Scott Galloway. L2 Thinktank.
Mitch Joel may have flogged his Twist Image agency to WPP, but hopefully he keeps on writing his blog and alerting us to terrific stuff like this presentation Winners and Losers in the Digital age, by Scott Galloway.
Read the post, watch the presentation, have a squizz at Galloways L2 site, and apply it to your business and situation.
Courtesy http://mockingwords.blogspot.com.au
As great an advocate of analytics as I am, it remains a truth that data without a context is useless.
It is in the articulation of the context that data is given meaning, and it is at this point that the context can be articulated to change the meaning of the data.
“Spin” is so common we almost do not mind any more, it is so woven into our daily media consumption, that it is normal, and each person applies their own cogitative filtering system to what they are bombarded with every day.
Spin is no more than selecting a combination of data and context to deliver an argument that suits a predetermined outcome. Question is when does the modest spin with perhaps the best of intentions become a lie based on manipulation of data and context.
I cannot wait for Tuesday nights budget, if nothing else it should be a lesson in context management.
PS. A week post budget.
Well it seems they really blew this one!
We thought the previous residents of the Lodge were too smart by half, trying to manage both the data and the context, and failing at both, but the current Prime Minister and his Treasurer have set new standards.
Irrespective of your political inclinations, and view of the logic of the budget, it is hard to argue that the sell job has been just crap, the only thing worse has been the packaging of the product.
Mr Shorten cannot believe his luck, and how quickly we forget. Perhaps our limited memory is what the PM is relying on, I wish him luck, but where is the bookie when you need him.
The Atlantic has made the call, at least asked the question.
I have no idea, as I am not a real twitter fan, never have been, simply because I do not see the sustainable business model yet, although there is no doubt of the disruptive impact of twitter on traditional media.
The thought of spending more of my most valuable and finite resource, time, on a platform that can deliver numbers, and can deliver with work some semblance of a community has never grabbed me, as the opportunity cost just seemed too high.
Surviving on advertising in a world where advertising space is now close to infinite, and thus almost worthless unless you can employ a degree of targeting that requires a degree of engagement that usually only comes from an existing relationships seems fraught with the sorts of hooks snake-oil salesmen use to catch the unwary.
Perhaps I am just getting old.
What twitter has done, which has benefited all of us is to highlight the value of condensing a message into its core, distilling out all the verbal trappings we often add in that really add no value. In addition, there is no doubt that the immediacy of twitter has played a vital role in getting information out about nasty, momentous, and often funny things that happen. The first time this was evident to me was the London bombings, when news came out via twitter way before any formal network could work out what had happened, and since then, Twitter has been the newsbreaker on almost every occasion.
So, I do not think twitter is dying, just trying to grow up.
Successful selling
Regularly I find myself on the receiving end of a pitch of some sort, as do all in business. We all buy and sell on a daily basis, and whilst there are easily recognisable and specialised functions that buy and sell on behalf of our organisations, we nevertheless are “pitchers”, and “pitchees” every day.
It seems that one of the impacts of digital communication has been to help us forget, or perhaps brush over some of the foundation sales skills honed over the millennia of human activity, so here they are again:
Easy to say, often hard to do.
A/B testing
As a marketer, I am fairly left brain oriented, some may say flakey and opinionated, and I have done well with that for many years.
Here is the paradox.
You can now test just about everything if you try hard enough. All sorts of ads, headlines, copy size, placement, colour, the best mix of paid and organic media, channel A Vs channel B, and so on. There is no longer any excuse not to test, to quantitatively know what works best, to be able to calculate with a pretty good level of confidence the outcomes of some marketing activity.
There are also some great resources to help think about the topic, Avinash Kaushiks blog being gold, as well as books like “A/B testing: The most powerful way to turn clicks into customers”.
There is a trap here however.
Reliance on data to inform decision making can become a crutch that stifles the left brain driven capacity to connect logically unconnected dots in some new way.
Years ago I was faced with a dilemma.
I just “knew” that rectangular 1kg yoghurt tubs would be better than the existing round ones, better for the retailers, better for consumers, just lousy for us as the producer, as margins were at risk from the higher costs, or volumes at risk from higher prices had we chosen to recover all the incremental costs.
Problem was that the round ones were industry standard, and were so for a reason, they were substantially cheaper, easier to print, and all the filling and collation equipment was designed for round tubs. I had to wait 6 years to do an A/B test by subverting a capex process of an equipment upgrade in a factory by substituting rectangular tubs for round. Not a simple proposition when you consider all the supply and distribution angles that had to be covered.
Outcome: rectangular was vastly preferred by consumers (I somehow “knew” that) and retailers as they achieved better shelf utilisation, which we were able to calculate and demonstrate to them. It turned out the cost premium was easily recovered in the incremental sales, and the dynamics of the market were changed in a fundamental way.
I could have, probably should have, lost my job for that piece of subversion, and had it tanked, I am sure I would have, but it would not have gone ahead with full disclosure in the capex process.
Some things are still really hard to digitally A/B test, you still need the market instinct and market risk taking mentality to have a go, but the personal cost has the potential to blow out in the wrong environment, but without the risk, there is no progress