Subtitles section Play video Print subtitles - Hi, guys, I'm Amanda Martin from Lindsey's Suite Deals Furniture. I came to VaynerMedia because I wanted to see how they could help my business. We did a few initial rounds of questions, and we felt that we were a good fit for each other. And what you guys are gonna watch is our first meeting about our brand, and just discussing what we were doing and getting into a deep dive of how we operate day-to-day business, and what we do to try to promote our business, and our marketing, and just everyday operations. And it was so exciting to be in that meeting and go through with all the Vayner mentors and really dig deep into our business. I can't wait for you guys to watch this, and hopefully somebody will learn something from it. I had a really good time doing this meeting, and I learned a lot, and we are implementing some of our tactics, and I cannot even begin to tell you how much it has helped, and the results that we've been getting, and I can't wait for the future and to implement some more of our ideas and tactics. Hope you guys enjoy it. Bye! (intense music) - You've got your perspective. I just wanna be happy, don't you wanna be happy? It's such a pleasure, how are you? - Nice to meet you. - Hi! - Hi, good to see you. - Me too. - So glad to see you. For two and a half years, my family business was known as Shopper's Discount Liquors. There was a sign printed on an eight by 10 on the front sliding door that said "Wine Library," and that's how I, two and a half years, I traded as winelibrary.com and then made the shift to Wine Library from Shopper's Discount Liquors. So, one of the things you may want to debate, here, is if you're trading differently on dot-com, building up that brand equity, and then, if you decide that brand is something that you can put on the front of the building, it might be a worthwhile debate. - [Male] Yep. - So have, like, a different website name? - Yes. - Okay. - It's the easiest way for you to, like, solve this potential issue, I'm coming in cold, I'm listening, but it's being done a lot. Like, there's a lot of opportunity to play both fronts, and then you'll have the options to be able to absorb it, and with 85 fucking thousand square feet even if 20,000 or 30,000, how much is retail? No, no, some of it's warehouse. - [Male] I'd say we're probably right at 50,000 retail. - Right, it's unlimited space AKA picking one of the corners and doing something just like cool with like coffee and computers and calling it furniture, whatever you call it, let's just call it, Orsini's House, let's say that's the brand you went with, calling that corner like Orsini's Cafe, there's a couple tables, little fresh coffee and you've got laptops there and it's all to Orsini's, now you've injected that in your, it's an organ within your body that eventually could become the body. Something to think about. - So like on the computers they'd be able to shop the website or? - Yes. It's just establishing the brand strategically. Like I would argue one of the things that may come up here today is literally looking at 5,000 square feet to do something completely left fucking field, like a coworking space. If you're selling B to B merch, are you selling to B to B's at all? - [Amanda] Not really. - It's kind of an interesting conversation as start up craze takes over the world. I know this is super left field but what if you did have three to five thousand square feet of coworking space and had entrepreneurs sitting there the same way Starbucks has them sitting there and then that started giving you a B to B flavor 'cause you have people there and all of a sudden even the area they're in has B to B thinking around, it's more like do you need a couch for your office? That could just change the dynamics of different usage for you. Look, I think both ways can work. To me, the bigger question is what are you trying to accomplish? So let me ask a different question, what's your lease situation? - [Amanda] We're buying the building. - That's great. So I assume that's a big capital expenditure? - [Amanda] Mmhmm. - So I think you've got to really be smart here because if you're making that cog move, I do not believe it's a good buy no matter how good of a deal you're getting unless you turn the location into something more than what you actually do. I couldn't say this enough. You're so young. I'm so worried about what your business looks like between a dot-com and a physical location a decade from today, not this year, that I think what this is all about, the reason we even built mentors is I knew that in these meetings, there's gonna be one to three things that we could bring that are disproportionately impactful for what it costs in return. The number one thing I would tell you is the two things that you need to care about, I literally don't care about anything else in your business right now other than two things. One, the hell are you gonna do inside your 85,000 square feet that's different that has nothing to do or is complementary to what you do for the sake of the business? Even marketing, back to B to B, real estate, what if you're the stage for all real estate events in your, you have to figure that out. And number two, you have to figure out dot-com. Every day that you wake up, find good deals, taking care of your staff, taking care of your customers, amazing, guess what? Number three, four and five. Number one and two is what other capital are we gonna pour into this 85,000 square feet that are gonna, like you know what comes with renovations, you may have to have a separate entrance, you may have to, who the hell knows right? I couldn't stress enough of that importance, in parallel, you're pulling from opposite directions. You're making a double investment into your physical and you're trying to almost eliminate people from coming in to build up your dot-com, that religion. It's what I did. I love giving advice I took. We built a seven million dollar building while we poured every asset into building winelibrary.com into one of the biggest leaders. And if my dad was sitting here right now, his biggest concern is like foot traffic is down. The end. - Yeah and I think sometimes my long term sight that's what I get worried about but I know that E-com is important as well. - There is no as well. - [Male] Everything's equally important. We have to build today, no, we've got to think about tomorrow and me being on the front end of all this, that's what I deal with every single day. Everybody walks through that door no matter how I price, what floor structure I have, they've got their phone in front of them. - I want this. - I can get it here for this price. - Are you willing to match it? And I apologize, what are you doing in that scenario? Are you matching pricing? - [Male] Oh yeah. - 100% of the time, if it's legit? - [Male] There's some things that we see-- - [Amanda] 98% of the time. - [Male] I had an instance the other day where we was gonna make seven bucks. - I think you're making a huge mistake then and you have a huge opportunity. Let me tell you a story. My dad, in the liquor business they have something called the ABC. ABC came in one day and they're like, "You can't do case discounts." My dad's reaction was to put everything at 15% off from bottle one. So it wasn't even a case discount anymore, in essence, everything was on sale. - The store was on sale. - The store was on sale. So some things were on sale sale like it was 15, it's 9.99 but if it wasn't, if it was just a regular item, it was 15, by default it rung up at the register 15% off. The problem was he never told anyone. We did no marketing. So overnight one day, we became the best priced store in the state yet nobody knew and people didn't even know 'cause we didn't do internal signage. I'm just telling you the truth. People would be like, alright, I'm gonna buy this for 15, you get to the register and it's 13.40, ahh, okay. - Price mistake. - I am telling you right now, I'm telling you right now, the number one thing I would do right now, temporary banner sign, not sign on the building, is have as big of a sign as the town will let you say that we match all internet prices, little asterisk, as you get closer to the building it says, two percent, like, I would just arbitrarily, and you've got to find out the like, but I think it's two percent of times there are some restrictions or private labels that we're unable to match. Nobody driving by your building and coming to your store thinks that. Here's my question, if the truth is, if five out of 10 people are actually doing what you just said, I would tell you that you should go there. If it's three out of 10 but it feels like every person, then you've got to debate because you'd be giving up a lot of margin. If it's seven out of 10, you might want to make it a permanent sign in your building. Now my question is, what is it really? What's your gut tell you? - [Male] I would say that actually approaches me or a sales person on the floor probably three out of 10. - But you know it's in their minds. - But when I'm walking around that store, they don't know I'm-- - Everyone's on the phone. Watching. - 20 feet away and I see a husband and wife over there with their telephone out, I don't think they're texting their grandkids.