Marketing Archives - akhilpillai

Digital Marketing in 2024: 7 Behavioural Economics Principles You Can’t Ignore

Do you ever wonder why your digital marketing campaigns aren’t converting the way you expect? Have you noticed your customers browsing but not buying? Or maybe your emails aren’t getting the attention they deserve? It’s frustrating, isn’t it? The good news is, there’s a way to change that. By understanding how people really think and make decisions, you can tap into the power of behavioural economics to influence their actions.

In this blog, we’ll explore simple but effective strategies you can use to boost engagement and drive more conversions. Ready to find out how? Let’s dive in.

Introduction to Behavioural Economics

Behavioural economics explores the psychological factors that influence economic decisions. For example, why do you instinctively pick a particular brand of coffee at the supermarket, even when there’s a cheaper option right next to it? It could be because you’ve seen that brand everywhere—on billboards, TV, and in your favourite influencer’s post. You start to trust it more without even realising it.

Unlike traditional economics, which assumes that individuals always make rational choices, behavioural economics acknowledges that humans are often irrational and influenced by cognitive biases.

Key Principles of Behavioural Economics

1. Loss Aversion:

Loss aversion means people feel more pain from losing something than the happiness they get from gaining something of the same value.

For example, losing ₹100 will upset you more than finding ₹100 would make you happy!

Agoda: “Only One Left” is an example of LoA

Amazon makes excellent use of loss aversion in its lightning deals. By showing how much a customer could save if they purchase before it ends, Amazon creates a sense of urgency, making the fear of missing out on savings a powerful motivator for action. Similarly, Agoda use the same with hotel bookings.

This tactic plays on customers’ reluctance to lose a perceived deal rather than simply gaining a discount. This tactic reinforces the idea that waiting means losing out.

2. Social Proof

Social proof is when people copy what others are doing because they think it must be the right choice.

For example, if you see a restaurant packed with people, you’re more likely to believe the food is good and want to eat there too!

Agoda: “14 Booked today” is an example of social proof

Agoda leverages social proof by showing how many people booked the same hotel or how many left. This creates a sense of urgency and validation, encouraging users to book quickly to avoid missing out.

The presence of real-time data (“14 people booked this property today“) reinforces trust, especially in uncertain situations like choosing accommodation in a new location.

3. Anchoring Effect

The anchoring effect happens when you rely too much on the first piece of information you see, which affects your later decisions.

For example, if a shirt is marked as originally ₹2,000 but now priced at ₹1,000, you think it’s a great deal because your mind compares it to the higher price first.

Agoda showing 2929 and then showing 2231 is an example of anchoring

When browsing hotels on Agoda, you might see a price listed as ₹2,929, then see it crossed out with a new price of ₹2,231. This makes you feel like you’re getting a significant discount because your mind compares the new price to the higher, original price first.

The higher-priced listings were used as anchors, making subsequent deals seem more affordable by comparison. This method subtly influenced consumers’ perception of value, making them more likely to purchase.

4. Framing Effect

The framing effect happens when the way information is presented changes your decision-making.

For example, people are more likely to choose a snack advertised as ‘90% fat-free’ rather than one labelled ‘only 10% fat,’ even though both mean the same thing.

Food products and insurance companies use this effect regularly. A health insurance company might highlight that ‘90% of claims are settled with their care’ rather than mentioning that ‘10% are not settled,’ making their service seem more reliable and positive. The catch is that in 1000 people, 100 claims were denied 🙁

5. Decoy Effect

The decoy effect occurs when an additional option is introduced to make another choice more attractive.

For example, if you’re choosing between two coffee sizes—small for ₹100 and large for ₹200—but then they add a medium option for ₹180, you’re more likely to pick the large one because it now seems like a better deal compared to the medium.

Hostinger effectively uses the decoy effect with its four-tiered pricing plan:

₹69 for the basic plan, ₹149 for a more feature-rich option, ₹249 for even more benefits, ₹699 for the enterprise-level plan.

Here, the ₹249 plan acts as a decoy. It makes the ₹149 plan seem like the best value because it’s more affordable than the higher-priced plans while offering sufficient features. This strategy subtly pushes customers towards the ₹149 plan, increasing its sales, much like how The Economist used the decoy effect to boost subscriptions.

6. Priming

Priming is when exposure to one stimulus influences how you respond to another, even if you’re unaware of it.

For example, red is often associated with urgency, danger, or importance, which can prompt quicker action or attention.

Agoda uses priming by highlighting certain areas in different colours, such as when it shows a red or orange banner with the message “This property is in high demand.” This subtle visual cue primes users to perceive urgency and scarcity, encouraging them to act quickly to avoid missing out.

Next time, when you browse Agoda go through the colour differences, you will understand this better.

7. Endowment Effect

The endowment effect means people value something more highly simply because they own it.

