Testing 1,2,3…
It’s been over 2 years since I last wrote anything on here. I am giving it another go.
If you like what you see, share this. I wake up and at 7 a.m. every day and write these posts for you.
Well, it’s mostly for me. But it’s for you too.
I hope to write to you every Wednesday starting today.
Don’t let go of play.
The best marketing is Buddhist
It is said that the Buddha, in his search for enlightenment swung from a life of abundance to gut-wrenching deprivation. Long story short, both extremes failed. The ‘middle path’ was his golden ticket. In other words, embracing “bothisms” led to his success.
I believe the same is true for marketing.
While it’s easy to skim through the LinkedIn posts on marketing and find yourself enthralled in the “distinction vs. differentiation” debate, if you spend some time reading How Brands Grow and watching Mark Ritson’s lectures, you will see that both camps make a good case for embracing bothisms.
i.e., it’s not about picking either differentiation or distinctiveness, it’s about eliminating the “vs.”.
Same can be said about
Acquisitions vs. Loyalty
Long vs. Short
This brings us to the actual debate here, to what extent is differentiation and distinctiveness important? Like the Buddha, don’t rely on the gurus here. Rely on experimentation. Because the answer is “it depends”. What works well for a big company might bury a small venture. What works for one small venture might not work for another small venture.
All in all, it’s amazing that the different schools of thought in marketing are clashing. It means that the industry is ready to move on from being the toilet bowl of the business world. And the middle-path seems to be the way to success, until proven redundant of course.
Breaking the rules is as important as knowing them
Heard of the 60:40 rule? How about 95:5, 90:10, or the old reliable 80:20? Great on paper, but they work perfectly for the ‘average’ brand, in the ‘average’ category.
Individual cases hardly dance to the same ‘average’ tune. Think that average exists? It's as real as unicorns. Blindly clinging to these ratios? Bad idea. They might backfire. So, how can you not mess this up and use these heuristics better?
Know that these are heuristics: They work for some big brands in most industries. That means that they don’t work for all brands all the time. For example, a new company aggressively going after cashflow might struggle hard to invest 60% of their marketing budgets into long-term brand building.
Know how the category works: How is everyone else doing their marketing? are you in an outlier industry that doesn’t follow the 95:5 rule? i.e., does the category depend on repeat purchases from a small number of customers? Do your due diligence. See what the category norms are. You don’t need posh tools to do this. Just observe.
Experiment: The best way to find what works is to play around with the rules. Do your own research - it doesn’t have to be perfect. For example, you might not be able to measure the long term benefits of your marketing. However, you can see if every 1% variance to your sales uplift budget increases your sales consistently.
Stay on your toes: Found the golden ratio? Awesome! But remember, next month, two new competitors might gatecrash with a new toy. Adjust accordingly.
Finally, don’t be scared and don’t try too many different things at the same time. Give yourself enough time to see if something is working or not.
None of this makes sense right now? DM me on LinkedIn and I’ll be happy to tell you all about these heuristics and how to use them.
When you hear the depression coming…
Ever since I completed the Sweathead writing course, I have been thinking about what I can write a lot about. I have been a marketer for 8 years, but I have been having mental health issues since childhood. So this one is about mental wellness. Thanks Mark, this was a fun trip. (No but thanks really for the push)
Thanks to my genetic lottery ticket (as my last therapist eloquently put it), I have a ‘predisposition’ to fall into depression and anxiety faster than the average person.
This means that depression and anxiety is not a one-off hurdle that I had to get over. It’s a game of watch and act, trying to outmanoeuvre my illness before it benches me for months on end. Over time, I have trained myself to look for these signs;
Everything feels like a chore
It’s hard to connect with others
Passive aggressive thoughts about myself and others
Days feel longer and you can’t wait for them to end
This isn’t a one-size-fits-all list. Don't play doctor after reading this. I am writing this only to let you know that it’s not weird and you’re not alone, if you feel this way on and off. With that in mind, here’s my list of things to do if you see burnout or depression coming your way.
Self-First: Pinpoint what lifts your spirit. Google will bombard you with well-meaning advice. My holy trinity? Exercise, meditation, and travel. Your journey might differ. And heads up, starting feels like wading through mud. But once you're in motion? It's easier than brooding. Trust me.
Lean On Others: If you’re sinking, get professional help. But also, holler at your squad. The moment I sense a storm brewing, I turn to my people. Opening up can be like releasing a pressure valve. If your circle's MIA? Find a better one. You’re worth it.
Identify Your Red Flags: You can only dodge a bullet if you see it coming. Got a life-altering event? Cool, you've held up so far. But be vigilant about the aftershocks. Be ready.
How do you cope or prepare?
What happens when we use the mode of ratings to evaluate a hotel room instead of the average?
Let’s break it down:
Hotel A has a lineup of four 5-star ratings and one 1-star rating, averaging out at 4.2 stars.
Meanwhile hotel B is strutting around with two 5-star ratings, a trio of 4-stars, and one 3-star, giving it an average of 4.1 stars.
On paper they are nearly identical. In reality, one hotel caters really well to most people (i.e., less variance) and the other is more like that unpredictable friend who sometimes throws epic parties and sometimes… just burns the pizza.
What if, instead of solely average ratings, we also considered the mode? E.g., Most people rated this hotel 4/5 stars.
I think showing both the average and mode of ratings can help people pick the better hotel room. Definitely worth testing out. Let me know what you think in the comments.
From the library: Planned Chaos - Ludwig von Mises
Ludwig von Mises belonged to the Austrian school of economics. It’s where you might find some of the earliest mentions of Behavioral Economics (the thinking, not the words)
That’s all for now. If you like what you skim through, consider sharing it so that more people will get to read it.