GaryVee's Epic Response To My Burning Question | Vince Reed Podcast #2

People that make money learn the most. They are constantly the student. They realize that they don't know everything. Once you learn how to make money, and especially online, kind of feel like you can always do it.

Yeah.

It just wasn't worth the stress and headache to keep that going.

Yeah.

What's up, everybody? Welcome to the Vince Reed Podcast. As you can see to my left, we got the main man, Mr. Vince Reed, and I'm Mike, head of production here. Let's go dm.

Let's get it. Oh, I said dm, Mike, let me see you dance. Can you dance? I've never seen you dance.

We have to redo the intro because Mike messed up.

I said the dm.

You called it the dm. There is no DM podcast, Michael.

We don't start it again. We just edit it out.

What's everybody?

What's up?

What's up? Welcome to the Vince Reed Podcast. As you can see here, got the main man, Mr. Vince Reed, and I'm Mike at a production here at the Vince Reed Podcast. So welcome, welcome, welcome. Thanks for joining us. And what are we going to talk about today? Well, obviously marketing business. And we got Conor on the ones and twos behind us, salutations, giving his, you know, little two cents. And Connor's curveball at the end of the show.

It's actually three cents, Mike.

We'll tack another cent on there.

Yeah, 51 cents.

I'm rich.

It's 51 cent.

50 merchant soul and in spirit.

That's right. Credo. That's why we have you here on the ones and twos. So how you feeling today, Vince?

I'm good, man. It's been a long week and it's only Tuesday.

I know. It feels. Feels like it's Thursday at least.

Yeah.

Been wild. Well, we shot multiple videos. We've been doing a lot for this show. Right now. We went live for Eboov.

We did.

And we shot Adroulette. If you don't know about that yet, check it on our channel, Adroulette, where Vince goes through random ads that he sees on mobile, on Instagram or Facebook and beat him up. Pretty much.

Actually, the ones lately have been really good. It's been value.

You give value.

Good. Yeah. I actually learned a lot.

What have you learned so far?

Oh, man. I mean that I'm sure I can tell just because obviously it's all I've done for the last several decades going on now.

What it goes into creating an ad.

Yeah.

So I can see that these people go through the same issues that I Go through. Right. How do I. How am I clear with my message? How do I get people to click that button? Continue watching. So I can. I can see that it's just a journey.

Yeah.

And, you know, it makes me. It reminds me of, like, one time, you know, the story when I saw Gary Vee.

Yeah. On the plane. He had a picture of it that was funny.

So I asked him, like, who helps you? Like, how do you get help? Who do you go to for help?

And.

And he said that he doesn't. He said he gets all the help that he needs by getting people to ask him questions. When people ask him questions. Have you ever seen Gary V. Speak? He just literally opens it up for Q and A and somehow he learns from their questions.

Oh, okay. That's interesting.

So I feel like by doing ad roulette, it's actually probably helping me more than I'm helping the people watching.

Yeah.

It's like a byproduct. Yeah, absolutely.

That's so interesting because I think now that we've gone through probably close to going on 10 episodes so far, and that's that many. That's like 30 ads.

Wow.

I didn't realize we're thinking about, like, three ads per episode. That's like close to 30 ads that you've gone through. What are, like, the biggest mistakes that you see that. You know, we'll start with the ad first. What's the. What is the biggest mistake that you see with ads? And then we'll go into the funnels.

Well, I think the outcome, like, you know, social is interruption marketing. Right. So marketers, we constantly have this battle of, like, trying to stay native, meaning, like, create ads and content that look like they belong on the platform. But then sometimes you can get too native, where people just scroll by it thinking it's just another post. Right. So being able to be an ad, be clear that it's an ad and still want people, create a situation where people want to watch it and take an action.

Okay.

Right. Because people are annoyed, to be quite honest, if you would ask most people, they hate ads, but they kind of love them at the same time because they get to see what else is out there. So just finding that happy medium.

