Recently, on Netflix, I caught something that I had read about almost a year back – an easter egg of sorts. On my feed, I saw shows ‘watched by Frank Underwood’. For those who haven’t watched House of Cards, that’s the name of the show’s protagonist, played by Kevin Spacey. (fantastically, I’d add) The shows selected seem absolutely true to (his) character, which is manipulative, scheming, and truly Machiavellian!
The role of content in a brand’s narrative is an oft appearing topic on this blog, so I was glad for the opportunity to discuss the subject with various entities who have a stake in this new ecosystem. I’ll be moderating a panel titled “The New Content Ecosystem – Evolution & Design” on Sep 25th, 2-3 PM during Social Media Week.
A fantastic mix of folks makes up the panel – Asit Gupta, founder of Advocacy Asia, Abhishek Chatterjee, founder of Tookitaki, Arunabh Kumar, founder of The Viral Fever, Akash Deep Batra, Regional Digital marketing & eCommerce Manager APAC at Nestle, and Kalyan Karmakar, food insights consultant, blogger and columnist – it’s bound to be an interesting chat.
If you happen to be around, do drop in and participate in the discussion that follows. If you’d like me to ask questions on your behalf, use the comments section below, give me a shout out on Twitter. #SMWMumbai
I’m a huge Asimov fan, and am constantly amazed at how he was able to have a perspective of the future on multiple fronts. I was reminded of two of those recently thanks to their application (of sorts) in contemporary scenarios.
First, Hari Seldon‘s (pretty much the foundation of Asimov’s Foundation series) psychohistory, which was able to make general predictions on the future behaviour of large populations using history, sociology and statistics. The easy contemporary connection is big data and predictive analytics.
Second, a short story written by him called ‘Profession‘, (do read) in which every person’s profession is based on an analysis of his/her brain, and no choice is given to the person in this matter! In India, we seem to be already there even without the analysis!
Collectively, these two made me think of employment, and on a related note, education. The thought was that with so much of data available on education and employment, we should be able to create ‘tests’ to compute the interest and aptitude of individuals at a very early age. What this would aim to do is to eliminate the herd education that currently exists. Instead, children would learn things that help them in a profession for which they have the intent and interest, using say, a combination of traditional classrooms and MOOCs. Also, this would no longer be one part of a life cycle, but a continuous process – helping the individual thrive in a dynamic environment.
If you remember, LinkedIn was my representative for ‘L’ in the ‘change imperative‘ deck. That was because I felt that it had the data and the vision to be the catalyst for this kind of a change. I was very happy when it underscored this faith with the fantastic ‘future self‘ experiment, in which they identified the future professional self (5 year time frame) of LinkedIn user Kurt Wagner – another user Mussarat Bata – using various data points!
LinkedIn hasn’t really built this as a public tool, but just imagine the possibilities! A platform that shows people the possibilities which take them closer to their ‘purpose’. (remember ‘The Evolution of Work and the Workplace‘?) I sincerely hope to see this in my lifetime.
until next time, live and learn
By manu prasad in Brand, Future, Social Media, Strategy, Work No Comments Tags: anonymity, Facebook, Instagram, KakaoTalk, Line, messaging apps, Pinterest, Secret, Snapchat, Social Media, twitter, WeChat, Whatsapp, Whisper
The impending death of Orkut (2004-2014) made me think of the evolution of social networking and its transience. Orkut lived ‘only’ for 10.5 years, and this is despite being part of Google, though some would call that a disadvantage. Facebook has been around for the same time, and the fact that it is a force to reckon with is a testament of its understanding of this transience. It also explains the acquisition of Instagram, Whatsapp and the attempt on Snapchat.
What is changing? From my observations, there are at least two factors that are driving the change.
Perspectives on connectivity: The early era was fueled by the need to connect. Facebook is soaring well beyond a billion users, and its longevity is (also) because the need still exists. It continues to look for better ways to do this, manifested through front end and back end changes. But despite this, and my own curation of my newsfeed by sending signals to Facebook, I am regularly overwhelmed by the volume. This goes for Twitter too. Personally, I have treated these platforms as a means of self expression. I would also like to choose the people whose perspectives I want, and who are entitled to a judgment, if any. But that’s not so easily done on popular platforms.
