I have mispronounced atleast 5 of them :P
Originally posted on Mad Over Marketing:
Marketing | Communication | Technology
I have mispronounced atleast 5 of them :P
Originally posted on Mad Over Marketing:
18 Charts that explain Why Amazon has no profits? The real meaning of long term and opportunity explained.
Originally posted on Andreessen Horowitz:
Amazon has a tendency to polarize people. On one hand, there is the ruthless, relentless, ferociously efficient company that’s building the Sears Roebuck of the 21st Century. But on the other, there is the fact that almost 20 years after it was launched, it has yet to report a meaningful profit. This chart captures the contradiction pretty well – massive revenue growth, no profits, or so it would seem. But actually, neither of these lines gives you a good sense of what’s really going on.
Amazon discloses revenue in three segments – Media, Electronics & General Merchandise (‘EGM’) and ‘Other’, which is mostly AWS. As this chart shows, these look very different (this and most of the following ones use ’TTM’ – trailing 12 months, which smooths out the seasonal fluctuations and makes it easier to see the underlying trends). The media business is still growing, but it’s…
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I track the links that I share on Social media through many tools. I was reviewing how my youtube video shares are doing and this is what I saw:
This screenshot shows the AIB Knockout Roast video shares in my bitly account showed a declining count of clicks. Like how a funnel would work. One can argue that people didn’t see all three tweets / FB newsfeed elements together and hence a declining click count.
However, the broad point being, Content marketing works like a funnel. While the people who traverse the funnel till the bottom might be lower, their interest and engagement is way higher. However, one if the biggest issue in today’s time is that people miss out the bigger picture sometimes. The Hour Glass view. While your investments upfront leads to a funnel like view and we look at cost per action, we miss the subsequent inverted funnel. For any business to grow and have a holistic view of a business, one needs to look at the whole hour glass view.
The subsequent conversions that one produces from loyalty and advocacy. And this build the organic traffic as well as the word of mouth traffic and measuring these channels and co-relating the growth of this with the spends that one has done on paid channels is extremely important.
While an Hourglass is a future looking metric, though I wonder, how do entrepreneurs and investors think of the future value generated by such an hourglass view? Would they invest based on the future value? Do they look at the retention rates and life time value and future revenue through the social actions?
I attended the Social Media Week Mumbai last month. It was a five-day event where people who were interested in #Socialmedia gathered to learn and share knowledge. The expectations in general were to learn how to leverage social channels to achieve various business goals whether they are engagement related goals or someone’s ego related goals. Many people were hoping to see that the experts will help in explaining how #SocialMedia can be helpful to grow businesses and build personal brands.
My hope with the event was to gain some consumer insights. Also, I was looking forward to learning about how companies have effectively used social media to connect with their audiences. I was hoping that some *big brands* will showcase how they have been able to use such channels in an effective way that it ties with their business goals. Unfortunately, many sessions were disappointing, to say the least, many of the sessions were like “Woo-Woo”.
The so-called ‘social media influencers’, which in my opinion are “population gatherers” as India has abundance of people, came on stage and grossly mis-guided the ‘social media enthusiasts’ or someone who mockingly said during conversations: ‘social media evangelists’.
Many of the panelists and other attendees that I met were grossly ignorant of any scientific methodologies of experimentation in digital media. And maybe I am making a wrong assumption here as they might be aware of it and might be practicing the same, however, they chose to stay silent on the same and not disclose it with the audiences. They aptly mis-“guided” the naive audience with more “Woo-Woo”. The audiences clapped for this “woo-woo” and took away “great learning” back with them and then vomited it out on social media with #Tags and blog entries and likes.
I rarely attend Indian digital marketing events. As most of these events are like mass scale “pitch” sessions by digital agencies, social media agencies, SEO agencies or companies offering solutions for small, medium and large enterprises. While, it is okay for companies to make pitches, however, the funnel is broken here, and they do not practice what they preach themselves.
Let me explain briefly:
1) Hypocrisy – While you will read and learn from many content marketing experts that ‘Content is King’ and ‘Structure your Content for the channel’ and ‘customize content to your audiences’. These agencies conveniently borrow these statements for their tweets and blogs and presentations. However, they forget to implement these in their ‘mass pitches’. Without providing valuable case studies or data on why something works or why it doesn’t, such pitches are meaningless.
2) Borken Funnel – The mass pitch funnel is broken. The target audience is so diverse that the mass pitch is not catering to any of the target audience. There are no polls done to understand who are the attendees? There is no pre-qualification done on the same. All attendees irrespective of their interest in the event is clubbed together in the same room.
And all we hear is “we are the best agency” stories. Where are the case-studies of your clients? Where are the objective statements and measurable results?
Some of the points I wanted to write about from the sessions I attended.
Mis-leading Sessions – Winners have product strategy and losers a marketing strategy. This session talked about how companies should have a Product Strategy and Marketing strategy is such a losing proposition. While, I agree that Product strategy is paramount, however, a communication strategy that works in tandem with product strategy is equally important. The speakers conveniently chose to hide marketing and communications inside the product strategy and mis-lead the audiences.
Let me explain, if I build a product strategy that has awesome experiences and has hooks built into it that prompts user to act and share of certain achievements or good experiences with product on social media channels, is a great example of Product strategy plugged with Communication strategy. Just by encompassing the communication strategy as part of product strategy is a mis-leading proposition.
What about Experimentation Strategy? – If such re-structuring of terms is being done, then why not also separate the experimentation strategy? Testing which message gives a higher referral, what points of product journey to prompt users is again an example of bringing product and marketing together. Unfortunately, the session didn’t talk about that, why?