So what would be, like, one thing someone can do to, like, an ad to have it stand out from all the other posts?

I mean, I think today the first thing that we always look at is the ad messaging. So typically, either that's a border or some kind of like.

Like a headline on the top that.

Would be number one or Just being really clear in the, on the, in the text, you know, on the ad, being clear right away and, you know, saying who the ad is for, quickly identifying the problem and the solution, just being real quick and transparent with it.

Okay, that's good. So with the funnels, after you've gone through all these funnels, what do you see as has been like the biggest problem?

Oh, man. I mean, it's, it's consistent. Most of the funnels aren't mobile friendly. That's where all the traffic comes from.

So when you say mobile friendly, what does that actually mean?

So most people, they don't have a clear headline at the top. Right. They use a lot of copy. So you can remember, think about it, all the traffic is on someone's phone. So what I tend to see is too much copy, a lot of words, and then typically the buttons below the fold. So you're forcing people to scroll. And people, they're not gonna do all that on their mobile phone.

Right. They just wanna click it right there.

Especially when they were on social, just hanging out, having a good time. So to get them to take that action, click on an ad, click on a website, scroll through, put their information in and watch. It's a lot that you're asking someone to do on a little device that.

Makes sense and then also the copy on there. Cause I, I hear you say this all the time. With a lot of these ads that have a bunch of copy on there, you don't want the viewer to actually see the copy or how do you put it? You want them to just see it and understand it.

So when there's a lot of copy, you have to physically force your eyes to read. You don't want that. You want the copy to be clear where your eyes can just look at.

The copy and read it or just understand it.

You can just see it and understand it. Read it. Whereas, like, if, I mean, I don't know, editing, maybe you can pull this off. So if I were to put a bunch of words on the screen right now, you'd have to read it. But if I were to just have like eight words on the screen, you could look at it and see what I'm saying clearly and identify what's going on.

That makes sense. We're going to talk about just a little bit on eboo because every episode we have to talk about what's the update on eboo, what's going on.

Yeah. So I can't assume everybody knows. What I believe is Eboov is my software company. Stands for entrepreneur, business owner, online video. And you know, I had an afro before launched and now I'm bald. So just letting you guys know, software is another. It's a whole nother animal of business. Something that every single day I feel like I'm in a fist fight. Because a lot of it's out of your control. Right. So you have developers and you got a team trying to, you know, share a new message. And you're like, I can't believe everybody doesn't understand how cool this thing is. Right, Right. And then I look at some of our buddies even going back to like Russell. I remember him saying, like, for two years no one even wanted click funnels. Right. So it's just one of those things with that. But right now we're really working on the main feature, which was the feature that we had vision for the company.

Right.

Beginning and we wanted to launch. So we launched with our in video conversion technology as the message. Right?

Yeah.

And in video conversion technology just allows us to capture leads and sell products right from the video. So what IBOO ultimately is the video hosting platform. It allows you to eliminate steps. You know, I don't use brick wall pages anymore. I just drive traffic right to my videos. And I'm able to turn my videos into my capture page by capturing leads and selling my product from the video. So anyways, that was the message. Right. Which has done well. A lot of people have joined. It helps improve conversions, it helps improve sales. Is doing all of that. And it's not even close. We used to get 20% conversion rates. Right. On lead opt in rates. And now we're a bad day is like 45%.

Right.

What happened? Why were we at 50? Right? Yeah. And then just all of the new attention we're getting because everybody's getting to the webinar. But even with that, I could say that and people will be like, they gotta. They just wait. And I get it because I'm the same way. I have to like, proof that it's gonna work.

More proof.

Yeah. But you know, we're waiting for a final approval for a new.

The latest feature.

A new feature that is a game changer which we went live and talked about today, which is ultimately off platform retargeting. Yeah.

Something that you're getting right now, like you're testing it and you're getting crazy.

