Growthink Blog

3/4/08 Recap: What Entrepreneurs Can Learn From Eight Year Olds


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Interesting news and perspectives from around the web:

  • Justin Nowak of YoungGoGetter.com explains the business lessons he’s learned from his eight year old son:
    • An Ability To Forget Bad Things
    • Determination
    • Creativity
    • Loyalty

  • Seth Godin warns us not to trust our own instincts too much. Everybody is different when it comes to persuasion.

  • PureVC discusses the role of trust and promises in causing the recent turmoil in the economy: When Things Have No Worth.

  • Pequot Ventures, a leading NYC venture capital firm, today announced that it is spinning off from Pequot Capital, to form FirstMark Capital in June 2008.

Roger Clemens and "Scandal Marketing" Opportunities


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The "Roger Clemens Goes To Washington" side show was the lead mindshare item across arenas today - sports obviously, but also popular culture and surprisingly the business press as well. CNBC broke in extensively from their market coverage in the morning to cover portions of the hearing, and the lead items on most Internet news sites were reports and analysis of the hearing.

Against my will, I found myself both anticipating the big event as well as excitedly following its course. And since my business plan and Internet marketing minds are, for better or worse, always on, I couldn't help but have my wheels turn in regards to the value of the millions of eyeballs tuned to the spectacle.

On some levels, it would seem impossible to put a marketing plan together for a profit-making enterprise that could capture so much free media so cheaply as these hearings (and let's be real here folks - there was really no point nor lesson to be learned from these hearings other than their "pleasure in other's misfortune" appeal of watching a rich and famous and seemingly untouchable sports icon fall from his pedestal).

But heck, the combination of the sheer numbers involved and our celebrity-obsessed culture certainly make "voyeuristic-based" promotion and PR worth exploring -- especially for consumer-facing product and service offerings having difficulty being heard above the noise (and operating, as we all are, with limited marketing budgets). GoDaddy and their racy Super Bowl commercials come to mind as a great example in this regard. So does Mark Ecko and his purchasing and then online vote regarding what do with the Bonds home run ball.

While certainly a lot of this kind of promotion is done in what we will call the "You Tube" marketing channel, it hasn't bled over to mainstream media as much perhaps as it should. My gut says that enterprising marketers will be putting this kind of "scandal marketing" more and more in their business plans in the years to come.


Introduction to Social Media Optimization


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In the 1989 movie "Field of Dreams," a corn farmer hears voices telling him to build a baseball field. The voices say, "If you build it, they will come."

Unfortunately in the world of startups and technology, often people build it, but no one comes. The missing element for these ventures is effective marketing. If no one knows about your great invention, website, or product/service, no one will use it or buy it.


Creating Zealots


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I recently reviewed the book "PRIMAL BRANDING: Create Zealots for Your Brand, Your Company, and Your Future" by Patrick Hanlon and wanted to share my thoughts on it with you.

It's truly awesome. Here's the scoop. Hanlon worked in advertising for many years for Fortune 500 clients. A few years ago, he asked himself the question: What is it that gets consumers to bond with brands like Google, Apple, Mini Cooper, Coke, Disney, Starbucks and Nike and not others?


Sell the Sizzle and Not the Steak in 2007


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There’s an old saying in marketing, “Sell the Sizzle, Not the Steak.” What
this means is that marketers need to promote the benefits of a product or
service and not the features. For instance, people buy a drill to make a hole
or they buy a light bulb to provide light.

When selling these products, it is often better to promote how easily the
product provides the benefits rather than offer a comprehensive list of the
product’s features (which many consumers may not even understand).


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