That’s when I start to look at the many ways to handle this – from social networks to messaging apps. I could go to where the crowds are relatively less and/or are more ‘focused’ – by domain or use cases, (LinkedIn, Pinterest, Instagram) I could interact with smaller groups, (WhatsApp) use ephemerality (Snapchat) or be anonymous (Secret) As I mentioned, at least three of these work for me. A wonderful nuance I caught in Mitch Joel ‘s prophetic ‘The Next Big Thing Online Could Well Be Anonymity‘, is that it may not just be ‘something to hide’ that makes some prefer anonymity, but it could also be so that ‘who they are will not become a focal point within that discussion’. Anonymity on the web is not new, but many of its enablers are.
Devices: The networks of an earlier era (eg.Facebook) were made for desktop and had to adapt for mobile. On the other hand, Instagram, Whatsapp, Secret, Snapchat etc are mobile natives. Given the increasing ubiquity of smartphones, their growth is not surprising.
What are the possible business models and what’s a brand to do? As more and more users flock to these new platforms, they would need to mature, with business models which could mean associations with brands – the journey from social network to social media.
Instagram and Pinterest are already social media, making advertising at least one of their revenue sources. WhatsApp does not like advertising and already makes money on downloads. Its competitors like Line, KakaoTalk, WeChat etc, however, have found various other means – virtual items, (stickers, in app purchases in free video games) promotional messages, baby steps in electronic payment handling fees, and interesting tie-ups. Snapchat already has many marketers on it and is likely to offer promotion options too, probably tied to a time bound event.
Secret has a lot of negativity surrounding it – s3x talk and startup malice and being just a fad – and there are comparisons to Formspring and its demise despite funding. But beyond advertising and in app puchases, maybe, there’s also potential for insights on a brand and its use cases? Things that cannot be found on indexed platforms. Also, Whisper already has a content deal with Buzzfeed.
Analytics for such platforms haven’t even really begun yet, but it can’t be far away. But more importantly, all of these platforms are potential enablers for a brand to take forward its narrative and become relevant to its users. It continues to be about storytelling, and digital.
Facebook’s plummeting organic reach has prompted several questions on whether it makes sense to continue investing in a presence on the platform. The short answer is still yes, and while I have never been a fan of Like acquisition, the platform continues to offer several avenues to help brands meet business outcomes. But marketers must learn from this episode, understand that Facebook and most other social platforms are fundamentally leased media and not owned, and be more cognizant of the landscape inside and outside Facebook in order to address business objectives better.
Rather than going for my standard long form text, I thought I’d play it differently and take the help of my favourite pop culture phenomena in the process. The disclaimer is that this is meant to be a primer on how to tackle this issue rather than a comprehensive silver bullet.
until next time, Like? 😉
By manu prasad in Brand, Social Media, Strategy, Work 4 Comments Tags: agility, Amazon, culture, dis-aggregated social network, disruption, Facebook, Google, Jeff Bezos, JP Rangaswami, people, platforms, possibilities, purpose, scale, technology, Zappos
I think I used ‘dis-aggregated social network‘ on this blog for the first time in 2009, referring to Google’s basket of services that were connected relatively flimsily then. IMO, Google has always been that way, even including Google+. (read) I remembered it when I tweeted this about Facebook – around the time news of their Fan Audience Network started trickling in.
FB’s move to disaggregate apps, now seen in conjunction with FAN makes magnificent strategic sense. #digital Oh, it’s a Saturday. Laters.
— manu prasad (@manuscrypts) April 26, 2014
It got me thinking (again) on ‘scale’, a recurring theme here. In a less complicated world, where the trends in the business landscape were significantly more linear, (growth, competition, consumption, economy) scale was a powerful weapon to wield. But it’s a different world now. Artificial Intelligence, 3D Printing, Internet of Things, Wearables and a hundred other things might completely disrupt the status quo and the need an incumbent brand satisfies. These are the known ones, and then there are the conceptually invisible (at this point) ones. Surviving (let alone thriving) in this shifting scenario requires agility, and it is difficult (though not impossible) to see scale and agility together. I looked to Google and Facebook for an approach towards this because not only are they surviving, they seem to be thriving. Yes, we’ll get to Amazon in a while.
What does it take to be agile at scale? I can think of four ingredients, the last three repurposed from the title of this post by JP Rangaswami.
