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1:9:90 Theory of Online Brand Marketing

21 Feb

I was reading a newspaper today when I came across the idea on the 1:9:90 Theory. Not sure who was saying this in the newspaper but I am definitely not going to claim that this theory is mine. I am only going look at it a bit deeper.

The 1:9:90 Theory is simple to understand, profound in thought and difficult to implement. But thou shall reap immense rewards if you execute it.

The Theory says:  Among your consumer group (or target audience if you will):

  • 1 % should create content
  • The content created by the 1 % should engage 9% of your audience and convert them to Brand Evangelist or to use the Facebook phraseology – Fans.
  • This 9% of brand evangelist should then take the content, connect and collaborate with 90% of your target group. Of course, the 90% who will absorb the content is important but marketers in the online space would do great by focusing on finding the 1 % content creators.

These content creators are what, if I may borrow Seth Godin’s terminology –  Tribes.

Find the Tribe:

Seth Godin in his remarkable book Tribes talks about how it is important to find and engage the members of a  Tribe. The Tribe are your diehard fans. He/she is the one who will do what it takes to get and use your product/service ignoring all others in the market. All you ought to do is make space for your fans/core consumers to create content. Democratize your company. Give them the tools. Let them create content. All you have to do is channelize the tribe by being the Leader.

Let the fans create the content, find and touch base with the 9% of the brand evangelists who in turn will share the content with 90% of your target audience.

Your job is to basically find the content creators.

And it isn’t an easy job. But it is definitely better and more effective than creating million dollar advertisements targeting everyone out there and praying to Almighty that someone watches the ads and respond to it.

Finding loyal fans and content creators is tough but it is long lasting, just like true love. Finding true love is not an easy job. But when you find it, engage with that person, nourish the relationship; it becomes bliss and long lasting.

It was exactly this point Geoffrey Moore was trying to tell us in his seminal book Crossing The Chasm.  The book is all about the importance of Early Adopters of technology.

Find the Early Adopters.  Give them the importance they deserve. Give them the tools through which they can play with your product/service. Show them how you value their passion for your products. Then politely ask them to create content for you. Ask them nice and be honest about it and guess what? They will give you the content. And since they are doing it out of passion and love for the product and not you, you will get great viral content.

The word Viral is important. It is word of mouth. It is something you will get by Co-creating value with your customers as C.K Prahald articulate in his books.

Building Brands Online:

Today it is far easier and better to build brands online than using traditional media. It is easier because online activities can help you engage with your audience. It is measurable and accountable.

More importantly it can be used to target the your real serious customers than every tom,dick and harry ( no pun intended of course). When you launch focused advertisements or campaigns the reach is better, ads can be tweaked, mistakes can be made so that old rules are broken and new lessons learnt.

Simply put: The status quo can be challenged.

When you do that, you somehow will manage to create The Purple Cow (I love Seth for what he stands for  … you ought to read his blog). From then on use innovation to sustain and feed the Purple Cow

Digital Marketing Agencies:

The agencies of tomorrow should not be stand alone Advertising and Public Relations companies. Instead they should become an Integrated Digital Solutions companies which should have core team of people who can come with digital strategies and how to use such tools (like me … lol) and people who can create engaging content ( not necessarily award winning creative’s) and solid tech cum web team who can implement your communication ideas in the most optimized way.

Read this awesome blog by Seth Godin on Viral Growth to understand on how important it is to connect with core fans and creating great content

An open letter to HBR team

1 Jan

To,

India Today Group and the HBR team

Extremely sad and shocked at the increase of the price of HBR from Rs.500 to Rs.750! Not sure why this suddenly increase in price. Is it cos of the new design or because it is a double issue or it is New Year?

What is the point in making the new design more accessible to reading when you are making the magazine less accessible for people to buy?

As long as the price was at Rs.500 I used to eagerly wait for the magazine to come out. Cos Rs.500 for me was an opportunity cost in financial planning. Rs.500 was a sacrifice I made for a movie outing with my finance. I used to think – even if I missed a movie with her, that’s fine! I get to read HBR management stuff. She understood.

