Rationally Thinking

Stumbled on an idea? Well, good luck in fitting it through a logical process. Many people like to take the rational approach to make decisions and anything new makes us uncomfortable. So how do you break this down?

A neat website i stumbled on exploits all the logical fallacies that could be thought of. While you may enjoy the varieties, the one i could relate to was the “Texas Sharpshooter”. The fallacy states,” You cherry-picked a data cluster to suit your argument, or found a pattern to fit a presumption”. Now this could have anything to do with marketeers, research folks, business decision makers or even the police i dare say. Let’s figure the first one of the lot. You are in a discussion where the latest customer insight is being torn to pieces. Someone pops up saying that a variant of the new soap is doing well in some of the target markets and hence budgets need to be allocated to achieve more penetration. They drill down the data till it begins to please the quorum. Now there lies a sharpshooter. While the soap variant did do well is some of the markets, it was marketed across several others. The lack of data from other regions is also talking. A change in perspective would show that its not doing well in a majority of the regions. In that case, where does our sharpshooter go? Can he still paint a canvas sitting on a pile of budgets to put out?

Similar cases happen in several other areas. When it comes to creating new products, finalizing on target markets, to may spotting organised crime or figuring out patterns. Sharpshooters are going to be everywhere to give the pattern a voice. Will it be a rational approach or just another subjective take that is coloring decision making? I leave that to you for figuring it out.

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Misfits Galore

No matter what walk of life, you will come across the square pegs being fitted in to a round hole. Or vice-verse. Reading a recent article i wondered how we try to be a part of a group through school /college and so on. At the same time we’re striving for our own individuality. Somehow, we don’t like the extremes. So loners get castaway and the extremely outgoing person is labelled the party animal. There somewhere in the middle is where everyone wants to be. Socially accepted and noted for who they are. But how can you be know for who you are unless you stand out / apart from the crowd? Contradicting isn’t it?

On that note, here is a favorite of mine from Green Day called “Walking Contradiction” that relates to the exact same feeling:

 

Aspire

To aspire is to simply have a greater ambition or an ultimate goal as per the dictionary definition. Once you have reached a specific level of expertise or stage in your life, you’re quickly looking out for what could be the next best thing. Marketeers too have tapped in to this particular set of our psyche from time to time.

Some of the most popular brands such as Apple, Mercedes, Louis Vuitton and others have successfully created that aspirational brand value for themselves. Brands have typically created an aspirational brand strategy in the following ways:

1. Targetted Advertising: Associating the brand with the nice to have features and showcasing a lifestyle that most people can only aspire to have is one of the key ways. High fashion brands have used super models, while in other cases certain brands have stayed off any celebrities and made the product the hero of their advertisements.

2. Build brand loyalty: One of the key initiatives has to be centered on making the customer aware of how the product can be put in to use everyday. Be it a high-end handbag or an SUV, the advertisement or brand collateral needs to highlight features for using the product for a wider number of applications. That ways they can build brand loyalty and further ensure that their customers recommend the product to others as well.

3. Keep it Simple: Brands need to be careful while positioning the product in the aspirational set since it needs to have a strong customer value proposition to deliver. Customers can clearly see past any over the top promises that are being made during promotions. Hence the message must be simple and yet powerful to drive the messaging across.

Creating a high end lifestyle is just one of the end results of an aspirational brand strategy. However marketeers need to steer clear and get the basics right, lest it turn in to a disaster.

Banking in a Jifi!

First off, this was one of my first Indiblogger meets in Mumbai. I have been blogging since the last 1.5 years, so thought i might as well venture in to the meet and see what’s it all about. Let me put it this way, if you thought bloggers are a bunch of nerds/geeks with awkward social skills, then you are wrong! This meet was a tri-city event and we were patched up with Bangalore and Delhi through a live feed. What’s more, they had Chetan Bhagat in the house who made the session interactive and joked about the upcoming movie Two States which is based on his book.

