Below is a pink to what is entitled "The 5 Most Disastrous Marketing Failures of All Time". How can you not click on that? http://www.cracked.com/article_21245_5-creative-marketing-promotions-that-failed-spectacularly.html?ref_src=email The examples are #5. Jagermeister Sponsors a Pool Party, Turns the Water into Poison Where Jagermeister tried to have a fun promotional party by pouring liquid nitrogen into a pool to have liquid smoke come off of the top of the water. 5 people were severely injured because this gas is poisonous to humans. 1 person actually went into a coma.
#4. United Way Drops 1.5 Million Balloons All Over Cleveland Where a nice charity project turned into a disaster when it turned into a downpour, and then the coast guard was looking for two lost boaters (all of the balloons look just like bobbling heads!) #3. Guns N' Roses Calls Dr Pepper's Bluff In 2008, Dr. Pepper stated that if Guns N' Roses could released their album in 1 years time, they would give away to every American. They made this bet assuming it wouldn't come to fruition. IT did. They couldn't afford to give away a soft beverage to every single American. #2. American Airlines Accidentally Lets People Fly Free Forever For $250,000, AA offered a package where you could buy unlimited first class seats anywhere in the world. For an extra $150,000, you could buy a buddy pass with no restrictions to who could use it or how. They figured only a few CEOs would shell out the cash, but in reality normal quiet rich people took advantage of the deal. One guy even flew from America to London 16 times in a month just because he could. #1. Just for Feet's Superbly Racist Super Bowl Ad Just for Feet aired an ad where basically a white man knocks out and "tags" a black man like cattle. What do these marketing decisions have in common? Innovation Creativity Testing market norms Groupthink These ideas had the potential to bring companies to the next level of customer interaction/ relation. In a large office, someone or a small group of people came together and created this idea. They ran it by their boses, who liked it, and sent it up the ladder. Their pitch was good enough to gain positive reactions from a number of people that came across it. Many people invested themselves into this effort. Some may have even had careers riding on these ads and marketing displays.
Luckily. These marketing flaws have an upside. There is a lot to be learned from these scenarios.
It's important to recognize that:
-for each catastrophic failure, there are countless successes that go unnoticed by the public eye. Celebrating personal wins and conducting a post-morteum to analyze why it worked will benefit you in future endeavors.
-hard work and effort aren't the only things that go into making a worthwhile contribution. There must be solid logic to back everything up. Ask those lingering questions and consult experts to ensure that there are modifications to your game plan if It rains on your parade (or balloon drop in the case of the United Way)
-confidence is key. But confidence isn't everything. Groupthink is powerful and can stifle creative vision as well as take a great idea and warp it into a socially inexcusable Super Bowl advertisement.
-your career hinges on you. Bring your best self to the table every day. Dream big, but plan small. Breaking down your projects into smaller milestones or checkpoints will make sure that all of the realistic details are being smoothed out along the way instead of losing hundreds of thousands of dollars due to incorrect forecasts for your availability or interest.
I polled a number of people that I trust and respect to define success. We've discussed in this class as well as other classes, people have varying perspectives on what success looks like. I decided to write a few words about each individual in how I perceive them as individuals, two of their occupations (because it seems that people have more than one major work commitment usually) and their responses to my question. I'm hoping to go back through these answers and find common threads. I am recording answers that are both genuine and humorous, because I believe that the humorous responses tell you just as much about that person as real answers.
Question: What does success mean to you? Me (Grace):
Occupation: Student/healthcare intern
Description: thoughtful, old soul, driven
Response: "100% engaged in both work and family life, and finding a peaceful balance between the two"
My boyfriend:
Occupation: A bioengineer turned air force pilot
Description: thoughtful, inquisitive, devoted
1st Response: "Your smile after a meaningful conversation"
2nd response: "financial freedom and the ability to have time to make a living that allows me the time for projects that I would eventually like to be fully employed around"
My mother:
Occupation: music professor/ freelance musician
Description: diva, yogi, energetic
Response: "I would look up the definition of success in Wikipedia and then personalize it for myself"
My father
Occupation:carpenter/ artist
Description: withdrawn, quiet, content
Response: "Knowing that you are correct in the path to completing a task or project, and then having it affirmed, unsolicited, from colleagues and/ or clients"
My stepfather
Occupation: marketing, food and society professor/ actor
Description: dark, witty, afraid
Response: "Having found a group of people who appreciate your creative and productive energies"
My friend, Katie:
Occupation: student/ guide dog trainer
Description: strong, capable, giving
Response: "Happy and healthy. Accomplishing your personal goals"
My friend, Jen:
Occupation: student/ corporate social responsibility intern
Description: meticulous, goofy, poignent
Response: "To have made some social impact, and I can take care of myself and live a life where I don't have to worry about financial burdens"
My friend, Laura:
Occupation: student/ healthcare intern
Description: strong willed, happy, purposeful
Response: "If I can have a diamond the size of Cathy Minehans'"
I've noticed a few themes in these.