Now, I can’t give her that reason. I can’t tell her that I sacrificed my time with her for a book which cost Rs.750.

What about the rest of us? What about new managers climbing the corporate ladder who may not have big salary but have big dreams and want to learn management ideas and thoughts from icons of HBR but cant because of the increase in price. Others may get access to HBR cos their HR would be good enough to buy it for them in office. Student’s studying MBA may get access to it from the coll library.

So what happens to the rest of us? Are we to be denied the pleasure of reading HBR?

The Entrepreneur (India edition) is Rs.100. that makes sense. That makes big sense to buy. And the content is good. Not as classy as HBR but good nonetheless.

So here is my big question: Why on earth did you guys raise the price back to Rs. 750?

If you are charging HBR print edition so much, why not give free online access to your articles and archives?

You know what is even more sad? Me not buying HBR won’t make any difference to you. It won’t cause a dent in your brand, sales or the policy you follow.

But hopefully there ought to be more ppl like me out there who will read this blog, nod their head and voice out their concerns as well… That may probably be a wake up call for you guys to rethink your pricing strategy in India.

A Dejetced Big Fan!

Sri Vikas

Friend req to ashok k banker

29 Nov

Just sent a friend request to Ashok k Banker. Worship what he writes. He is the AR Rahman of Ramayan. Where is mahabharatha, dude?

Mathew Reilley new book

16 Nov

all set to buy and read Mathew Reilly new book http://ping.fm/NIoRd

Crowdsourcing – A disappointment

12 Apr

Oops! Its been a long time since i lasted posted an entry here. Busy with work, getting back home late and being tired and my laptop got screwed up cos of my networking guy.

Anyway, just completed the book Crowdsourcing by Jeff Howe, which was a big disappoitment. I thought it would be a worthy successor to Wikinomics or maybe even a good book on understanding the new media and social networks.

Sadly that was not the case. while the scope of the book was huge and examples/case studies great, the book has too much of unnecessary explanation on stuff unrelated to wom, buzz and social media.

I am giving the book a 1 out of 5 stars .

I am now reading :

Direct from Dell

Killer Differentiators: 13 strategies to grow your brand

Connected Marketing,

and a book on Ecommerce

I plan to read :

The Wisdom of the Crowds

Anatomy of Buzz : Revisited

and, Gurillea PR 2.0

Yesterday I got my hands on :

What I talk about when i talk about running by Haruki Murakami . He is one of my most fav authors .. cant wait to start reading the book … 🙂

Will be back with a proper post soon..

The Top 10 health websites

1 Feb

Don’t be awestruck by how Amir Khan went about getting the 8 pack killer body when you can get it for yourself. All you need is dollops of inspiration, good knowledge,tremendous will power and a good job ( no need for any wallet sucking fancy gym at all ! )

Here is a super cool list for the fitness enthusiast in you :

1.  For complete fitness info    –                ExRx

2.  On Free weights                      –               Strong Lifts

3.  For Nutrition                          –                Nutrition Data

4. For Strength building          –                 Muscle Talk

5.  For information                   –                  Sports Coach

6. For Diet                                     –                 Food Focus

7.  Equipmet you need             –                EliteFTS

8.  Information                           –                John Beradi

9.  Workouts                                –               Baye

10. The coolest one                 –               Mens Health

From : Mh

Business Development and Sales Management – Best Practices for sales pitch

30 Jan

Never underestimate the importance writing down your sales pitch even before you go about making that cold call which will bring in business.

Here are the essentials

First Rule: Watch and Learn:

Making a sales pitch is an art not rocket science. And to learn art you need to learn it from the guru. So, before you make the first sales call watch how your Senior (anda  successfulone at that) sales guy does it. Watch him, understand the pitch he is using and learn from him. I am not asking you to ape him. I want you to learn is modus operandi and tweak the sales pitch the way you see it fit.

