Ep 40: Seth Godin: Marketing Maven

Seth is an entrepreneur, best-selling author, and speaker.  He has written 19 best-selling books, publishes one of the most popular marketing blogs, and speaks to audiences around the world. He also founded two companies, Squidoo and Yoyodyne which was acquired by Yahoo.  Seth has been inducted into both the Direct Marketing Hall of Fame and the Marketing Hall of Fame. His latest book is called This Is Marketing: You Can’t Be Seen Until You Learn to See.

 

Some interesting insights from this episode:

  • In the old days, money bought you attention and you could use that attention to grow your business. Today attention is too precious for you to buy at any cost.
  • Being an effective marketer in this day and age means having the empathy to see what the other person dreams of and what they fear.
  • Since 1997 not one significant brand has been built with consumer advertising.
  • There’s no longer any advantage to being a mass marketer. There’s only an advantage to being a very specific marketer.
  • If you build a network effect, if you understand people’s status roles, if you engage with people where they need to be, with a product or service that helps them get to where they want to go, that is marketing.
  • Marketing is about how human beings are going to interact with what you make and whether or not they will talk about it and miss you if you’re gone.
  • The mistake most marketers make is to sell average stuff for average people in an attempt to appease everyone. But what’s most important for brand building today is to find a “minimal viable market”. The idea is to pick the smallest possible group of people that can sustain you and delight them so they will then tell their friends and spread the word.
  • A brand is not a logo. Rather, a brand is a promise, an expectation of what you’re going to get.
  • People don’t generally know what they want. It’s our job to watch people, figure out what they dream of, and then create a transaction that can deliver that feeling.

 

Links

Book: THIS IS MARKETING: You Can’t Be Seen Until You Learn To See  This is Marketing

Seth Godin blog: Seth Godin blog

Seth Godin website: Seth Godin website

Ep 35: Beth Comstock: Disrupter, Innovator, Change Agent: The Former Vice Chair at GE

Beth Comstock spent over 25 years at GE where she was a vice chair, CEO of Business Innovations and Chief Marketing Officer among other roles. She has been featured in the New York Times, Forbes, Fortune and Fast Company and has been named to the Fortune and Forbes lists of the world’s most powerful women.  Her new book is titled Imagine It Forward: Courage, Creativity, and the Power of Change.

 

Some interesting insights from this episode:

  • Risk taking is a skill that can be learned.
  • “Most of us fear losing what we have more than we desire winning something we don’t have.”
  • Due to her risk taking mentality, Jeff promoted her to Chief Marketing Officer, a role that hadn’t existed at GE for over two decades.
  • She had to overcome a lack of self-confidence along with her introversion in order to speak up, challenge others and be effective in her role.
  • Success correlates as closely with confidence as it does with competence.
  • Much of the success of Hulu was attributed to hiring an entrepreneur from the outside and keeping him independent vs hiring someone from the inside.
  • She led GE’s disruptive green initiative called Ecomagination which pushed an aggressive clean energy agenda throughout GE’s multiple business lines.
  • GE executives often struggled to see parallels from developments happening in other industries due to a common cognitive bias called Functional Fixedness.
  • She pioneered a new program at GE called Fastworks which leveraged the lean methodology to experiment with new product ideas, increase innovation and accelerate time to market.
  • “Excellence is a never ending journey of learning and trying to get better.”

Ep. 15: Seth Goldman: Co-Founder of Honest Tea

Seth Goldman is the Co-founder of Honest Tea, a company he started in 1998 and has grown to over $200 million in revenue.  Today, Honest Tea is the nation’s top selling ready-to-drink organic bottled tea. The Honest Tea brands are available in over 130,000 outlets across the United States.  The company was acquired by Coca Cola in 2011.

 

Some interesting insights from this episode:

  • Learn how he reinvented the entire bottled tea industry.
  • Being a relentless optimist helped get him through the tough times.
  • The company wasn’t just about a better tasting drink but about an expression of his personal values (health, the environment, working conditions in developing countries).
  • To successfully launch a startup, start with a very strong vision of the brand and then everything else will fall into place.
  • The best way to learn is simply by doing. Market research will only get you so far and doing too much of it could become a hindrance.
  • Excellence is having a vision and being able to execute on that vision without compromise.

