Established Brands Unnecessary; Upstarts Use Reviews; Yelp Obsession
Heejin and I spent most of the weekend watching “L2 Inc” videos on YouTube, and it wasn’t just b/c we are geeks (OK – that probably is the reason).
BUT – the videos are excellent b/c they are short (3 minutes), and extremely informative and entertaining. They are also invaluable for every business in 2016. We highly recommend them. https://www.youtube.com/user/l2thinktank
L2 Inc is a data analytics firm that focuses on digital performance. It is owned and run by a famous NYU Professor named Scott Galloway.
Here are some key takeaways (#3 is the most important):
(1) Traditional branding and advertising is dying. Print, TV and Radio advertising is less effective now than digital media. Big companies relying on it (like Proctor and Gamble) are getting killed.
(2) Companies of all sizes must have a strong digital presence if they want to grow. This includes websites, social media and the ability to come up on top when customers do searches.
(3) Established brands are no longer necessary to create trust and goodwill. Upstarts can thrive by taking advantage of authentic reviews. Examples – consumer products using Amazon reviews; AirBnB using internal reviews; and Realtors and mortgage companies using Yelp and Zillow.
This is why we focus so heavily on Yelp at JVM. We are currently at 157 reviews and counting, and ready for the digital age.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646