Second Rule: Ink it down:

No point in watching the guy do the stuff, nod your head and walk away! That won’t do. You need to watch him do it form. If you have a VP of sales, in your company, and if he is the amicable kinda guy then watch him giving the sales pitch. I have always noticed that the best sales guys are always ready to impart knowledge. If he is the nice-types, then ask him to show you how it is done. And no, dont ape him. Learn from him. Do it 20 times for 20 days if you have it.
And write your own sales pitch. I mean it.. literally.. Write it down, mono ami. Write down your sales pitch word by word, syllable by syllable. I don’t care how long it will take you to do it. If you are smart enough – 1 day. If you are bright then – 2days. If you are the hard working type- 3 days. Anything more, then you are gonner!

LOL… Just Kidding. Take your time but get it done.

So, get the first draft ready, think about the pitch, the product you gonna sell and refine it.
Dont worry the pitch will get further refined as you go down the lane of selling.

Third Rule: Get the decision maker on the phone:

No use in dilly- dalling with the guys who cant make decisions. At best he can help you connect with the top guy. But when you make the call ask ” Can you please connect me to the head of Marketing” or ” Head of Business development” or do what i did when i made my 10th sales call,       ” Can you connect me to the Chairman of your company , please” .. Of course you wont be connected to him, but if you aim high you are bound to hit couple of inches down that, right? So someone will connect you to top dog in the company. Make sure he is the decision maker.
And go ahead and make your pitch, Sir!

Fourth Rule: Get Rejected:
That’s right! If you get the sale done in your first call then where is the fun, dude? You need to get rejected like zillion times to become the great sales guy you wanna be! So go ahead and fail and fail royally! But make sure you learn your lessons from it. If you dont know where you are going wrong, then ask your sales head to sit with you when you are making the call. That ought to do the trick. He will point out the mistakes to you. Now, he may not be the best judge but at least you will get a start, right?

And throw out your blasted ego and pride here… will ya?

Fifth Rule: follow… follow.. Follow-up:
This is really important. If you are gonna be the sales guy in your company, dont ever forget the cardinal rule.

After you make you sales pitch send in a follow up mail saying – “It was great talking you. I will connect with you (at time at Date) as agreed. Meanwhile, you can reach me at the following contact coordinates”. And then go ahead and give your contact details.
And if the sales call was a successful one then follow up it with a mail on the details of the product/service you are offering in the form of pdf format. send in your details in your pdf format only!
And hey, remember the rule, follow up.. Keep doing the follow up thingy. If he doesnt reply then mail him after couple of days (you will instinctively know when). If he still doesn reply, then call him . Remind him. Be nice. Be polite. Sound enthu (not over enthu).

Big Idea: Crying child gets the milk

Seventh Rule: Maintain a pipeline report:

Always maintain a proper pipeline . It should have the following fields:
Company name, Web address, Phone number, Mail id , point of contact name, and the decision maker, status of the sale, expected closure time.

I am not really a sucker for CRM. I rather put it in my excel sheet and share it with my team. And no, am not advocating that CRM is bad. But this is my personal choice. You take the call on this. Most companies insist on using CRM solutions. But my advice to those companies is that they need to get their sales people get familirize on how to use a CRM.

Most sales guys use Ms Excel anyway!

Eighth Rule: Keep in touch:
Your job is not over once you are done with the sale. You need to keep in touch with your client. Build relationships of trust. Do not disappear from your client’s radar.At least once a month shoot him a mail asking him what he thinks of your product find out profile of the  end users of the product are etc. If you give a analysis to your product manager it help me improvise on the product/services your company is offering.

Dont give him a chance to come to you when there is an issue. At the same time let him know where he can reach you and that he can reach you any time he wants.
This ensures that you have already a solid groundwork done before you go ask him for a sale again.

Ninth Rule: Build Trust:
This is paramount. People dont do business with products or company brand name. They do business with people. People who they can trust. So make the right moves for him to trust you.

