At the recent SXSW show, the New Media Minute caught up with Internet expert and social media impresario Gary Vaynerchuk to discuss how brands and marketers can apply the lessons of his latest book, "The Thank You Economy".
Gary states that the biggest lesson for brands and business is that "we are in the calm before the storm."
I think that social media is over-hyped right now and that the ROI is difficult to figure out, but that in 2 or 3 years …" (watch the rest, that's why we've got the video)
"The businesses and brands that don't take social seriously – don't realize that the end consumer matters, don't realize that we're building on social equity and word-of-mouth infrastructure … are going to be hurt dramatically."
"I believe social media is about engagement, not 'pushing out.'… I don't believe in that stuff. I believe that the 'R.O.I.' is in the actual relationship with the end consumer."