1) Some are directly relating to finances
2) Some are focused on goals and accomplishments
3) All are focused on the self, and not selfless acts (except for Jen's, and Kyle's first brownie-point-winning response)
4) Some are general
5) Some have some path delineated in them to achieve that success, or just the path to defining success (like my mother).
This exercise really proved to me the importance of identifying norms when you are entering into a new partnership -personally or professionally- because definitions of something so core to who we are and what we strive for are completely different, and can evolve over time. Understanding basic assumptions people hold or an organization holds can tell a lot about where their values lie, and if your values are in line with theirs. It's important to identify these early on because although it won't be a waste of time to devote yourself to work or a person who has different values than you, it ultimately may be hurtful or a barrier that may not be able to be overcome to progress with that effort further.
This blog today is based off of the title, and it is something that Amy Tan said in her Ted Talk about creativity. Her Ted Talk link is posted above, and is about 23 minutes long. Worth the time it takes to watch because her creative inquiry is surrounding not only her creativity, but her self imposition around creativity, and worry about judgements. I find that the issue that I struggle with most around creativity is being true to myself. Making sure that my ideas are clear, concise, true to what I am trying to manifest, and are representative of me. That's a lot to live up to in a single idea! And, on top of all of that, you have to deal with that middle brain that Tan references that like's to tell you that other people will be thinking that you're weird for thinking something up like that, and judge you or your creative venture negatively, and that it could potentially negatively position you in the future. After working in class on our pitches, and getting overt the fear of harsh criticism from peers, it becomes easier to develop your idea and move in a positive direction. But this isn't to say that each pitch you deliver doesn't have subconscious fear weaved between your powerful idea. Amy Tan referenced her hard time writing about characters with serious flaws because she feared that people reading her work would automatically assume that those flaws were based on her. In reality, as a reader, I hardly ever find that I believe that the author is writing about themselves. For instance, Stephen King has some pretty crazy ideas floating up in his brain, but I don't believe that he himself has been a child-eating clown or a psychopath. That doesn't mean that from time to time he hasn't been afraid to share his work because of a potential negative reflection on him. Similar with my journey to enter graduate school, and in particular a quant heavy MBA, my right brain was telling me I could do it, my left brain was preparing for the challenge, and my middle brain was telling me I was wasting my time and money and would only end up with regret and defeat. So far, 3/4 of the way through this program, I am proud of the work I've produced and I am proud of what I am able to accomplish due to the skills I've gained at Simmons. In addition, I believe the network we've created at Simmons will benefit me for years to come with truly driven and kind people. Finding creative ways to fight that middle brain will be something that I will challenge until the day I die, likewise with everyone else. Helping others overcome that with positive feedback and genuine support. So, in conclusion, what I'm gaining from this Ted Talk is not only that creativity is swirling through everyones brains, but we have just as much power to destroy our own thoughts as we do to build them up. I am going to vow to not put down my own ideas for the next week and a half and see how it goes.
I've really been focusing on my pitch a lot recently. In part because of prepping for our weekend together going over our pitches, but also in part because I am prepping for the interview for the next phase of my life. I am applying for administrative fellowships at hospitals all over the Northeast, and a select few in the Midwest. I am preparing applications that are more specific and ridiculous than the packages that I prepared when applying to grad school, and am trying to maintain my sanity through the process.
I'm preparing by doing a significant amount of research about the organizations, trying to identify exactly what I want from the experience, taking informal phone interviews with the current fellows, and preparing for my formal phone and in person interviews with sites. I am using the idea of pitching to propel my preparation. In this situation I am also addressing the:
Audience
Message
Messenger
And context
I am practicing on trying to focus on all aspects of the pitch as well as focusing on the delivery of my pitch about why I am their ideal candidate. I am taking each informal phone interview as a mock interview and honing my response each time. I am trying to really focus on engaging in the listening aspect of the interview and and trying to internalize information as well as prepare solid questions, all the while being personable. Speaking slowly, and instead of focusing on each word I articulate, putting more emphasis on the story that Im painting to represent me, and trying to show and identify where the correct cultural fit is for me.