The marketing strategy works (it does, happy to explain a model to anyone who wants to learn), a combination of SEO, Social Sharing, Friend Referrals, Search Ads, Display Ads, Video ads and so one. Building a measurable structure and determining Acquisition costs with attributions, Retention Rates and Life-time value. Why is there no mention of that in the entire discussion?
Unprepared Panel Discussions – While the topics used for many other sessions were very catchy, however, the content just didn’t live up to its expectations. Why? I can only speculate that very few panelists seem to have prepared for the presentations. It was like a 15-minute call done by the panelists a day before, and they all landed on the stage. Nothing of value came out of so many panels. Very few panels had something of value to add, and I tweeted about some of the learning that I got out of these sessions.
Poor Quality Workshops – Example of Misleading poor quality workshop – Advanced DoubleClick Marketing Session – I am a user of Google DFA in India. I attended this session in the hope that I will learn some insights on optimization of DFA campaigns. Unfortunately, this session was a disaster. It was more like a quiz where they were trying to figure out how many clients can we get at the end of the session. Pathetic and poor. No content hand-out and nothing of value shared or discussed.
Poor methodology – I used to work for a company called Naseba. Where I used to help in organizing focused events for CXO audiences in Europe, Middle East, APAC. These events were structured in a way that there was pre-qualification done based on the requirements of the people attending the events. Very structured personalized agendas were served to people attending. The sponsors used to generate high ROI while at the event as they used to close deals. However, digital events here in India are so poorly structured that the decision makers, the influences, the execution people and strategists all are sitting together getting completely confused and gaining no valuable insights. Events should be tailored in a way that it adds value from the perspective of the audience, and there should be segmentation. Unfortunately, nothing of that sorts happen and we see utter chaos.
The Good things: While I shared some of the points of extreme discontent, there were some good sessions too. In these sessions, people genuinely shared some consumer insight. Some people shared methodologies of how to approach consumer communication, experiments and deriving insights. Some of the good sessions were: Stand-up comedy in india: online viral, offline houseful!, Product MVP Design, Earned traffic and authority by Jeff Bullas, Buzzfeed Session, Dharavi goes social, Bollywood trolling was good entertainment.
I have attended few events outside of India, for example, I attended an A/B testing event in London by a seemingly less known site Whichtestwon.com. These guys talked about 100s of case-studies from multiple companies from many parts of the world. Such an event added a ton of information and insights about consumer behavior and the scientific method of conducting tests and learning instead of just harping about how great their agency was. They gave booklets with 100s of case-studies as the accompanying conference material instead of “sales brochures” from the sponsors. Every single time, I train my brain to overlook the past (pathetic events in India) and go for such events, all I get is disappointment.
Digital marketing is a new and upcoming field in India. It’s been around for less than 15 years in India. While people are getting excited and their career choices are getting influenced based on what they see and hear in such events, the speakers, organizers, panels and attendees have a responsibility to improve the overall outcome of such events. I hope the agencies that are going to host digital marketing events in the future, read this and spend some time in thinking before producing the digital marketing events.
Thank you for reading (if you did). I am always open to criticism and critique. Leave a comment or tweet if you disagree or have a point to add / subtract.
Businesses forget Humans are Humans and not a Passport of a Country. #ShameBritishAirways
Originally posted on getsetandgo:
Update as on June 2, 2014 – IST 5.30pm – Thanks everyone for helping me spread the word on this. I have just received a standard email from British Airways Customer Care apologising for the inconvenience and confirming that they will look into this matter. I will keep you all updated on the progress.
This post is my letter to the CEO of British Airways recounting my recent experiences while flying British Airways from New York to Mumbai. Thanks to many of you who found the concerned email id for me and I have now sent this as an email out to him. I am also posting this as a blog post and hope that this makes a difference in the way British Airways treats its Indian customers.
May 31, 2014
Mr. Keith Williams
CEO – British Airways PLC
I had recently read a blog-post (which went viral on the internet) about an Indian national…
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Gamification is the use of game elements and game design techniques in non-game contexts. I attended a course on gamification which was hosted by Kevin Werbach, professor at The Wharton School, and Co-author of the recently released book, For the Win.
During the past few months I have been looking at a series of online and offline products and services that are adopting Gamification. One of the key things that Gamification helps in achieving is “Intrinsic Motivation”. Health and Fitness industry has leveraged Gamification as the key challenge that they face is motivating people to spend time on their health and fitness. The Nike+ fuel band is a fantastic example. Similarly, I am aware of around multiple such apps that have hardware and software combination where they track health and activity data and sync it to online portals and present that data in a structured way through the use of gamification elements to motivate people to get into a habit of regular focus on fitness.
2 such products that I use are: Runtastic.com and Fitbit.com. I use the blackberry app from the runtastic as well as I use the Fitbit One tracker + Windows 7 sync software + iPad App. Below are some results that I saw in my behaviour after using Fitbit for the past 2 months. I know the data is too small and not statistically significant. I will keep updating the blog post to share updated data on how my performance improved or deteriorated. But at a broad level, I can see a 44% improvement in my daily Kms walked metric (see image below).
These products have leveraged Gamification very well and the continuous motivations, notifications, alerts, badges and the friend leader-boards with quick tease messaging to friends works very well in tandem to keep people motivated.
If you notice Image 1: clearly, there was a long period when I wanted to be regular about my fitness, however, I didn’t. But since the time I got Fitbit One tracker, I am motivated to walk, climb stairs instead of taking elevator and walk that extra mile whenever I see a chance.
All this is happening because we all like to have fun and games are fun. Gamification of real life activities makes mundane activities as fun and keeps us motivated to keep participating and playing.
So, that’s my story of intrinsic motivation driven by gamification and technology that is helping me out, Your turn now!