An Interview About the State of the Advertising Industry

The GaryVee Audio Experience

Gary Vaynerchuk

Business, Marketing

4.8 • 18.3K Ratings

🗓️ 17 January 2017

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Here’s an interview I did where we discussed the decline of the print industry and how the companies in those spaces should navigate the obvious shift to digital. The thing is that it’s not just theory, it’s execution that matters. The issue we’re facing these days is that media companies that are selling print don’t have to put the same amount of effort or planning in print as they would in Facebook and it also doesn’t hurt that they’re reaping the benefits from higher margins. And don’t even get me started on the lack of metrics media companies are held to when pushing print campaigns … Listen for more on how the media industry is shifting and how legacy companies that don't adjust are going to die.

Transcript

Click on a timestamp to play from that location

0:00.0	What you're trying to get from print, you can absolutely get from Facebook right now at a lower cost,
0:07.2	which is reaching a lot of people that you're trying to target with a message to make them do something.
0:13.1	Right? The problem is there's such an early part and immaturity of the creative and the media
0:22.0	planning against that Facebook environment that if the average person reading this takes their
0:27.7	print budget uses their marketing agency to replicate those dollars to create that event.
0:35.5	In Facebook, 8 out of 10 of them are going to get basically the same results,
0:40.6	only because the craft of the creative and the planning isn't mature enough yet in Facebook
0:48.0	planning environment. And so the answer is yes, comma, but you need to make sure you know what you're
0:54.4	doing just like anything else, right? Like what's the ROI of a piano or basketball? To me,
0:58.2	it's nothing to Billy Joel and LeBron, it's everything. So it's not just theory, it's execution,
1:04.2	but in theory, no, most people shouldn't. I mean, you can read... And by the way, let me say one thing,
1:09.4	I don't think print is dead. I think people are reading magazines at newspapers. I mean, not as many as
1:14.8	they used to, but I think there I see them, people read them. It's real. However, the problem is the
1:22.1	advertising, page 113 in sports illustrated, full-page ad cost is grossly overpriced in a 2017
1:30.6	environment. Well, it used to be, well, it used to be classifieds, right? But Craigslist came along
1:35.7	and took care of that. Of course. They should be thankful that there's still going to be three to
1:43.6	five more years of agencies and people that aren't as attuned to what's happening, pushing and
1:51.0	selling and buying this product. And they should take the profits of that and reallocate it to
1:56.8	creating digital distribution that they could monetize over the next decade. It's very hard to
2:02.6	guess three to five years out, but I would say that any common-sensed individual that's reading
2:08.1	this article that thinks that print advertising is a healthy advertising medium five years from
2:14.7	today is not the sharpest tool in the shed. Well, to that point, the people that I think I'm fascinated
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Gary Vaynerchuk, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Gary Vaynerchuk and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.