Approaching this interview as a pitch -because let's be honest a job interview is a really really long pitch for yourself- is going to be beneficial to me. I think it'll be useful because:
I am generally excited for pitches because I am sharing ideas that I am truly passionate about with other people, and working to find common threads between them and myself and my idea.
I am focusing on performing, which includes monitoring eye contact, engaging the audience, and inviting them into the experience
I can view this as a constructive critique of my presentation.
This is even more important when on a phone interview because I need to express my interest, capability, and my ability to relate to others without having them in the room. This is why the informal current fellow interviews are so so important because these are also phone interviews, so I can See how I feel about those and how I
Before I go into my formal interviews, I am going to prep with mock interviews with friends, family, and the career services office here at Simmons.
The part of this experience that I'm going to have hither hardest time dealing with is the rejection. These are very competitive, and I am applying to 10-15 fellowships in hopes of landing one. In class this past weekend you mentioned that you may have 99 nos that will be worth it once you get that yes even if its at number 100. I only have however many places I apply to as the chances that I have.
I am a yogi. I practice as often as possible, and I prefer a heated vinyasa. I am a yoga teacher, earning my 200 Hr. certification from Kripalu, and went on to teach 6 classes a week in my senior year of undergrad. Yoga is my place to focus on me, my place to focus on my breath, and the opportunity to unwind from a stressful week. I aim to practice between 3-4 times a week, sometimes more, sometimes less. This is very much dependent on my course schedule for the semester. This semester, I have more free evenings to practice yoga, which makes me very happy.
I consider yoga to be a vital part of my creative routine. It's the part of my routine that isn't just following the motions, but rather it's the peak of my week. When I have free time it's the first thing I do, and it's the only thing that matters until I get it out of the way after stress has built up.
I would consider myself an advanced practitioner. I practice often, I practice deep, and I am always striving for that next big pose. My current peak pose is forearm stand to scorpion. Below is a picture of scorpion pose:
To get to scorpion pose, you must understand forearm stand:
Forearm stand is scary. You're looking forward, and you're trusting that your shoulders and rips aren't going to collapse under the weight of the rest of your body. You're sucking your ribs and stomach in, stretching your legs and feet towards the ceiling, squeezing your forearms toward one another, and all the while trying to find this spot of weightlessness of balance and breathing.
To transition to scorpion pose, you send your toes towards your head while you expand your collarbone and chest in the opposite direction.
My fear stems from falling forward, because it's hard to roll out of a forearm stand.
I've set this as a practice since our last set of classes in May. I have practiced this pose almost daily. I don't feel that I've been able to hold it longer, but I do feel that my understanding has evolved, and that my fear has been scaled back because of the increased practice and understanding.
This journal entry is really about my experience with this practice and noting how my emotional state due to stress or fatigue or anything else alters the outcome of my practice of forearm stand/scorpion.
With about a month of data, I can say that I have noted these correlations:
no stress- carefree, solid tries, and easy to let go of the outcomes
low stress- Thisi s when my mind goes into overdrive and I psych myself out
moderate stress- intense dedication to my practice which actually increases the outcomes of these poses, either in duration or hold or the quality of my posture
maximum stress- I don't feel I have time to practice when I'm stressed out, and therefore I don't even attempt this pose
fatigue- apathy towards the practice at first, but more often than not I end up walking away feeling like my outcome was poor.
My end goal is to be able to feel balanced, sturdy, and strong in this posture, with the ability to hold it for about a minute. My record of holding this pose is around 15 seconds. Against the wall I can hold this pose for maybe two minutes. I feel that my relying on the wall is creating a mental block for myself in stepping away from the wall and trusting myself.
After these postures I recorded how I felt after. Words such as sore, frustrated, unable, and angry were recorded more often than words such as satisfied, strong, whole, happy, or light were recorded. Once I discovered this i tried to say lighter and happier words to myself before attempting a forearm stand, and the outcomes of those attempts were better than those with a less optimistic or accepting mindset going into the posture.
