In a recent keynote address in Las Vegas, master marketer Gary Vaynerchuk, better known as Gary Vee, said “The reason I’m pushing you so aggressively into the art, the art is the only thing that’s going to save you.” Art is the only thing that’s going give you long term thriving. How is art so important for thriving long term?
He goes on to say “… a lot of people have grown quite a bit because of ads. But the problem is, the cost of acquisition (CAQ) continues to rise, as more people figure [social media] out, and your Lifetime Value (LTV) continues to decline or stays stable, and the only thing that will get you out of the vicious cycle, that has put people out of business in the last two downturns, is the ability to understand the art that changes the math around your CAQ and LTV.”
In other words, when the CAQ starts becoming equal to LTV, you’re spending more on advertising than you get out of it. The only thing you can do is lower your CAQ. Cost per click will always trend upward, so the only way to lower CAQ is to make those clicks count for more. And the way to do that is to evolve your “art.” Art is the only thing that’s going give you long term thriving. How does one improve their art?
“People continue to run the same thing because it works for their numbers now, but the number one thing they should be doing is taking 20% out of their marketing spending of what’s working, and continuously trying to taste new things.”
“Tasting new things” should include trying new channels and new modes in those channels, but also trying literally new art. Don’t just rely on your in-house photographers and illustrators. Try new art providers.
Gary goes on to underscore the importance of new art: “It is such an unbelievably non-natural thing for most people, but it’s absolutely anecdote to the inevitable downfall of 90% of the brands that are winning right now in the market place.” Get new art or your business dies. Wow, isn’t that an aggressive and interesting claim?
Do you agree that 20% of your marketing budget for sampling new art is necessary for your marketing strategy? Let us know in the comments below!