The legendary reggae band releases the 2012 version of the Barack Obama Song >>
The 2008 video version is here >>
The legendary reggae band releases the 2012 version of the Barack Obama Song >>
The 2008 video version is here >>
I go to my local bookstore, drink a coffee and
browse the shelves. When I get home, I rush to the computer and buy the books I
fancied - online! If it's a business
book, I download a copy on my digital reader, and if it's a literary
work, I buy the physical book at a discounted price.
As a way to assuage my guilt, I've thought of some ways to help my local bookstore survive - because, like so many of us, I love the physical bookstore experience - nothing beats the Zen practice of disinterested info-grazing - and I'd like to continue to enjoy it.
However, I notice at my local Barnes & Noble that
they're busy selling Nook ereaders in every cranny. [Do they really think they
can compete with the iPad or even Kindle?] Is this really going to save the
physical store? Nope.
Most likely, it's an idea dreamt up by the financial types at headquarters who've been "missioned" to tap into the digital value-stream. After all, why should B&N just stand there and watch their profits drift lazily down a South American river? It's important to note that despite B&N saying the Nook is a "success," they still rely on brick and mortar stores (retail and college bookstores) for over 75% of their revenue and the competition is going to become even more intense with dozens of new tablet and reader devices being introduced this year.
And how does B&N take a trip down the Nile? Apparently, the secret sauce is that they allow Nook owners to take their devices into any B&N physical store and read any e-book for free. Nooktalk tells us that in reality, it's not exactly a seamless reading experience. And now that Amazon allows Kindle owners to "lend" books to each other, the Nook may find itself in the, ahem, corner.
So what can your local bookstore do to take advantage of its strengths?
Here are three suggestions to shake up the physical bookstore business model:
Daily Book Rental
Why can't the bookstore become a pay-as-you-read library? As a kid growing up in India, I remember borrowing books (alright, some these were Asterix and Tintin comics) from the bookstore for a daily fee. This business model shows some reverse innovation promise. Can you imagine "tiered pricing" linked to free coffee rewards? Sign up for the all-you-can-read buffet. And of course, we get to pay fines if we return our books late.
Distribute Local Books
What if a physical copy of your book gets published in-store and sold in your town's bookstore? Can you visualize a "Newbie Authors" section where one copy of your book gets to sit on the shelf for a week? If it doesn't sell in a week, you can either pay for shelf space or you can buy your books back. The minute you or your mother buys your Great American Novel, a new one is printed and placed on the shelf. The top 5 bestsellers in each town get national distribution and placement for a week. Book fest!
How does a bookstore do this? If you're Barnes and Noble, you could hire retired teachers to do this; pick people who are enthusiastic and spread their love of the subject. If you're a small bookstore, you can still find enthusiastic community leaders to do the same - in fact you can specialize, and create a niche around the main clientele in your store.
Does all of this sound a bit off the wall? Good, then it's worth a try. The Nook, I'm sorry to say, isn't going to save Barnes & Noble.
P.S. Over at HBR, Sarah Green gives us another suggestion: Amazon should partner with Independent Bookstores!
Look back over the last hundred years and you’ll see the pattern. During periods when the very rich took home a much smaller proportion of total income — as in the Great Prosperity between 1947 and 1977 — the nation as a whole grew faster and median wages surged. We created a virtuous cycle in which an ever growing middle class had the ability to consume more goods and services, which created more and better jobs, thereby stoking demand. The rising tide did in fact lift all boats.
During periods when the very rich took home a larger proportion — as between 1918 and 1933, and in the Great Regression from 1981 to the present day — growth slowed, median wages stagnated and we suffered giant downturns. It’s no mere coincidence that over the last century the top earners’ share of the nation’s total income peaked in 1928 and 2007 — the two years just preceding the biggest downturns.
The final Harvard Business Review post in the series, and hopefully the start of some real change at the bottom of the pyramid.
Our goal is to go social for social business. Can social co-creation help the poor?
Thanks also to Scott Berinato at HBR and of course - VG, my partner in crime.
For the past two years I have been conducting some extensive testing with a number of my clients in various fields - software, consulting services, academics, non-profits, entertainment, and self improvement - and here's what I came up with at the end of the study. I'm interested in one metric - conversion to sales.