I remember talking about re-defining of scale at the Dachis Social Business Summit. The thrust of the presentation was that brands could engage consumers at scale only if they use currencies that create value for the user in the context of a shared purpose. I have elaborated it in this post at Medianama. Recently, I saw that Hugh MacLeod has brought it out beautifully here. Simply put
The purpose need not have one constant rendition. As the landscape changes, a business will need to adapt it to suit changing circumstances. For that, a business needs to understand the possibilities. I saw a very good line in this post about being a maker – the more you work in the future, the less competition you will have. How much into the future a business needs to be working is subjective and depends on its dynamics, but if it doesn’t disrupt itself, someone else will gladly do it for them. (“The Jeff Bezos School of Long-Term Thinking” is a good read in this context)
While purpose and possibilities are all good at high altitudes, a business also needs strong operational platforms to back it up. As organisations scale, I have seen two things that affect agility. One, the processes that are introduced to create efficiency @ scale more often than not, become the goal instead of a means, slowing things down and taking away from actual goals. Two, as processes and manpower increase, silos are created. The good news is that it is easy to see technology platforms bringing more efficiency into processes as well as an iterative way of thinking in the near future. It is already happening in marketing. This, and many other factors are also dictating a consumer experience driven approach and are forcing organisations to break silos. As the entire brand/organisation becomes a platform (read) that regularly revisits its context and purpose in the life of a consumer, ‘everything becomes a node on the network‘
HuffPo had a post sometime back, citing Zappos, calling 2014 the year of workplace reinvention. It is interesting to note that parent company Amazon has apparently aped Zappos’ ‘pay to quit’ policy, even as more and more stories about working there being a ‘soul crushing experience‘ are coming out. Meanwhile, the two points it mentioned for this to happen are purpose and trust. These I’d say are the bedrock of culture. It’s intuitive that a workforce mindful of the organisation’s purpose and their role in it would keep an eye out for the business’ possibilities, be ready to work beyond silos towards a great consumer experience, and bring in others who would help the business scale. This, along with purpose, has to be the glue that holds it all together, enabling the organisation to move fast without cracking.
While different sectors are at disparate distances from a radical shift necessitated by technological developments, it is, I think, inevitable. In this fantastic post titled ‘Knowledge is faster than mortar‘, which looks at scale through a different lens, the author makes the point that ‘the old mechanisms don’t fit the new social structure.‘ Old mechanisms were built to scale stability, new ones will have to be built to scale despite instability. Anti-fragile, so to speak. Indeed, we will see many manifestations as existing structures try to adapt – internal mechanisms like Amazon’s 2 pizza rule, consumer facing disaggregation like Facebook that have a corresponding internal wiring, or brands tweaking their 4Ps even further for different contexts. But whatever paths businesses choose, this will hold true
until next time, the fast and the curious
By manu prasad in Brand, Future, Social Media, Strategy 1 Comment Tags: alternate currency, bitcoin, collaborative consumption, currency, currency exchange, Democratisation of finance, finance, Money, Relationships, sharing economy, trade, transactions, trust
Back in 2012, in my first post on institutional realignment, I’d written this – “…my biggest hope is that the current currency of our lives – money – will have a better successor, one that will be better connected with our unique identities, and weave in contexts better.” In the two years since, this movement has not only begun, but is also figuring out its own dynamics. I had expected, or wanted, a disruption of money, but it will most likely be a transition. At this stage, I see at least three broad areas to frame this movement -the democratisation of finance, alternate currencies and marketplaces for value exchange.
Democratisation of finance: This is probably where it began, because the internet has a reputation for removing intermediaries who do not add value in this case, financial institutions. From projects in Kickstarter, Indiegogo, and GoFundMe to social investments like RangDe and Milaap, there are now many ways to mobilise funds for me and you from people like me and you, according to personal passions, interests and belief systems. I’ll add more to this in the ‘marketplace’ section.
Alternate currencies: Arguably, money as an institution has built a network involving processes, dependencies and establishments keeping in mind the dynamics of an earlier era. A civilisation connected by the www may find these tedious and irrelevant, and thus it’s only natural that it builds its own institutions. Bitcoin (a good introductory guide) is the one that made this phenomenon (relatively) mainstream, to the point that it even has ATMs. Bitcoin may or may not survive, it is probably the Napster in its domain, it has changed the game irretrievably. While on the subject, do read this fantastic tongue-in-cheek take on how it’d be if the roles were reversed – a cash based mechanism replacing digital currency. Meanwhile, there are other currencies similar to Bitcoin, and then there are completely different thoughts – for example, Pay With a Tweet. Which leads us to the various payment mechanisms that are being built.