I find that understanding my body more in these postures and feeling accomplished in my practice leads to a higher overall satisfaction and confidence in my daily life. Satisfaction and confidence in myself makes me feel like I can be more creative and that I am in a position where it is alright to take more risks.
I will continue with this observation of my routine and practice, in the efforts to find satisfaction and strength in my creativity in school and the workplace.
Friday, June 6, 2014
Handling Difficult Conversations Creatively- "The Power of Willful Ignorance"
This is a video that today's blog is based on. It's about 7 minutes long, and the presenter is an actress pretending to be a food marketing agent who is warm, charismatic, and knowledgeable about her field. The point of this video is to bring to light the "power of willful ignorance" to describe the fact that most individuals will go out of their way to remain separate from their food in the supermarket and would prefer to not have a clue bout the way that animals meant for food are treated. There aren't any graphic photos, and there isn't any conversation that could in any way upset your stomach. It's just a gentle push back on the societal norm that ignorance is bliss.
I need to be honest and say that yes I am a vegetarian, and I've been one since the age of 11. But, as of a few years ago, I will eat fish, and I will eat dairy, and really I'm just a graduate student trying to survive and I eat a bunch of processed crap most of the time. I'm not posting this video because of my support of the idea that animals should be treated with more respect, but instead I'm bringing this video forward because I believe it's creative genius.
It really doesn't matter if the presenter is an actress or if she was really a food marketer, what matters is tat this is an exceptional presentation. It's hard enough to present your ideas in a clear and well defined manner in order to gain the interest of others who you are targeting to invest in you or work with you or really that you're looking to have help your and your idea succeed. It's a whole other story to eloquently hint at your true point but to dance around any words that may have a sour sting when they roll off the tongue.
I believe that whoever wrote this script has a true talent for writing, and that they have worked to refine their skill of addressing difficult conversations in a way that induces empathy and reflection instead of putting up a wall and becoming defensive about ones' own actions.
My takeaway from this video is that creativity can be found in many different ways, and one of those ways is addressing a difficult conversation of any type. I believe that this creative ability is imperative in my career because I would really like to work in corporate hospice, where 1) I am looking at staring death in the face every day, and 2) I have to justify making a profit off of dying people and grieving families. These will be difficult conversations that I will have frequently. And I think there is a lot to learn from this video in order to tackle these hurdles going forward.
After hearing the assignment of a blog, various ideas for postings popped into my head. The one that stood out to me the most this past week was that of our pitches. On the syllabus it was labeled that we would be doing pitches on three occasions in this lass as an entrepreneur needs to know how to pitch themselves and an item. In class we worked on how we fit in, and how we stand out. I wanted to learn more about the pitch, and I wanted to see how it was done both successfully and unsuccessfully. That's when it hit me: Shark Tank.
Shark Tank is a show where hopeful entrepreneurs go to successful entrepreneurs in hopes of exchanging equity in their business for cash. If you've never heard of Shark Tank, I would suggest that you go to hulu (link attached) http://www.hulu.com/search?q=Shark+Tank and check it out for yourself.
Here is also a little clip to get an idea of the show if you're not looking to invest an hour of your time:
In this inquiry, I decided to watch the entrepreneurs and record their behaviors. If they used the same methods that we discussed about how an individual fits in versus standing out, and how many of those individuals were successful in gaining a shark as an investor in the company. There are 4 entrepreneurs on each episode.
The Nail Pak
The first person that came on for this episode had a 2-3 minute sob story about how she lost all of her money and that this opportunity to gain a shark as an investor is her last hope. Her idea was a nail polish that had a nail file and remover attached to the polish itself, entitled Nail Pak. She was seeking $300,000 in exchange for 30% equity. When she entered the shark tank, she began her pitch with a background story about how she developed this product because of the "nail nights" that she and her 6 daughters have. She then transitioned into an explanation of the product itself, and ended by stating that it was convenient and simple.
Then, the questions from the sharks came. They wanted to know:
What are your product costs?
What are your revenues?
Would people think it's expensive?
When did you apply for your patent?
What is your personal investment in this product?
Do you have any orders?
A QVC representative then offered $50,000 for 50% stake in the company. Another shark, an Internet entrepreneur offered $60,000 for 40% stake. There was some squabbling between sharks about undercutting other sharks, which lead Daemon Johnson, the creator of Fubu clothing, to say "A piggy bank with 2 nickels makes a lot more noise than a fully piggy bank" referring to the QVC offer and saying she was talking more than she was investing. In the end, the QVC rep ended up making the deal when she lowered her offer to $50,000 for 40% stake, along with offering to promote the product on QVC and help with setting up manufacturing contacts.