Conversion to Sales
Website: 29.5% of sales
Facebook: 4% of sales
Twitter: 1.5% of sales
Print: 2% of sales
Book: 9% of sales
E-book: 7% of sales
Email newsletter and blog combined: 42% of sales
The old rules of online marketing beat social media by a mile, period.
See you later, FB and Twitter...
This chart by the folks at the Eurasia Group, got me thinking. Something just doesn’t make sense:
Then it hit me. This is a rather conventional way to screen for global opportunities. If we looked at other screens like “innovation potential,” “middle class expansion rate,” “Gini coefficient shrinkage,” or “corruption index,”you’d see a very different picture.
Seth Godin posts a very insightful blog entry on the HBR site. He's talking about the challenges of marketing at the bottom of the pyramid:
When someone in poverty buys a device that improves productivity, the
device pays for itself (if it didn't, they wouldn't buy it.) So a drip
irrigation system, for example, may pay off by creating two or three
harvests a year instead of one.
Read all about it >>
The Gap screws up with their logo redesign. A giant failure of imagination in the boardroom.
But Umair Haque asks the right questions:
We all need to wake up. The Chamber of Commerce approach to design isn't going to work anymore.
Cracking the challenge of slums is the world's biggest problem of the next quarter-century, because the ecology of slums and the ecology of cities are linked. We cannot have a healthy global economy without healthy cities, and we cannot have healthy cities without tackling slums.
Join us >>
We're building a "creationspace" (JSB's word) for the $300 House-for-the-Poor at 300house.com >>
Please sign up, and tell your friends!
Ever since the Haiti earthquake, I’ve been thinking about why we don’t have a quick-build house made of sustainable materials at a price point that the poor can afford (with micro-credit if needed).
The $300 House-for-the-Poor is an extension of the concept of “reverse innovation” (inspired by my client and friend VG) in which innovations developed in poor countries are then brought back for use in developed countries and other parts of the world. Housing impacts health, energy, education, and security.
What if we could build sustainably designed houses for the world’s poor at an affordable cost? What if these same designs could provide relief to refugees and victims of natural disasters? The we I’m referring to is a collaborative of companies, governments, and NGOs.
This type of a structure will be engineered in the same way the TATA Nano was engineered - without the traditional assumptions.
Once built, the $300 house should be used across the globe - from Haiti, to Africa, India, and yes, even in this country, to help the homeless.
So what are we waiting for? It’s time to get busy designing the $300 House!
The political intentions of our GOP friends would leave the US with a hollowed-out economy.
Here is an example of how Obama’s unpopular bail-out for the auto-industry led to the creation of a new and critical cleantech industry - electric batteries - in this country. What say you, FOX News?
Go J.R.! Note he mentions my client - the Solar Electric Light Fund. Stay tuned for more news about them...
I like the SolarWorld ads Hagman does quite a bit. Here he's talking to Sue Ellen (who seems to be blaming him for BP's mess in the Gulf):
Shine, baby, shine! Well said, Larry Hagman!
The thing about Hagman is he put his money where his mouth is - years ago - by converting his estate to solar, before solar was cool.
Jail time for these environmental terrorists.Call your congressperson…
For the first time, in 2010, online advertising will pass traditional advertising on TV and print:
While this is remarkable, I can tell you where the highest ROI is.
It's with the Republican party. You can buy every single Republican vote for a paltry $34 million, as the health care circus has shown us.
Wow. Who needs Google when all you need is the budget for one Superbowl ad. Think about that: all it takes to buy the entire GOP is one Superbowl ad. There goes the future of our country.
PS - On a side note, I wonder what it takes to buy our Supreme Court... 5 bucks to Clarence Thomas' wife?
Just a few days ago I praised Forrester’s decision to create individual blogs for all their analysts. So they finally get it, I thought. Boy, was I wrong!
Yesterday I noticed how their migration to the new blogging platform was executed:
Yes, that’s the dreaded “The requested page could not be found” message.
Apparently, for Forrester, moving to a new platform means all old URLs die.
This is just so wrong. Linkrot is a common mistake that companies and institutions make all too often. For this to happen at an institution like Forrester shows me they don’t understand web basics. Don’t get me wrong, a lot of big companies have made this mistake, but for Forrester it’s inexcusable!
