On November 5, L2 and NYU Stern hosted its second-annual Innovation Forum at The Morgan Library in New York City. The full-day event addressed innovation in digital marketing and implications for prestige brands.
L2 Forums are the largest gatherings of prestige professionals in North America. Forums draw C-level executives and top marketing and digital talent from prestige brands; leading agencies, media, and technology firms; and innovators and academics. In addition, 25 percent of seats are reserved for students from the nation's top business and arts graduate programs.
Gary Vaynerchuk, the “Social Media Sommelier,” digital marketing guru, and wine expert is presenting on “How Business Must Adapt to Social Media.” A self-trained wine expert, he revolutionized the wine industry and is admired for creating a new generation of branding, focusing on the Internet and leveraging social media tools. He has appeared on Late Night with Conan O'Brien, The Ellen DeGeneres Show, NBC's TODAY, CNBC's Mad Money with Jim Cramer, and The Big Idea with Donny Deutsch. Gary has also been featured in The New York Times, The Wall Street Journal, TIME, and USA Today. A best-selling author of Crush It! Why Now is the Time to Cash in on your Passion and The Thank You Economy.
Entrepreneur Gary Vaynerchuk highlights the opportunity many brands are missing out on to create relationships with their customers via social media. "If you're not paying attention to the fact that we have now conditioned ourselves as humans to actually have relationships with logos," says Vaynerchuck, "you're missing out on something that is...extremely powerful."
In technology, an improvement to something already existing. Distinguishing an element of novelty in an invention remains a concern of patent law. The Renaissance was a period of unusual innovation: Leonardo da Vinci produced ingenious designs for submarines, airplanes, and helicopters and drawings of elaborate trains of gears and of the patterns of flow in liquids. Technology provided science with instruments that greatly enhanced its powers, such as Galileo's telescope. New sciences have also contributed to technology, as in the theoretical preparation for the invention of the steam engine. In the 20th century, innovations in semiconductor technology increased the performance and decreased the cost of electronic materials and devices by a factor of a million, an achievement unparalleled in the history of any technology.
I like the message and thank Gary for sharing his insights on social media marketing.
Despite current the popular view, in my observations most successful business have long had a strong emphasis on caring, on ethics, on delivering value, on doing the right thing.
Social media has the potential to tilt the playing field even more in consumers' favor. The power to influence business is available to consumers who wish to use it.
BTW, Gary is real likable, but the profanity was a bit gratuitous for my tastes.
Since, I think, we are (also) talking about entrepreneurs the thinking on this should be on how to defeat the major brands. The major brands have already "learned their lesson" - from N. Kleins' "No Logo"; but, if this is not the case then we are in for a battle. Being nice has always been the mom/pop operation but we let them die-out due to a David and Goliath syndrome. I hope in your major discussion of this issue we are talking something more than branding, which, for me has always been about not caring and just selling thru inertia.
To be honest, I don't want corporate caring, it just seems so disingenuous.
He is absolutely right my daughter will only purchase certain brands of clothes. Also, the company that neglects to resolve negative attitudes with their product dosen't understand the impact the internet can have on sales within seconds. Before I purchase anything now on go on the web to do research and see what the buzz is on the item. If it is negative I can assure you I am not buying it.
His content is highly insightful and once he points it out, it seems like it's obvious, which is a trademark of many good ideas. It's like they say in math: it's easier to solve the problem if you know the answer. I also enjoyed his no bullshit style of presentation.