In our second installment of Gary V’s weekly-wrap for this week, we’re going to begin with Gary’s article “How to Market Your New Product to Existing Customers” as we know this is a topic many business owners are interested in. Gary begins by presenting a short scenario that describes a common small business situation wherein a new product is introduced that will be more expensive than the usual stock. This leads to the dilemma of how the business owner can convince their existing customers to pay more for the new product. What is the solution according to Gary? You don’t convince them, he says. His reasoning is that, if for example, you’ve been selling inexpensive handbags and wish to sell much more costly bags, it’s likely your existing customers simply cannot afford the more expensive bags. Gary says that instead of trying to get your existing customers to buy the more costly products that you should work on finding new customers who will buy them.
Finding new customers can be done in several ways, according to Gary. He suggests getting out there and engaging with people on platforms like Twitter and Instagram and to look for the communities where your customers hang out.
Those of you who are enjoying business growth will likely find Gary’s article, “How to Go From 20 to 500 Employees Without Breaking a Sweat” interesting and helpful. Gary starts by saying that if your company doesn’t have a strong internal culture, you’re failing. Why? Because when people aren’t happy, they’re always thinking of how to get out wherein the work they produce reflects that. He continues by saying that VaynerMedia has been able to retain such a strong sense of culture by making key decisions early on and setting standards that stuck. Gary says there’s one fundamental aspect he always recommends to leaders and bosses and that it pertains to hiring and firing. Instead of basing hiring/firing decisions on money, these decisions should be based on emotional factors because bosses and leaders are dealing with people and not contracts. He says that people need to be happy with where they are and that begins, ends and always has to do with who you hire and how people leave.