Maybe Forrester should have a chat with Jakob Nielsen. Check this:
Any URL that has ever been exposed to the Internet should live forever: never let any URL die since doing so means that other sites that link to you will experience linkrot. If these sites are conscientious, they will eventually update the link, but not all sites do so. Thus, many potential new users will be met by an error message the first time they visit your site instead of getting the valuable content they were expecting. Remember, people follow links because they want something on your site: the best possible introduction and more valuable than any advertising for attracting new customers.and
At other times, it becomes necessary to re-architect a site and impose a new structure. Even then, the rule continues to be: you are not allowed to break any old links. The solution is to set up a set of redirects: a scheme whereby the server tells the browser that the requested page is to be found at a new URL. All decent browsers will automatically take the user to the new URL, and really good browsers will even update their bookmark database to use the new URL in the future if the user had bookmarked the old URL.
I remember when the same stupid mistake was made by Harvard Business Review back when they switched domains from hbswk.hbs.edu to harvardbusiness.org. Overnight, they destroyed their online ecosystem, as Forrester has just done.
What’s the big deal, you ask? In today’s connected world, this is brand destruction plain and simple. Not the way to build an attention platform.
In 2000, back when I was working at a large software company, I was responsible for building their online communities. And part of the challenge was trying to explain to executives that “marketing is a conversation” and that conversations occur between people - opinionated, passionate people - not PR departments.
I’d make everyone read the cluetrain manifesto.
People are brands. And like brands, they can be fake or real. The real dilemma is this - is there a line, a demarcation between the voice of the company and the voice of the individual?
My point has always been this: when companies allow their employees to blog, they are strengthening their brand by making connections, building relationships, improving the quality of the conversation with the market, etc. etc.
And yes, there are times when people go off the deep end and act unprofessional. So you’ve got to have an employee blogging policy; and these days that means you’ve got to have a social media policy which covers Twitter, Facebook, and god-forbid, MySpace, along with the rest of the social stuff.
But all of this boils down to common sense; see
Sun’s, Oracle’s blogging policy, for example. The older version spelled it out like this:
1. Do not disclose or speculate on non-public financial or operational information. The legal consequences could be swift and severe for you and Sun.
2. Do not disclose non-public technical information (for example, code) without approval. Sun could instantly lose its right to export its products and technology to most of the world or to protect its intellectual property.
3. Do not disclose personal information about other individuals.
4. Do not disclose confidential information, Sun’s or anyone else’s.
5. Do not discuss work-related legal proceedings or controversies, including communications with Sun attorneys.
6. Always refer to Sun’s trademarked names properly. For example, never use a trademark as a noun, since this could result in a loss of our trademark rights.
7. Do not post others’ material, for example photographs, articles, or music, without ensuring they’ve granted appropriate permission to do this.
8. Follow Sun’s Standards of Business Conduct and uphold Sun’s reputation for integrity. In particular, ensure that your comments about companies and products are truthful, accurate, and fair and can be substantiated, and avoid disparaging comments about individuals.
When it comes to thought-leadership or a CEO blog, the voice of the individual is even more important.
Forrester gets this, finally. In a recent blog post, Cliff Condon, Forrester’s VP in charge of their social media efforts, explains the company’s official position on the topic of analyst blogging:
1. Forrester wants more analysts using social tools because it makes for better research. The research we write for clients has always depended on a rich two-way conversation with experts and practitioners in the marketplace. The rise of social tools like blogs and Twitter allows analysts to extend that conversation with more people in the marketplace. The more smart people our analysts interact with, the better our research will be. That’s the basis of the Groundswell. Therefore, Forrester is investing in building social tools and associated best-practice training for our analysts so that more of them get involved.
2. We are building a new blog platform to provide each analyst with a personal blog. Our platform today supports team blogs based on the professional roles we serve - such as the Forrester Consumer Product Strategy blog. The new platform we are building will allow our analysts to also maintain an individual blog on their coverage area. We are doing this so that our analysts can have direct conversations with key players in the marketplace and so clients have the flexibility to engage at an individual analyst level or a team level.
3. We want to make it easy for our clients. Our clients rely on us to help make them successful. They have told us that they are starved for time - they subscribe to our services in part because they conveniently get the insight they need from us and others who join in the Forrester conversation. Therefore, we can best serve client needs by placing all of our blog content in one place (at blogs.forrester.com), and put it in context alongside the rest of our data and analysis.