Basically. Off platform video retargeting is. Allows you to build audiences and retarget individuals if they watch a video off of a social platform. So right now you can build an audience on people who watch a video on Facebook or Instagram. And you can build audiences if they watch 25% or 50 or all the way up to 95% of the video. But once they land on your website, you can pretty much only retarget people who hit the website due to a pixel firing. We can get into a lot of information.

Yeah, we don't have to get into it.

Ultimately what off platform video retargeting would be. If you were to embed a video on your website or they land on your webinar VSL on an opt in page and they hit play, you could build a custom audience that automatically builds on Facebook or Instagram and then set up an ad to automatically stream to those individuals based on them pressing play or watching 25% or all the way up to 95% just as you would on the actual social platform. Right. So that's the game changer and it builds the audience on a API level. So even if cookies aren't accepted, it has nothing to do with cookies, which I believe is going to be obsolete soon.

Right. Because like that's the biggest, one of the biggest hurdles that people face with a lot of these websites.

Yeah. I mean all the operating systems, iOS and all these updates keep making it difficult, keep doing the right thing, protecting people's privacy. So it's making tracking for advertising difficult. And that's why people are struggling especially with their retargeting campaigns and they're having to use third party software and things like that. So this is kind of like a way get around that and actually get more effective.

Yeah. And that's good too because you pretty much built this for yourself.

Absolutely. Right.

And now that you're, you've pretty much, it's almost about to be out there and in production now you're just letting the world.

Yeah, yeah. So now it's one of those things where, you know, you go from 50 to 60 conversions. Now you're building an audience of even the 50% that didn't have to. Right. You can remain. That's where it just gets crazy.

Yeah, it's crazy. It's crazy. Yeah. So now that you know about that, we'll place a link down below if you are interested on checking that out. So with that being said, you brought another thing up yesterday we were talking about this. It's really interesting because you're talking about the ups and downs of building a business with Eboov and, and obviously it's hard. Right. But then there's some people that are like, you know, What? I'm just gonna skip all those steps and try to defraud everyone else. There is the story of this one CEO of this company. Right. What was it for college?

She owned the company, Frank.

Okay.

Yeah. I haven't heard of her, but she was in a Forbes 30 under 30 or something like that. And successful entrepreneur comes out that she was basically tried to fraud, I think. Was it chase out of 170.

She was trying to get Chase to purchase her company. And I believe, don't quote me on this, but from what we saw on like the article, she said that there.

Was like 4 million, 4.2 million customers.

Customers.

But in reality 300,000.

300,000.

Which is still phenomenal.

Right.

Why?

If you just keep working on it and building it, you'll get to the 4.2 million.

Right. But there's probably other things that we don't know of. Maybe she was just losing money and needed to raise that capital for investors.

Yeah, yeah.

She basically said she had 4 million. She had 300,000 and got Chase to pay her 175 million and made up use some type of like, I don't even know how the data generator, like create these fake. What she said are like customers. So she said this is what. These aren't the real customers, but this is what they would consist of if you were to, you know, buy this company, find out it was all fake and she's going to spend probably the rest of her life in jail.

That's crazy. That's crazy. It's like the things money will kind of push you. Well, I mean, it starts with the person as well, like probably not making the best decisions. And obviously, you know what happens? You do stuff like that.

Yep. So now she gets to sit next to some lady every day that steals her cornbread. You ever seen life?

I have, I have.

She won't eat your cornbread.

That's probably what's gonna happen.

Yeah, you never know. You never know.

That's crazy.

From Forbes to, you know, the cell.

Yeah.

Wild.

All you got to do is just do.

Right.

You write.

So we went over that. Another thing bringing up right here is so we do Instagram reels of ad roulette episodes and one person commented on one of our reels and this was an ad critique for Hiros, Alex Becker's. Well, his previous company that he sold. But I'm going to bring it up right here just so I say this accurately. Okay. The comment says.

Alex Becker, looking at this like, quote, tell me more about digital marketing. End quote.