The event was basically organised to launch a  Kotak Mahindra Bank product called Jifi. Now i have worked in a bank prior to this and i must say they are breaking new ground here. Jifi is targeted towards the millennials and basically for anyone who is social media savvy. The concept is based on social banking. People who sign-up are free of balance woes, as they have no minimum balance requirement. The point i liked is that you earn lucrative interest for money above Rs. 25,000 as the bank automatically creates a term deposit for you. So for someone who doesn’t really care to invest and make their money work, this is a pretty good deal. The social media part is plugged in on Twitter. Basically anyone with this account can run a few activities like balance inquiry, historical statements and others. Some of the bloggers inquired about how safe this could be in case someone withdraws or transfers money from their account. To this Mr. K.V.S Manian (Head of Consumer Banking) replied that the services offered do not include transactions. So for the average user like me, i could tweet to Kotak asking about my balance and i will receive a Direct Message with the details, hence keeping my banking details private. Now, though the service is new in India something similar has been done abroad years back. American Express has a service called AMEX SYNC that lets people buy stuff using Twitter. However, from an Indian perspective this service from Kotak is a first. They also have a Kotak MoneyWatch service thrown in to help people like me track their expenses. Plus the more friends you refer, the more social points you stand to earn. These can be redeemed or transferred to friends later.

Adoption levels for a product like this will depend on how people approach social media in general. Many people are bogged down with privacy concerns, so i reckon it may take a while to catch-on. However for people like me who are pretty much online most of the time and breathe social, this is a pretty cool service to try out. I do hope though that they take care of two-factor authentication on twitter. One of the other issues, they should address is people having different email addresses when they sign up for twitter / facebook / banking.

All in all, this was a good event to be a part of. I met a lot of cool new bloggers and got some solid tips from them. Plus the event was hosted at Cafe Zoe which is one of my favorite places in Lower Parel. Now, let me get back to exploring Jifi !

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PS: Thanks to Indiblogger and other bloggers for re-tweeting and sharing the photo on Twitter 🙂

Blend in or stand out?

Individuality. The one notion that drives us all. I’m sure most of us don’t want to be versions of others and strive to be unique. However there are times, when one begins to wonder if they would be the thorn in the situation or blend in like the petals around a flower. Be the rock in the river or ride along the waves.

Reading a recent WSJ article on Success outside the dress code made me wonder the same. Dressing up is what we think defines us. Afterall, we normally begin sizing up people, opportunities or situations more often than not. Getting in to a client meeting? They will be building their first impressions. In today’s always online world, they have to put in minimal effort by just checking out your linkedin profile. If they are lucky, you’re on twitter too to feed their inquisitive needs.

The point really is then should you be guided by the notions that others seem to have of you or drive your own instead. The article refers to accomplished people walking in to luxury stores in their gym clothes. If people there recognize you as a part of the elite who have accomplished something, then you would be looked up to. Heaven’s forbid, if you aren’t from that set then you would be most likely tagged as a wannabe. I think the context also depends which part of the world you are from. For example, in India at a luxury store let’s just take any of the premium stores at Palladium in Phoenix, Lower Parel in Mumbai. Most of the people are pretty dressed up but if anyone with ordinary clothing walks up asking for details in a regional language, chances are they will be taken as novices. Or as many people say, “Maybe they got rich too quick”. The same idea doesn’t hold true. In the corporate culture too, you would rather be well dressed for that meeting than be dismissed on the first look. Of course, that can be taken lightly if one works in the creative side of things.

But my question really is whether one must blend in or stand out? Standing out, playing the devil’s advocate as the article suggests would be something that would go noticed. I think people would remember the person who made the most daring points, but that also depends on how dismissive they can be. Blending in works well for most of us. However, being original and driving the point across – that’s what we need to see more of. The change is already happening across B-Schools, where more recent graduates are opting to take their own route with start-ups. We will see more of this in coming years and it would be interesting to see where this heads out too. For now, standing out is the one thing that seems to be “In”.

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Insight: The New Face of Marketing

I was excited to be a part of the thought leadership event organised by the ITSMA with InformationWeek as the media partner. Knowing that this one was positioned to give out insights on where marketing is headed had me more curious about what was the discussion going to be like. There was a good mix of representatives from several IT firms and its always great to be in a room full of marketeers!