Ep. 14: Dave Perkins: Master Whiskey Entrepreneur

Dave Perkins is the Founder and former CEO of High West Distillery, a craft whiskey producer.  He sold the company in 2016 after 12 years to Constellation Brands for $160 million.  He had a successful career in biotech marketing prior to that.  He lives in Park City, Utah.

 

Some interesting insights from this episode:

 

  • Learn how his biotech background prepared him for building a whiskey business from scratch.
  • He moved to Utah to start the company despite the state’s tight liquor laws.
  • He chose to become a distiller, not just a blender, despite the much larger investment and longer waiting period.
  • Learn how good contingency planning can help mitigate risk in a startup.
  • In addition to hard work, good planning and a distinctive product, serendipity played a key role in his success.
  • Excellence is taking pride in your work and giving it your best.

Ep. 7: Steve Koonin: Atlanta Hawks CEO and Marketing Mastermind

Steve has been CEO of the Atlanta Hawks since 2014. After just his first year with the team, the Hawks led the league in annual attendance gains and set single-season franchise records for retail sales, sellouts and season ticket memberships.  Prior to joining the Hawks, Steve was the President of Turner Entertainment Networks where he oversaw the programming, marketing and strategy for TBS, TNT and several other prominent networks. Prior to Turner, he was at Coke where he served in several capacities, most recently as the Vice President of Sports and Entertainment marketing.

 

Some interesting insights from this episode:

  • If you’re selling a beverage for more per gallon than gasoline, you better infuse some magic.
  • Hear the pitch that allowed Turner to land Conan O’Brien.
  • He built TBS and TNT into mega brands in a world where brands were far and few between.
  • How he quickly turned around a drying franchise with the Hawks.
  • Two target markets – millennials and multiculturals – which were largely ignored by other sports teams became his most valuable audience.
  • Learn how to evolve a brand from awareness to likeability and “cravability”.
  • Creative ideas are his currency in the corporate world.

 

Some marketers have tons of great ideas but no ability to see the bigger picture. Other marketers are brilliant strategists but just can’t generate any novel ideas.  It is a rare marketing genius that can not only think way outside the box with an entrepreneurial  mindset but also tie those back to corporate strategy in a way that allows a company to achieve monumental leaps in brand recognition and corporate success.  That in a nutshell is the brilliance of Steve Koonin.

At Coca-Cola, he learned pretty quickly that if you’re going to offer a product with nothing more than syrup, sugar and water at a higher price than gasoline, you better infuse some magic in your marketing.  And did he ever.  Remember those dancing polar bears?  That’s Steve’s work.  Remember the Always Coca-Cola campaign?  Steve again.  Those are just two of many award winning campaigns he orchestrated that pushed the boundaries of Coke’s brand both within the U.S. and around the world.

It was that consumer packaged goods experience he gained at one of the world’s greatest marketers that allowed him to also flourish at Turner.  Back when he first joined, the cable networks which had any brand identity were mostly niche players (think Comedy Central, Animal Planet, Travel Channel).  The large networks were a mishmash of programming that had no rhyme or reason other than trying to generate large audiences.  Steve knew that the only chance to not just survive but to thrive in that industry was to take a risk and focus TNT and TBS exclusively on one genre (drama and comedy respectively).  That repositioning along with creating and acquiring exceptional content led to astronomical growth.  By the time he was done, TNT and TBS was generating more profits than all the major networks combined.

The remarkable turnaround he led at Turner might only be surpassed by the even more spectacular one he’s achieved at the Hawks.  The Hawks were a dying franchise when he signed on as the new CEO.  There was no excitement, no energy, no magic.   I wouldn’t merely say the Hawks were a weak brand.  It would be more accurate to describe the team as not having any brand.  But all that changed with Steve’s marketing magic.

So how does one turn around a dying franchise in record speed?  You start with knowing who your audience is.  The Hawks, along with most other professional NBA sports franchises, had mostly catered to upper middle class whites since that’s who held the disposable income.  But Steve and his team saw that there were two important demographics who love sports had been largely ignored in the past– millennials and multi-culturals.  So those became the two primary audiences to which most of the marketing would be directed going forward.