Be fantastically good at giving him world class service even if you are not a world class company. You don’t have to be HP or WPP to give world class serice. Gain his trust with good service. Simple things will do – prompt reply to his mail, regular follow ups etc… Find your own ways to keep him happy.
These days almost everyone is Linkedin, facebook or Orkut.
Go ahead and connect with him there. It is ok to get a bit personal. Social Networking is ok these days !

The Tenth Rule: Love your customer’s, customer.

I dint say “love your customer”  … Read it again! I said – Customer’s customer. Your client’s end user.
The book by Ram Charan ” what the customer wants you to know” was not exactly the best sales book ever written but i did like what he said – Understand your customer’s end user. If your product can make that “customer” happy then rest assured your client will call you to give you the sale.

So what is it that you’re waiting for? Go ahead and do your research!

Here is an article from the business week which caught my attention and upon which i put up this post –

Sales Stuck?  Try Sticking to script

Other blog posts for you to read :

Successful Sales Starts with Listening

Tips To Being A Great Sales Person
Look forward to your comments on this…

Notes from Chennai Book Fair – good initiative but not well organized

20 Jan

3 days before the Chennai Book Fair got over I visited the place – Venue : St George Anglo Indian School , Poonamalle High Road . It would have been criminal had I not gone for the fair. I am a book worm, an aficionado of books and above all I just love spending time with them- looking or reading.It was the 32nd annual Chennai Book Fair and i have been visiting it religiously for 6 years now .

I may break this ritual from next year!

It is not that book fair was a failure. It was by all accounts a resounding success . The citizens of Chennai should be proud to host such a prestigious event. I am proud of it. I am a citizen here. Lived here all my life.

But the thing is of the rows and rows of book stalls i visited ( for about 3 and half hours) I just couldn’t find a single stall where i wanted buy a book. Sure the books were all there. But then I would also find the same books in a Landmark or Crossword bookstore. Save for the 10% discount offered there was nothing special in the fair. Absolutely nothing !

So why then do I need the Chennai Book fair ?

But here are the key insights which you may find very interesting :

  • More people visited the cafeterias to eat samosa, popcorn’s, cone ice creams and soups than the book stalls.
  • Those who did visit the stalls spent more time ,again, eating out Sri Krishan Sweets and less time at the stalls.
  • The book fair is a heaven for people who are read Tamil books. Less interesting for people like me who love to buy books which are otherwise hard to find in the regular book stores.
  • It was an ideal place for parents to buy books for their kids. Just wish that they had used the stalls properly instead of herding the kids to eat at food stalls.
  • It was badly organized.

Ideas for the organizers :

  • There should be a cap to the number of stalls : I visited close to 400 stalls. No wonder people dint find it interesting. By the time they reached the 50 stall they would have walked around a lot, got tired, thirsty, hungry and bored to death. It then kills the purpose of the fair .
  • Ban food stalls inside the stall: It is insulting to see people sit in a corner with their kids clamouring around drinking tea/coffee and eating samosa. I dont blame them. The attention span of kids is like 1o min or thereabouts. You cant expect them to drag their parents to visit the stalls when their eyes feat on delcious loking straberry ice creams? If one kid sees another of his brethren enjoying a popcorn or samosa, you know what is gonin to happen next.
  • Segment the stalls into different verticals :  All the books stalls were packed like cards. Shuffled around and completely disorganized. If I wanted to find a English book stall I dont want to walk around 30 minutes before I found one. It pisses me off ! I would like the organizers to segment the book stalls in some order. English, Tamil , Kids Corner, Spiritualism . This is just an example. It could be in some order. Any order ! Just make it easy for me to find the stall relevant to me . Thats all
  • Dont give permisson to every food seller in town to open shop in the fair : I saw people who had opened mobile kiosks to sell –  Groundnuts, Cup noodles, ice creams.. blah blah… What the hell ? I am sure someone in the goverment made tons of moeny sigining permissions to open stalls like that .I am at the fair to buy books, maybe drink or eat something . I am not at the fair to indulge in eating! Jeez!