No, I was dying when I saw this. Because I get it. I get the sarcasm. I mean, where do I start, you know? First of all, you're always gonna get comments. And. Okay, what I do, when I look at a comment, I step back, okay? I see where the guy's coming from. First off, he probably has no idea who I am, right? So, like, here's this guy. This guy just sold his company for 110 million, who you tell him about marketing, right? And it makes sense, and it's funny. But if you step back, I don't know, Alex, but I guarantee you, especially if you saw that episode, he would get value from it. One of my favorite quotes is that the wise learns more from the fool than the fool learns from the wise. I've generated millions and millions of dollars online, right? And you see me, I'm always learning more. Like, people that make money learn the most. They are constantly the student. They realize that they don't know everything. And it's funny. Other. I would like, if I would be curious who that guy is. Hopefully, I'm hopefully successful, but I would put my credentials up against his. You know what I mean? Let's just call it what it is. And then.

You know, he's look. He's looking at it like Becker's laughing at that. But I would look at it the other way. I think Becker's like, okay, that's good information, whether it's good or bad, and he would learn from it. Yeah, right.

But true.

But in reality, I don't build those or create those for someone like Becker. Right. I'm making that for the person getting started, that. To help them not make mistakes so they can be like Becker.

Right, Exactly.

Right. So that's. That's the truth behind that.

But, yeah, I mean, that makes a lot of sense. And I think that's one of the things that people forget when it comes to just providing value. Like, for example, one of the things that I learned when providing value to someone is like, picture yourself.

Five years ago, when you're just coming up, you are speaking to that person like what you wish you'd have known. Right? And especially, like, when you're marketing to other people, those are pretty much the same people in that position that you once were that you're just speaking to. That way, it just. It's easy. It flows.

Yeah.

I mean, you know, if you. If you take what everyone says and you get personal or, like, you want to defend what you. What your position, I think that you miss a learning opportunity. So, like, even with that guy. I look at it, I go. I see the sarcasm there. I don't reply back to it because I get it. It makes sense. He's like, dude, maker, doesn't need your advice. Not knowing or maybe not thinking of the fact that I'm not creating that for him. But I look at it like, if someone were to take one of my ads, I wouldn't be like, oh, I've been running ads since 08. I'd be like, that's good. I mean, you've seen me and Adri. That's a good ad. I'm going to run that. So you've got to always be humble enough to say, hey, you don't have all the answers. And the wise learns more from the fool than the fool learns from the wise.

That's true.

Yeah. Keep an open mind.

Yep.

Yep. All right. So, Connor, what's the curve ball you have for us today?

Vince, you're going to love this one. It's about sacrifice, but it's about the Lakers specifically. So if you guys don't know, Vince is probably the biggest Lakers fan I've ever met in my entire life. And for the past several months, throughout the season and for NBA. He's talking about how much like the Lakers are. They're going to go far. They're going to go super far after they traded Justin Russell Westbrook. I'm not good with basketball. Sorry, you're.

You're a baseball aficionado.

I'm a baseball guy through and through, and basketball's like a foreign language to me. So anyway, the Lakers traded Russell Westbrook this year, and before that, the Lakers had a terrible record. What was their record before?

I mean, I think they were 25 and 30. Something.

Yeah.

So 25 and 30, I believe, when they made the trade.

So pretty abysmal. Pretty abysmal. And after the trade, they got a lot of good players in return. And right now, as of last night, they are 3 and 1 against the warriors, which is incredibly impressive. And I think you were saying earlier that they are slated to be the favorites to win the West, So they.

Are the Vegas favorite.

So this begs the question.

Has there ever been a moment in your entire career, both of you, where you've had to make a legitimate sacrifice of something that you believe would be really good for you, and you've had to cut it off in favor of doing something better and it actually helped you out significantly? That's the question.

I mean, that's easy.

You go first.

I mean, all the time. I mean, numerous Times.

What specific instance for you like that you would say is like this one instance. I had to sacrifice something and it actually turned out for the better for me to where I am today.

How about hitting the stop button on over multiple six figures in recurring revenue. Do the right thing.

