Day 47 – The Puzzle – Day Trading Attention

This week I started a new book, Day Trading Attention by Gary Vaynerchuk.  I’ve known about Gary V for many years.  I actually found him early on in my journey of creating this company, around 2011.  Back then we were both on the same path, but he was years ahead of me with his depth of knowledge on the platforms and thinking.  Then after following him for a year or so I stopped. 

WHY?  

Honestly, he was talking way over my head.  He was speaking a language that I couldn’t understand.  This was all due to the fact that I had not leveled up back then.  I was content with being 10 years ahead of my restaurant owner clients, and not worried about the industry as a whole. So I stopped following him, and I recall thinking “what’s this dude talking about?  Where’s he going with this?”

Then in 2017 our paths crossed again.  In early 2017 I’d heard about my business coach, Billy Gene Shaw, being at a marketing convention and asking Gary V a question.  So I found the recording and watched it, eventually finding Billy in the video but more importantly finding out WHY I needed to start listening to Gary V again.  

CLICK HERE to watch that video. 

You see, at that point I was 6 months into taking my game to a new level and Billy Gene had helped me see the next level. And it wasn’t until I had seen that, that I was able to understand FINALLY what the heck Gary V was talking about. 

Now fast forward to 2024 and I pick up Gary V’s new book, Day Trading Attention.  As I get one chapter into it I can see that Gary and I have always been on the same page, just at different levels.  Back in 2009 I started doing a seminar every month on the power of email, social media and internet marketing.  I called the seminar “Create Your Own Radio Station” and I actually wrote a book on the topic in 2016 that I’ve never published (different blog coming soon).

The idea for “create your own radio station” was simple.  

Back then the majority of small businesses where relying on growing their sales through advertising on mass media.  It was really the only option, what we have today with FREE marketing through social media wasn’t understood or close to as big as it is today and almost NONE of them had embraced email marketing.

The reason they were buying advertising for their restaurants was to get the attention of that media outlets audience. Take a radio station as an example, the only way they can charge your for advertising is because they have an audience.  An audience that tunes in daily and “supposedly” will hear your radio commercial and come eat your food or buy your stuff.

Pretty simple right?

WRONG!  

The graphic below is what I would draw on the white board.  This is our local area, commonly referred to as “the tri-state” area.  Radio stations signal reach that yellow circle creating a LOT OF WASTE for most businesses.  The example I would always use was to draw an orange dot on the map and point out “this is Barleycorns in Lakeside Park.  And this orange dot is the radius from where 99% of their customers will come from.  I think we all can see the massive amount of waste created here, but let’s go deeper. 

It wasn’t enough to simply show them the waste, I wanted to show them how EVERY small business actually had a larger audience that the radio stations in town in the area they really needed to, that orange circle.  

The biggest radio station in town is 700 WLW and they’ll typically tell you they reach 300,000 people in the region.  

WOW!  300,000 local people, all I need is a small fraction of them to come eat at my restaurant, this makes complete sense right?

WRONG!

Yes, they “may” reach a lof of people, but your customers don’t listen all day every day.  So in radio there is a term called AQH, meaning “average quarter hour.”  

You see, the average consumer will listen in 15 minute spurts, typcally while in their car.  So a station in Cincinnati will typically say we reach 15,000 people every 15 minutes and this is where MY THEORY comes into play.

Take that 15,000 and chop out 90% of it since that’s the yellow portion who are NEVER coming to your restaurant, now you’re down to 1,500 potential customers.  

Now take that 1,500 and ask yourself how many are paying attention when you commecial comes on, how many didn’t switch the channel, how many are thinking “that sounds good”, etc.  You get the point, the number is SMALL!  I think it’s close to 100 or so people around this example restaurant.  And this is where my create your own radio station concept comes into play.  

Your restaurant has a LARGER audience than that radio station does as it relates to your customer base.  And remember, this was back in 2010 that I was preaching this.

  I’d draw on the white board the following and say “on average…”

– You have 300 Facebook friends

– Your restaurant has 1,000 Facebook fans

– You have an email list of a few thousand

So if you have an audience between theses 3 chanels of a few thousand, you have 10X the power of any radio station when it comes to reaching customers who will do business with you. 

Now flash forward to 2024, HOLY CRAP!  Those numbers are tiny compared to what you have today, and you have YouTube, Twitter (X), Instagram, TikTok, SnapChat, Texting, Loyalty programs, paid social medai ads, your website traffic, etc.  

A restaurant in 2024 can easily get 100x the exposure on their own for penny’s vs buying mass media.  The opportunities are endless and the streets are lined with gold. 

So, when I saw his new book and the first chapter spoke on a very simple topic, ATTENTION, it got me thinking about how EASY it is today for your restaurant to get attention and it also made me realize how much the majority of your under value it. 

See ya tomorrow,

Matt

PS…the video of Gary V from 2016 is below and STILL 100% on point.

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