Debbie Brooks Handbags
This was a wife and husband duo, seeking a $540,000 investment for 20% stake in their company, Debbie Brooks Handbags. The wife crated the concept, by creating a piece of art that she then used a magnet to attach to her handbag, and her husband was the sales end of the business. The product is currently being sold in Barney's New York and Henry Bendel's, two high end department stores. They have 2 patents associated with the product around the magnetic, interchangeable artwork that is included with each piece. The husband took the lead talking a million miles a minute, and was just spewing out facts about their success and distribution
The questions that the potential investors had were:
Where else are you sold at?
What do you need the money for?
Why do you sell in jewelry stores?
What makes this unique and different?
Why are you valuing your company at 9.5 times free cash flow?
In the end, no one made an offer to invest in this product because the husband was very defensive and wasn't letting the sharks get a word in edgewise. One said that the presentation was confusing, and the husband talked so much the shark didn't even know what was being sold. Another shark said that they weren't sure about the legitimacy of their patent, and therefore couldn't invest.
Trimi Tank
This was a two best friends who started their pitch with a background of how they thought up this idea. They then said they were asking for $57,000 for 30% stake in the company. They didn't have a strong pitch, and continued more of a conversation, saying that they only produced $3,500 off of 100 units of sales at flea markets. They then gave more background about who the investors were, and why they loved the product. Finally, they introduced what the product was and showed how to change the straps of the shirt, a product entitled Trimi Tank. The sharks tried to say they weren't sold on the idea, and instead the women went forward with the dreams that they had for their business.
The questions that the sharks had were:
Repeat how many you've sold again?
Why so few?
Have you done market search? How many women have said they would buy and wear this?
In the end, they didn't get any offers from the sharks because none of them liked the product.
Lollacup
This was another husband and wife duo coming in that said the name of their company, and said they were seeking a $100,000 investment for 15% stake in their company. They gave a background of how they came up with the idea, and lead into their manufacturing strategy, which hinged on the product being made in the US. They then gave out samples of the product to the sharks, and concluded the pitch with "We are confident in the product that we sell, and we hope you'll join us in making this a success."
Questions: How many did you sell>
What did you sell them for?
Could it be made overseas cheaper?
What does a normal sippy cup cost?
Have you gone to large retailers?
What patents do you hold?
Then the QVC woman was schoomzing them up because she liked the product, and complimented them on their design patent. It was then mentioned that they had a sales agent that charges 15% of all of the sales in the U.S. One o the sharks didn't like the idea of a separate sales agent already involved, and bowed out. Another shark said that they thought that the baby niche market was too small for their unique and complicated marketing strategy. They instead suggested just marketing it normally to the entire baby consumer market.
Finally, an offer for $100,000 for 50% of the business was laid on the table, but contingent on moving manufacturing overseas. Another offer was thrown out for the same about (100K for 50%) but contingent on getting out of the sales agent agreement. The first shark offered $100,000 for 40% of the business, and then the first player matched that offer for 40%. A new offer for 30% went on the table, but with a time sensitivity. This offer was then retracted because they didn't agree to it quick enough. The couple realized that they had a lot of interested investors, and asked for the two individuals offering 100,000 for 40% to partner and split that investment so that they could get two of the sharks investing and consulting on the business. They complied and made a deal,. When the husband and wife team were leaving, the sharks were commenting on how much they liked them, and how they were excited to work with them.
Takeaways
This is not the only episode of Shark Tank that I've watched, but it is the first that I've sat down and analyzed the "contestants". I think that episode taught me that it really doesn't matter how much you know about business or how many degrees you have, you need to be able to sell a version of who you are as a business person in order to gain the respect and trust of others. The people who were doing over a million in sales (the handbag people) didn't get a deal because really, from watching the sharks faces, they were untrusting of the husband, and thought that the wife was clueless about the business aspect of their product. the people that made deals were honest and forthright, and showed that they were investing their personal money as well as a piece of themselves and their hard work. People can see a glimpse of this even in the first few minutes of talking to you. So, to conclude with this analysis, I think this proved that it's really important to have your pitch down and are able to communicate your business and vision, but it's important to show that you, yourself, are worth investing in.