I hope that adds some clarity to what we are working on - I’ll share more as we move closer to roll-out later in the quarter. However, I felt it necessary to add to the conversation now since there has been discussion about analysts’ brands and the Forrester brand. The fact is we want to do everything possible to give analysts a high degree of visibility. Giving every analyst a personal blog is a step toward that goal. Our analysts’ reputation and our own are tied together. Our new blog platform is being designed to boost them both.
Every now and then, a CEO or company founder asks me one (or both) of these two questions:
1) must I have a separate blog from the company site?
2) do I have to use my name on the blog?
My answer depends on the individual. It's quite simple, really.
If I think they're a thought-leader in their industry - that's to say their opinions and ideas lead the field - then I often encourage them to blog under their own name on a blog that stands outside their company domain (more on that in a second).
The key assumption is that they are thought leaders. If I don't get this assumption right, we are all wasting time. There's no point setting up a double-loop model if you aren't going to have something important to add to the conversation. Here's what to do instead: have a company blog, put your press releases on it, and talk about your products. Have your agency Twitter and Facebook away to their heart's content. Just don't call it thought leadership, because it isn't.
So, now that we've established that, let's look at what is thought-leadership.
How do you know you are a thought leader? Here are some clues:
1) people you've never heard of start emailing you long (relevant) notes about something you said on your blog
2) your clients start reading your blog - so do analysts, journalists, and others you respect
3) you notice your blog gets ten times more traffic than your company website
4) you start getting calls from prospects asking for your services (and products)
If these four things don't happen, (1) you're not blogging right, or worse, (2) you aren't a thought leader.
Now let's talk about individuals and why using your name is actually a very good idea.
Authenticity. People relate to other people. We see this in entertainment: Oprah, Martha Stewart, David Letterman, Elvis, Bob Marley; in sports: Shaun White, Cristiano Ronaldo, Pele, Ali (and unfortunately Tiger Woods); and in business: Warren Buffett, Bill Gates, Richard Branson, Jeffrey Immelt. So if you're the founder or CEO, and you have a message worth getting out, you want people to know who you are. The connection is personal not corporate.
Passion. If you believe fiercely in what you say, do, and think, then it is this passion that people want to connect to - directly. Without that PR person. Passion can't be staged.
Trust. Your voice as an individual is far more trustworthy than a faceless corp. And you are believable when you believe.
Findability. People search for names. So if you write a book, they'll search for you, the author. "Byron Katie"* gets 10X more searches than "The Work," for example.
Longevity. As a person, you live till you die. You may switch companies, or labels, or publishers. You, the brand, stays constant. Your attention platform is how you go direct to the customer, no resellers necessary. Your followers stay with you forever.
Ideas. Companies don't have good ideas, people do. Good ideas originate in the heads of your people. These are your thought-leaders. Don't make them anonymous thinking this will help your company; it won't.
The Brand. Too much has been said about you, the brand. A company can renovate its brand by hiring an ad agency. You, on the other hand, have the opportunity to be real.
Lately, even large companies are seeing the benefits of using thought leaders as ambassadors for their brands.
The CEO blog works well for startups and SMBs as well: Gaurav Bhalla* for Knowledge Kinetics, Francis Cholle* for The Human Company, Dean McMann* for McMann & Ransford, Phil Townsend* at Townsend and Associates, Bob Freling at SELF, and Steven Feinberg at Steven Feinberg Inc.
When a blog is shared - i.e. when more than one executive participate - then it is alright to pick another name, usually connected to the topic we want to blog about. See: Steve Lesem* at Mezeo.
* disclosure: Tammy Erickson, JSB, JH3, VG, Tom Davenport, Larry Prusak, Gaurav Bhalla, Francis Cholle, Dean McMann, Phil Townsend, Bob Freling, Byron Katie, and Steve Lesem are some of my clients.
First Tylenol, now Toyota. Same old story. Silence is not damage control.
Now the NHTSA is looking at the pedal maker. There must be a way to check the electronics - some way to look at the log files, perhaps?
Note that both companies are blaming their suppliers.
Is this the result of in-house PR?
Quote of the Week: I hope we shall crush in its birth the aristocracy of our moneyed corporations, which dare already to challenge our government to a trial of strength and bid defiance to the laws of our country. - Thomas Jefferson
Orville Schell's portrait of a Nation that says "No, We Can't".