Marketplaces & Value Exchange: While the other two are the dynamics, this is where the mechanics play a part as well. In the ‘democratisation’ section, I had referred to several platforms that aid both discovery and action. There are many more stories in this line – from AgreeIt, an app that allows crowdfunding from friends on Facebook to crowdsourcing for emotional advice, ideas and so on to selling one’s reservation at a restaurant/spot in a line through Shout to a ‘new media company’ Ideapod that wants to “amplify the ideas that shape our world, create genuine and enduring dialogue around ideas and spread ideas that matter through new and traditional media channels.” to ordering food from neighbours, (Eatro in London and Imli – a startup I mentor at the Microsoft Accelerator- closer to home) there are various models of value exchange that are shaping themselves. In fact, the entire ‘social commerce via collaborative consumption‘ route is based on these marketplaces. (a few good perspectives and stats on its drivers here)
But, irrespective of the currency, every transaction requires (another) key element – trust. The social web is also building its own mechanics for this – from relatively generic clout mechanisms (Klout, Kred and the likes) to more context specific ones like LinkedIn or GitHub or even Wiki and review mechanisms. (from Amazon to TripAdvisor to Foursquare to GoodReads to Zomato) We earn trust through our knowledge and actions in these mechanisms. We earn social currency. That brings me to the final portion – how does all of this impact brands and what would be their role?
Brands & the trust economy: Across the ages, corporations have been built on competitive advantages pertinent to the economies they operated in. I found a fantastic illustration in this context here
I think relationships are indeed going to be the major competitive advantage in the future, and if so, the currency that would play a bigger role than money would be trust. As in many other developments prior to this, there are opportunities here for brands to weave themselves into the consumer’s narratives and go beyond transactional relationships, and to earn social currency. Many of them are already on it, finding ways to earn consumer trust and helping him/her develop and change perspectives about various currencies and relationships between them. Since we’re talking of finance, let’s use an example in that domain. Fidor bank helps its consumers discover crowd sourcing options, staying true a bank’s generic commitment of excellent wealth management. Yes, it’s still money, but it understands that it can be deployed beyond traditional options. In the process, it also helps the consumer to belong to a community.
Brands actually have an option to join in wherever there is consumer spending. Nike+, as usual, did something back in 2012 – they allowed runners to trade in (running) mileage for Nike goods (I had shared the video in the institutional realignment post too) While this ties in beautifully with Nike’s business purpose, maybe some brands would have to lean a little more towards the consumer side and get into relatively unrelated narratives, and a relationship, before connecting it back to the business purpose. For example, airBaltic’s loyalty program Baltic Miles rewards frequent fliers who jog enough to burn off the same number of calories as miles they’ve flown. One of the aspects of agile marketing would be to enable identification of opportunities early. For example, imagine Coke getting into the act in Beijing’s first reverse vending machines that pay subway credits in exchange for returned containers.
In what might seem like a ‘changing of goalposts’, just as brands are beginning to vaguely realise that their currencies of engagement with consumers need to change, the consumer’s relationship with the common currency of transaction – money – is also changing. The two are very related, and brands need to tackle both to have meaning and relevance in a consumer’s life, because if (as Godin says) “money is a story“, we’re probably nearing a plot twist.
until next time, the end of money’s monopoly
P.S. For another detailed look at the subject, you’d want to read Gauravonomics’ post on ‘The Future of Money‘.
BlogAdda and I go a long way back, practically to around the time they were born, and when I was asked to be a speaker at #WIN14, there really was no question of not going. The icing on the cake was being a part of this excellent list of speakers!
My favourite talk of the day was delivered by one Kavi Arasu, who, first virtually and then really, has become a very good friend. As I tweeted
— manu prasad (@manuscrypts) February 9, 2014
Meanwhile, I was part of a session whose subject was ‘Influence of Blogging’ and my fellow speakers were Lakshmipathy Bhat and Anaggh! The areas I tried to cover in 15 minutes were the changing nature of influence, its effect on brands, how blogs can help in that context and how bloggers can create a market for themselves. (does that explain the breathlessness? 😀 ) Do take a look and let me know your feedback.
Shekhar Kapur made his presence felt in the second half by being his usual articulate self. His analogy of crests and troughs, and tsunamis, to explain media cycles, time, and social was just fantastic. He had the audience spellbound, and deservedly so.
It was wonderful to meet people, some of whom I knew online, but had never met – Anaggh, Maneesh, Kalyan, Ankita, Rakesh, and others whom I got acquainted with at the event – Ravi Subramaniam, Ashwin Mushran, (what a fantastic compering role he played!) Anuradha Goyal, Amit Agarwal, Sampath Iyengar and Anil P.
A big thanks to BlogAdda for putting together a great event (photos) and having me over, and to Courtyard by Marriott, who were great hosts!