Tell us about that.

So basically I had a company that had built up a multiple six figure recurring revenue app company. And if you watch the DM episodes we talk about it a little bit. But I stopped. I basically closed the company down because Apple was not approving all of the apps. And we had promised that hey, we're gonna. Your apps gonna get approved in Apple and Android. And the second we heard, once we started seeing apps not getting approved in Apple, I was like, we can't do this. Even though people were perfectly happy with the Android app, we stopped it and I canceled all the recurring and refunded or needed to be refunded and stopped the entire company. A company that did several million dollars very quickly. We had to cancel it. Mike, I think that was the painful.

What about you?

I mean that's painful. Cancel.

Top that, Mike.

But see, but see. No, but that was good though because I mean if you think about, I mean we talked about this in previous episodes, but just gotta do right by your customers no matter what because your reputation is number one.

But I didn't even. It wasn't a hard decision to be honest for me because I always believe once you learn how to make money and especially online, you kind of feel like you can always do it. Yeah, it just wasn't worth the stress and headache to keep something like that going. That.

Yeah, it's in the back of your mind for sure.

Yeah, exactly.

For me, I would say so. Like when I was, when I first started making videos and I was like, you know, in the videographer solo.

I guess position. Right. And I was going from project to project and I was filming. I knew that it wasn't sustainable and I needed to learn the necessary skills in order to build something that's more recurring for the business. And so I needed to invest in like things that would help improve specific skills. So like marketing, sales.

And client acquisition. Like for example. And so there are certain courses that I was recommended to by my other friends that implemented into their businesses and were, you know, they were seeing success and this, these certain courses were not cheap, they were expensive. But after seeing like their successes and when they got from going through these courses, I invested in these and I actually applied what they were teaching and I learned these necessary skills and that's how I got to like the next level. So yeah, I had to like bite the bullet. But once I applied those, then I was able to see like progress. So I guess you could say that was like one thing. Like I had to like sacrifice.

I got a question for you. So that's awesome. My question for you is, you know how people always say courses are scams, like those videos and they. Oh, you. If the course was $5, would you have done, Would you have gone through it with the same intensity? Did the price change how you approach the information?

Yeah, it did.

So what, you don't think you would have went through it the same?

Yes, I wouldn't have went through it with the same intensity.

Isn't that wild?

We were talking about this.

That's wild. I mean, I agree, but I just think I find it interesting. It's like if I were to tell you that you could have a brand new Ferrari, it was a thousand dollars, probably wouldn't want Ferrari. You think something was wrong, right?

I would think someone was wrong with the Ferrari.

And it's the same thing with the course that's like more expensive.

Yeah, like it. The reason why is because if after going through like the testimonials, seeing like the person's content on, you know, social, I think that was a very big thing. I was just like going through all their content. It's not like I actually like pull the trigger right the way right away. It was like couple months until I finally pulled the trigger to get the course. But I think the one thing that was good is because the person that you know, has that built a course was able to convey that the amount of money that you invest into the course is going to be so little to how much you can actually make back. And knowing that it's like would you put in like let's say for example, this wasn't the price of the course, but let's say would you put in $1,000 to make an extra 10k or 100k? Yeah, take that any day.

That's a great return. Nobody should have a problem paying more for our video hosting platform. Right?

No one should have a problem if you want more customers and to build your business.

And that's why it's price premium. Yeah, that's exactly why.

Yeah, because we want the right people within the company that understand the value of what we have to offer and understand that your business is important. So you want something that's reliable and can get you customers, leads, more leads, faster sales.

Eboo did that answer your question, Mr. Curveball.

Quite.

Actually. That was a great response, guys.

Great curveball today.

Yeah, that was great. That was great, Connor. Appreciate it.

You're welcome, Michael.

So, that being said, thanks again for joining. If you enjoyed this episode, please be sure to hit that subscribe button. Give this video a like if it gave you some value, and we'll see you on the next episode.

Peace.