Somehow, I think that the US still offers the world the best way forward.
Yes, despite the lobbyists and the money-grubbing pirates in high office, there is still hope.
Don't give in, America.
My client Gaurav Bhalla has just published an article in the January-February Harvard Business Review titled - Rethinking Marketing.
Along with his co-authors - Roland Rust and Christine Moormon - Bhalla insists that companies must shift their mindsets from a product-centered focus to building long-term relationships with customers.
This can only be done if companies reinvent the marketing function.
"The traditional marketing department must be reconfigured as a customer department that puts building customer relationships ahead of pushing specific products. To this end, product managers and customer-focused departments report to a Chief Customer Officer instead of a CMO, and support the strategies of customer or segment managers."
You can sign up for Bhalla's Customer-Driven Innovation Newsletter and download "Rethinking Marketing" here >>
What a wonderful world. While you were wrapping Christmas presents, China decided to lock up Liu Xiaobo and throw away the key.
Xiaobo's crime? He drafted Charter 08, which demands the open election of public officials, freedom of religion and expression, and the abolition of subversion laws.
His wife's cell phone mysteriously stopped working so she could not be reached by the press. Nice touch.
This is something that keeps happening with IBM's FTP server.
I was just trying to download this report: Seizing the advantage. When and how to innovate your business model"...
I have to say, this happens all the time on the site.
What's going on IBM? This is not exactly the best way to win friends and influence prospects.
P.S. - will let you know if I ever get to the document!
UPDATE: Not sure if this is the same document, but I found it on the UK site.
UPDATE #2: Look what I found at Booz >>
UPDATE #3: And this from EY >>
According to MIT and the Internet, this is who I am (click to enlarge):
Find out who you are here >>
Listen to this:
Junk food elicits addictive behavior in rats similar to the behaviors of rats addicted to heroin, a new study finds. Pleasure centers in the brains of rats addicted to high-fat, high-calorie diets became less responsive as the binging wore on, making the rats consume more and more food. The results, presented October 20 at the Society for Neuroscience's annual meeting, may help explain the changes in the brain that lead people to overeat.
So is this another example of addiction as a business strategy - similar to what the tobacco companies were doing earlier?
Maybe that's why the IT geeks have such a hard time implementing Lean IT >>
Alan Grayson makes the case for reconciliation at StopSenateStalling.com:
Throughout the administration of President George W. Bush, the Senate passed much of its key legislation by majority vote:
* The Medicare Prescription Drug, Improvement, and Modernization Act of 2003 passed 54-44
* The Energy Policy Act of 2003 passed 57-40
* The Jobs and Growth Tax Relief Reconciliation Act of 2003 passed 51-49
* The Tax Increase Prevention and Reconciliation Act of 2005 passed 54-44
* The FY2006 budget resolution and Deficit Reduction Act of 2005 passed 52-47
* The Dominican Republic-Central America-United States Free Trade Agreement Implementation Act passed 55-45
* The FY2007 budget resolution passed 51-49
Today, under the administration of President Barack Obama, the House has passed bills preventing climate destruction and reforming our broken health care system, while the Senate searches for 60 votes in the face of Republican obstruction. Every day the Senate delays, more people die from lack of health care.
The filibuster should apply to the initiatives of both parties or to neither. Why should launching wars, and cutting taxes for the rich, require only 51 votes while saving lives requires 60?
Why indeed? Go to StopSenateStalling.com >>
If you haven’t heard about free2work.org, you will. This is part of a growing explosion of consumer-education organizations dedicated to exposing “worst practices” among multinationals.
The hope is that if consumers know what is going on, they will vote with their purchasing power and seek out the companies that are doing good. I’m all for it. Who wouldn’t be? Oh, I forgot about the US Chamber of Commerce…
On the academic side of things, we see the same story emerging:
Rosabeth Moss Kanter’s latest book, SuperCorp: How Vanguard Companies Create Innovation, Profits, Growth, and Social Good argues that “the model of American capitalism that worked so well to raise the fortunes of millions of people last century appears to have hit a wall. What’s good for General Motors may no longer be good for the country. In its place must arise a new model of the company, one that serves society as well as rewarding shareholders and employees.”
Maybe Doug Smith was just a little ahead of the times when he wrote On Value and Values: Thinking Differently About We in an Age of Me - which to me is still the best book in this space.