this new thing in here I know you're what you like and they can make recommendations to you that they actually know their customers in a way that like Walmart or Walgreens or whatever doesn't necessarily know you this social media allows you to do that anybody who follows business knows it goes up it goes down it goes up we just have lived through the huge big box store era right you walk in you not known it's all price one-on-one marketing is here but the Proctor and gambles and the Nikes of the world they're scared of this it's not just slap $3 million on a Super Bowl ad this is putting your dollars against humans and most people don't think this is scalable I'm very countercultural on this I think people do scale so it's it's part of it as you explaining it is sort of this hunger for socialization that's been missing for 10 or 15 years is more people move they don't know who lives upstairs next door they get divorced this hunger for socialization you us to walk down the street and know that Ricky just graduated from high school and congratulated their parents through stat updates now we know that

this is very interesting to me it's really turned back the clock with gadgets and gizmos and apps it's going to be scary too like if you say you're running a restaurant sure so I go on zag in New York there are how many thousand restaurants and I'm I go to a certain neighborhood I'm scanning through I don't quite know exactly where we want to go you go through and you read the first review worst dining experience of my life that's a snap move I move on to the next one well listen and then there's things like Yelp and more importantly I think the Zagats of the world are going to lose some of their power because to me what's more important is if somebody that I know in my social graph says that if pants 96 says that well I don't know that person and they may have a vendetta but if my uncle says that and I can see that starts impacting I what's yel is zag got 2. 0 and there and who's there's somebody who there's a company now who's doing who that's actually trying to do this trying to do a search a social search engine right that's like that's going to be totally based on your social gra I can't remember the woman from uh who did flicker yeah well you mean hunch Katarina fake yes Karina fake they're wonderful and Chris Dixon are partner but let me tell you who's going to be doing this it's a small company called Google and so what I don't think people understand is that Google Dropped a Bomb the other day you know it's been SEO and all this other stuff and I've always been very down on that stuff it's going to be based on your social graph if I link to a resort in Maui and you search Google for Maui Resorts and you're following me on Twitter you're going to see that on the first page this is a cal before the social media storm this is 2000 all over again the internet came out it had a lot of hype the market crashed people didn't see returns and people left it borders didn't believe in it they gave Amazon the infrastructure they're out of business Blockbuster didn't believe in it they let Netflix come in and put them out of business social media has had a lot of hype the last two years the next three are going to be soft because people are not going to figure out the ROI and then people are going to be put out of business and huge businesses are going to blow up and explode and take over in 2013 for 14 15 wow yeah that's what's happening wow you just blew everyone's mind yeah okay wait I just I'll tell you want to be hooked into Barnacle on the Travel recommendations that's all I can say all of America get yourself sign up because if Barnacle been to a resort someplace you want to go to Resort I'm curious about something you say in terms of uh the 2008 election and Obama's use of social media which you say was not so good is that possible that it was a starting point but it's definitely not the humanization of politics that I see you know I know that if I'm running somebody's campaign in two years or four years in the social side that 100% they are going to do a dramatically more oneon-one engagement they're going to sit in front of you stream for 9 hours and just answer questions Town Hall style scalable and real so it was a starting point but it's not this great oh my God this is the way it's always going to be it is a very early example of where things are going we let him go yeah best $20 bottle of Cabernet in California right now where I going yeah you know I would I would move you in a different direction I would say the Left Bank of Bordeaux right now for 20 bucks is better value than Nappa all right there you go yeah we need you to come back w. com by the way um often to give us a sense of where things are going I was that is wow I I'm yeah I live it I'm in this though I've got an e go online go all these sites that are apparently replacing Twitter or moving they're not replacing there's just so many more things com there so many more great thank you the book is the thank you economy Gary vaynerchuk uh we appreciate