But here is something what I really liked :

Opposite to the school I saw roadside book sellers hawking duplicate copies of the same books which I found inside the fair. They were selling ” Imagining India” by Nandan Nilekani for Rs 120 ( MRP : Rs 700), ” Hot, Flat and Crowded” by Thomas Friedman for Rs 140 ( MRP : Rs 500) which i bargained it to Rs 100, just for the kick of it.  Almost all the latest books released in the market today has found its way into the hands of these roadside books sellers – all duplicate copies.One guy actually gave his visting card and asked me to contact him later for I had asked him for old copies of HBR. The guy even had a website . How cool is that ?

But here I found old , original copies of “Arms and the Man” by Bernard Shaw, “Future shock” by Alvin Toffller, “The Blind Assasin”  by Margret Attwood, ” For whom the Bell tolls” by Ernest hemingway, ” A thousand Splendid Suns” by Dominique Lappiere and Larry Collins, ” As a man thinketh” by James Allen, ” The Road less traveled” M Scott Peck, ” Short Stories” by Anton Chekov and scores of other original , old copies of classics. I bought most of them. I spent close to Rs 500 and bought more than 70 books . Not a  single duplicate copy . All the books I bought were priced around Rs 10, Rs 20 and Rs 40.  I even saw an original copy of ” Build to Last” by Jim Collins priced at Rs 60. I dint buy it because I already had a copy  bought a year ago for Rs 300.  You get the drift, dont you ?

The point is :

  • Why dint I find a single second-hand book shop at the fair selling old, original editions of  the classics?
  • How come the police allowed these people to sell printed,duplicate books right opposite to the fair ?
  • I thought more books were bought at the roadside stalls than what was actually sold inside the book fair .

The Chennai Book Fair is a great event . I did find some good stalls like – British Council Library, The American Library , Krishnamachari Yoga Mandiram, Isha Yoga, Art of Living, Osho etc. They were very focused on what they were selling to the customers. People knew what to expect in the stall unlike other publishers trying to sell almost all books and titles under one stall. It just creates too much of confusion and also very time consuming for the consumers.

The Bristish Council and American Library were promoting memberships at discounted rates. They dint need the money . They were just promoting and encouraging people to read good and more books. Ironically, I saw very little walk-ins to these stalls.

By the way , I did eat “Bread bajji” and ” potato bajji” inside the stall . Damn it !  🙂

Currently Reading….

18 Jan

Fiction :

The Hard boiled wonderland and End of the Earth by Haruki Murakami

My Name is Red by Orhan Pamuk

Non -Fiction :

Blue Ocean StrategyW.Chan Kim and renee Mauborgne ( all about creating new uncontested markets )

Magazines :

Massacre of Innocents Front Line

Harvard Business Review – March 2002 issue

Outlook Business ( Current Issue )

Read Paul krugman for simple economics

20 Dec

krugmanListen, don’t read Paul Krugman because he won the this year’s Nobel for Economics. For  a commoner  like you and me , whatever he wrote and published on trade theory based on Keynesian concepts will go way out of head.So don’t read him because he won the Nobel prize.

But if you still show bravado then I suggest you read Adam Smith’s “Wealth of nations”, Karl Marx “Das Capital” and John Keynes ” General Theory of Employment, Interest and Money” . By the time you finish any one of these books. At least one! You will hate economics from the depth of your heart. Economics is not for faint heart-ed or for the non-receptive sapiens.

Read because he writes some really good economic stuff in very simple words which is  easy to understand and contemplate on.

He is very much against the policies of Bush Government . And rightly so. But when you read his articles you would definitely  understand the policies followed by the US Govt and in fact discuss and debate about it with your friends and peer group and claim you say in it ..wont that be simply great ?

He regularly write for New York Times and they get are published in The Hindu news paper.

You can read his articles here –  Paul Krugman Coloumn

He is a question for you –

We all know what the Madoff crisis is all about. But have you noticed the word “ponzai”  in the articles on the issue? Have you ever wondered what “ponzai” means ?

Food for thought, no ?