I know, WTF is Wish and why was Gary Vaynerchuck talking about it?
Wish is the biggest threat to Amazon in the history of online shopping and most people have never even heard of the company. In fact, depending on who you talk to, Wish has generated between three and six billion dollars in revenue in each of the past few years.
But before I go into what Gary Vee may not want the masses to know, let’s take a look at why Wish is such a big deal…
Gary Vaynerchuck on Wish and Facebook Ads
Gary Vaynerchuck was speaking about Wish in a talk recently, an online ecommerce website, just like Amazon, set up by Danny Zhang and Peter Szulczewski back in 2010. In the latter months of 2017, this emerging ecommerce giant had more than one million users on android/IOS platforms which is far less than what they have at the time of writing this article.
And that’s just part of the story….
As it turns out, both Zhang and Szulczewski are former programmers at Yahoo and Google. In fact, both owners were an integral part of the Google Adwords project. It’s true, developers from Google set up their own businesses all the time but there is some real significance in this instance and the following statistic tells an interesting story.
You see, even though you may not have heard about them yet, Wish has built a global reputation on Facebook ads. And although the precise numbers are unclear, it’s estimated that Facebook adverts account for up to 98% of their advertisement budget. Interestingly, the remaining 2% of this budget was used on NBA adverts and to buy a corner during the Floyd Mayweather/Conor McGregor promotion.
But what can we take away from this take from Gary Vaynerchuck on Wish?
What Does Gary Vee Wish for the Masses?
Well, we know that Facebook Ads can drain the swamp but some companies have clearly mastered the process. That is, we know that Facebook Ads can have a very poor return on investment for many people or businesses but Wish is a clear exception that proves the platform works or at least worked in the past. With this in mind, maybe Wish and their advertising strategy deserves a little more time than most of us have given the platform…
Or maybe it’s a case of “Who Moved My Cheese?” from the marketing genius that is Gary Vaynerchuck.
In other words, as everyone starts running to Facebook to set up their next advertising campaign, I wonder where Gary Vee is headed that will keep him ahead of the masses.
Disclosure: I’m a huge Gary Vee fan and you can watch the talk here!