The event started off with a session by Dave Munn, who elaborated on the top priorities for marketeers. Interesting stats shared indicated that only 9% of CEOs actually use marketing data. But, on the whole the perception of marketing has improved for this year as nearly 78% of the audience they survey voted in favor, 20% had the same view and only 2% had a lowered perception. Now, that is the challenge i see whenever i’m talking to any other function. Marketing always needs to emphasize on the value they are driving for other business units/functions. Some of the top priorities for marketeers this year are:

1. Building thought leadership & dissemination of the content created for this

2. Managing brand reputation

3. Aligning sales & marketing

In terms of the budget being allocated for marketing, content creation took the top spot. For digital marketing the priority of allocating monies was: Website, Search, Online Advertising, Online Communities & Social Media. Digital marketing was also one of the key marketing areas that saw an increase in budget allocation. Most of this was taken out of the cuts in sponsorship,  direct mailers, advertising or public shows. A remarkable point was that nearly 25% of the overall marketing budget goes out to external agencies as fees/payments. Dave also listed the 5 mandates for marketing this year:

1. Measure & communicate metrics: Its important for marketing to contribute to business outcomes & provide predictive insight.

2. Become data & technology frontrunners: Invest in skills, build omnichannel marketing, foster the potential of data & analytics and lastly increase awareness with the c-suite.

3. Improve relevance & personalisation for the customer: Track for insights, provide customised marketing and make use of personas. This involves rendering different treatment when you talk to CMOs/CFOs/CIOs.

4. Enable thought leadership selling: Use sales teams to provide insight about client needs, enagagements and discuss challenges with marketing. Marketing also needs to manage & train SME’s to increase the awareness of our offering.

5. Build adaptive culture in marketing: Marketing needs to be proactive & collaborate within the functions. Companies should build a reward based culture to value business contribution from marketing.

The later session by Ramkumar Ramamoorthy was also rich in terms of the takeaways from his experience with the sterling work he has done at Cognizant. The impact of investor and analyst relation teams cannot be discounted. The last session was a panel discussion with key members such as Jyoti Singh (Genpact), Lavanya Jayram (Zensar Technologies), Kulwinder Singh (Synechron) & Sujit Janardanan (Amazon Web Services). Key takeaways from this discussion was about how marketing ROI is being measured (metrics differ everywhere), value being added through marketing (engagement matters on social & business matters in place of leads), investments matter in place of cost as that can be used to justify customer retention value over time.

Overall, i think it was an excellent session as it refreshed some of my own learning to reinforce the same. On the other hand, we picked up some good examples that were good to know and i also bumped in to some people i worked with earlier! All in all the new face of marketing looks good to be worked with in the future 🙂

Why tagging is important for Instagram?

So you’re out for a jog and can’t help but notice totally distracted photo junkies like me on the lookout for a #photooftheday scene waiting to be snapped. Yes, we #instagrammers as most people would like to hashtag their pictures to are just waiting for that dew drop to fall, kitten to purr and flower to bloom. Add to that coffee shots, stills of my shoes and just about anything thrown is in the most absurd of formats. Cover it up with a filter (my fav is Lo-Fi and at times Amaro) and you’re good to go!

Now, Instagram just recently introduced its photo tagging feature. So earlier, i could tag my friends in the description. However, if you’re likely to receive a lot of comments then heaven help the friend in sifting through!

Coming to why this is important:

1. Users: Users can now directly tag friends in pictures that will make it easier when a group of people are tagged as the photo will then appear in their photos too. (Bound to make a lot of lives simpler)

2. Business/Brands: Brands can stand to gain here as users can simply tag them in photos of themselves. In a way they would also need to be cautious and keep a hawk’s eye out for any deteriorating content being floated around.

3. Crowd sourcing: As many would know, user generated content is the way to go. In this way for a business perspective, this move by Instagram could prove to be fruitful.

4. No Advertising: Facebook acquired Instagram, so changes on simmilar lines were foreseen. However the good part is that since Instagram is free of any form of advertising, users & brands alike will have to be really quirky and innovative with content to engage.

So, there you have it. Tagging will make it easier and increase the overall shares and activity on Instagram. Now, i got to go and grab a mocha mugshot!