By manuscrypts in Life, Social Media, Think About It No Comments Tags: Coordinated Migration, Facebook, Home, hometown, institutional realignment, nation state, Pico Iyer, software, The Downtown Project, Tony Hsieh
My last post on the subject of home was in the context of the multicultural world we are creating, how in our pursuit of convenience and familiarity we might end up creating a homogeneous world, and whether the idea of home would change with time, as we begin to choose places that connect to our soul over the soil we were born in. (soul vs soil courtesy Pico Iyer)
One of my main punching bags in the institutional realignment line of thinking is the concept of the nation state, more specifically its relevance in a massively connected world. A simplistic view is that economics, trade and many other things might be better off without them, given how much of an enabler technology is turning out to be, and geo politics will anyway be a lesser phenomenon if there aren’t any nation states. Arguable, yes.
However, I had very little idea on the replacement concept. Geography (land) would exist and would have to be organised in some way. What way? In a wonderful display of appropriateness, Wired gave a possible answer – in the form of a post titled “Software Is Reorganizing the World“. I loved the concept of ‘geodesic distance’, and the mapping of not nation states but states of mind. (soul) The idea of (what is now) cloud communities taking physical shape is fantastic! While it might sound far fetched, it really isn’t – the post gives historical precedence and emerging patterns to back up the idea. As does Tony Hsieh’s The Downtown Project in the present day to transform the decaying and blighted part of the old Vegas Strip into the most community-focused large city in the world.
Around the same time, I came across this Facebook (official) note titled “Coordinated Migration“, (thanks MJ) which shows how Facebook is using ‘hometown’ and ‘current city’ descriptions to track migratory patterns across the world. Probably, in a few years, this would be a mapping everyone would take a keen interest in, to find kindred souls, and to be what they are destined to be.
until next time, a state of bliss
By manu prasad in Brand, Social Media, Strategy, Work 3 Comments Tags: big shift, consumerisation of work, culture, future of work, holacracy, processes, purpose, Sainsbury's, social business, social technology, workflow, Zappos
For context, I believe the first chance was brand/marketing. That potential has pretty much been converted into a banal, mostly campaign oriented, traditional media (with better targeting thanks to various contexts) approach, though thankfully, we have do some rebel strongholds. I can clearly see this within the Big Shift construct – the third wave is about how organisations/institutions respond to knowledge and the flow of information, and what I see now is the typical marketing organisation conveniently converting social into a media framework that it seemingly understands and has worked with for a long while. The big boys – Facebook, Twitter, YouTube – have all created advertising products that cater to this thinking. Viva la broadcast!
But I’d like to think that all is not lost. Social changed to social media when it approached brand in the same way its media predecessors did. I see this as a phase which will last until social media saturates itself and becomes just another standard media platform. That leads me to think – if each domain (HR, Product) treats social in the same piecemeal way, it is bound to fail across them all. When this does happen, at least some organisations will realise that a larger structural change is afoot and the institutional response needs to be more strategic. “The Next Social Imperative” made me realise that social has been attempting to work on top of business processes, but it needs to work the other way to even begin this journey. (also, strongly reminded of Tac Anderson’s post in this context back in 2010!) The driver will be market dynamics but the good news for organisations is that many in the existing workforce have the potential to become navigators of this change.
How does the workforce systemically play a part? Stowe Boyd’s insightful “The Future of Work : 4 trends for 2014” has at least two trends (consumerisation of work and me-isation of productivity and performance) that clearly point to this shift and its harbingers. Consumer technologies (and more so, the philosophy behind them) and a different kind of workflow can actually make an organisation more consumer centric than the silo approach currently followed. Steven Sinofsky’s long but superb post on the theory and manifestation of this paradigm shift is a must read on this subject. A very interesting manifestation of this shift I saw recently is Zappos’ move towards holacracy – a comprehensive ‘operating system’ for organisational governance that focuses on purpose and accountability without a top-down, hierarchical management structure.
This could be the first step towards ‘social business’, and I’m thinking of social business as a platform. (a fantastic read on platforms) The organisation and its purpose would actually work as a platform to channelise and augment the connection between employees and consumers. This purpose would also convert a job into work than an employee is connected to, and on the other side, it would help the consumer get closer to a brand he believes in. This is also when epics happen. Social (and other) technologies would play enablers for a more fundamental change in the structure and nature of work, and allow organisations to harness data, connections and transactions towards a shared purpose. More a transition than a disruption. Different organisations, I think, would evolve differently – some would not evolve at all. This is more hope than anything else, but I do believe that social technology has it in itself to be transformational, and not just transactional.
until next time, back to a socialist, communist workforce 😉