Millennials are more wired than any other generation so social media because the primary channel through which to reach them.  The engagement they’ve created with their social media campaigns has been astounding.  The Hawks are now consistently on Google’s list of the 10 most searched sports teams (the only NBA teams higher were Golden State and Cleveland) and the number 1 NBA team to follow on Twitter.   But it’s not just about reaching them.  You have to create “cravability” as Steve puts it.  That means coming up with fun, innovative, digitally-oriented programming that speaks to them in their own unique voice.  “Swipe Right Night” (an obvious play on Tinder) and “I’m having a secret love affair with the Hawks” (ala Ashley Madison) are just two of many standout examples.

Steve is full on sage advice.  The key to leadership?  Build the right environment and then get out of the way.  The key to hiring?  Focus on chemistry.  Skills can always be taught.  But what was likely the wisest and most heartfelt advice of all?  The advice he’d give to himself if he could go back in time.  Enjoy the moments more. You just never know when it’s all going to end.  My advice for Steve: heed your own advice and enjoy the moments more.  After a brilliant career spread across decades, you’ve more than earned the right.

 

Ep. 3: Raj Raghunathan: Happiness Guru

Raj Raghunathan is a Professor of Marketing at the McCombs School of Business at the University of Texas.  He has also become an expert in the field of happiness.  He is the author of the book If You’re So Smart, Why Aren’t You Happy.  He teaches an MBA course on happiness as well as a class on the online learning platform Coursera entitled: A Life of Happiness and Fulfillment.  Over 170,000 students have taken the course and it’s consistently ranked as one of the top ten courses (amongst thousands of others).

 

Some interesting insights from this episode:

  • If you’re so smart, why aren’t you happy?
  • Why do we devalue happiness even though we know how important it is?
  • How fear of failure often prevents us from trying things we know would make us happier.
  • How having wealth and status and success can make us happy, yet the pursuit of those things can make us miserable.
  • Once you stop comparing yourself to others and just focus on immersing yourself in your work (or activity), you’ll actually increase your likelihood of success.
  • How we can rewire ourselves to increase our level of happiness.

 

If you’re so smart, why aren’t you happy?  This counterintuitive philosophical question is the aptly named title of Raj’s quintessential book on happiness.  Generally speaking, smart and successful people are pretty good at setting goals and achieving them.  So one would think that if they are able to set goals around wealth and success, they could just as easily set goals around happiness.  But more often than not, they don’t.

So why exactly do we devalue happiness?  Why is it that despite knowing intuitively how important happiness is, we rarely prioritize it?  One reason is what Raj refers to as “Medium Maximization”.  That is, we focus on the means to the end (i.e. money, status) and not the end itself (happiness).  Since we think the money and success will naturally lead to happiness, we end up concentrating all our efforts on the money and success while forgetting about the very reason we were wanting it to begin with.  While the money and success may boost happiness levels initially, those feelings quickly subside in which case we need even greater levels of wealth and power to maintain those levels.  It’s a vicious cycle that repeats itself over and over.

We also have a difficult time articulating what happiness means to us.  And if we can’t visualize the goal in concrete terms, we don’t prioritize it.  So we end up prioritizing those things which are easier to measure (and easier to control) such as money and accomplishments.

Raj also points out that as humans, it’s in our DNA to seek superiority.  In fact, studies show that higher status does indeed enhance the quality of our lives and our happiness levels.  Yet, paradoxically, the actual pursuit of that higher status can backfire and cause us misery.  Tethering your happiness on being superior to others is ill advised.  Instead, if you focus solely on immersing yourself in your work (or hobby or activity), you’re much more likely to enjoy yourself and actually end up being more successful as well.  This “immersion” is what’s commonly known in positive psychology circles as “flow”.

So while we may have a better understanding intellectually why happiness is so elusive, how do we reverse course and become happier people?  Raj offers a few action items:

  • Do the things on a day to day basis that are meaningful and enjoyable. It doesn’t have to be work-related (although that’s ideal).  It can be tennis or guitar or gardening.  Anything that brings you joy.
  • Spend more time on personal relationships. Don’t take your friends and family for granted.  Your interactions with the people you care about in your life are as important as anything else.
  • Build habits that give an internal sense of wellness (i.e. exercise, meditation). Being physically and mentally healthy are essential ingredients to happiness.

As Raj reminds us of the cliché we all know too well, days and weeks will become months and years and next thing you know, you’ll be 70 and regretting your life.  So don’t wait another year or even another day.  Start today.  Take baby steps if you need to.  But take action.  Do something.  Anything.  After all, this is your life.  You deserve to be happy.