For instance, Volkswagen cleverly uses the endowment effect with their “Free Range” test drive experience. They let potential buyers take a VW for an extended test drive, even overnight.

Free rage test drive is an example of **Endowment Effect**

Once you’ve driven the car, parked it in your driveway, and experienced how it fits into your daily life, it starts to feel like it’s already yours. This emotional attachment makes it harder to give up the car, increasing the likelihood that you’ll buy it.

By making the test drive more personal and less confined, Volkswagen taps into this psychological principle to boost sales.

FAQs about Leveraging Behavioural Economics in Digital Marketing

What is behavioural economics?

Behavioural economics is a field that combines insights from psychology and economics to understand how people make decisions. It acknowledges that humans are often irrational and influenced by cognitive biases.

How can loss aversion be used in digital marketing?

Loss aversion can be used in digital marketing by highlighting what consumers stand to lose if they do not take action. This can be achieved through limited-time offers, free trials, and emphasising the benefits they would miss out on.

What is social proof and how can it be leveraged?

Social proof is the tendency of people to follow the actions of others. It can be leveraged in digital marketing through customer testimonials, user-generated content, and influencer partnerships to build credibility and trust.

How does the anchoring effect influence consumer decisions?

The anchoring effect influences consumer decisions by providing an initial reference point that affects subsequent judgements. In digital marketing, this can be used by displaying original prices alongside discounted prices or presenting high-value products first.

Can behavioural economics principles be applied to all types of digital marketing?

Yes, behavioural economics principles can be applied to various types of digital marketing, including email marketing, content marketing, and website design. By understanding and leveraging these principles, marketers can influence consumer behaviour and drive conversions.

By integrating the principles of behavioral economics into your digital marketing strategies, you can better understand and influence consumer behavior, ultimately driving higher engagement and conversion rates.

How Storytelling Can Elevate Your Content Marketing Strategies in 2024

How to utilise the power of storytelling in content marketing to engage audiences, foster emotional connections, and drive conversions. Let’s elevate the content marketing strategies today!

Storytelling has long been a powerful tool for human communication, but its significance in content marketing has surged in recent years. By weaving compelling narratives, brands can engage audiences, foster emotional connections, and ultimately drive conversions. In this article, we will explore how storytelling can elevate your content marketing strategy, providing practical insights and examples.

Key Takeaways

Engagement: Storytelling captivates audiences, making your content more engaging and memorable.
Emotional Connection: Effective storytelling fosters emotional connections, enhancing brand loyalty.
Conversions: Well-told stories can drive conversions by aligning your brand’s message with the audience’s values and needs.

Why Storytelling Matters in Content Marketing

In a world inundated with content, capturing and retaining audience attention is increasingly challenging. Storytelling offers a solution by transforming mundane information into captivating narratives. Here’s why it matters:

Enhanced Engagement

Stories are inherently more engaging than straightforward facts or figures. They draw readers in, making your content more likely to be consumed and shared. This increased engagement can lead to higher traffic and better SEO performance.

Example: The “Like a Girl” campaign by Always

Emotional Connection

Humans are emotional beings, and stories have the power to evoke emotions. By tapping into these emotions, brands can create deeper connections with their audience. This emotional bond can lead to increased trust and loyalty.

Cadbury Ad with Emotional Connection

Clear Messaging

Stories can simplify complex ideas, making them easier to understand and remember. This clarity is crucial in content marketing, where the goal is often to communicate a brand’s message or value proposition effectively.

TATA Tea Ad

The Elements of a Compelling Story

To harness the power of storytelling in your content marketing, it’s essential to understand the key elements that make a story compelling.

Relatable Characters

Characters are the heart of any story. In content marketing, these characters could be your customers, employees, or even the brand itself. The key is to make them relatable so that your audience can see themselves in the narrative.

HDFC Ad: Example of using Relatable Characters

HDFC Life’s “Bounce Back” campaign tells the story of real people who have faced challenges and overcome them with the help of financial planning. These characters, who could be anyone from a middle-class family man to a single mother, are relatable because they reflect the struggles and aspirations of HDFC Life’s target audience.

Conflict and Resolution

A good story involves conflict and resolution. This structure keeps the audience engaged and provides a sense of satisfaction when the conflict is resolved. In marketing, the conflict could be a problem that your product or service solves.

For example, Google’s “Reunion” campaign in India told the emotional story of two elderly friends separated during the Partition of India and Pakistan. The conflict was their long separation and the emotional pain it caused. The resolution came when their grandchildren used Google to reunite them.

Emotional Appeal

As mentioned earlier, emotions play a crucial role in storytelling. Whether it’s joy, sadness, fear, or excitement, evoking emotions can make your story more impactful and memorable.

For example, the Cadbury Ad that we have seen before.

Authenticity

Authenticity is key to building trust. Your stories should be genuine and reflect the true values and mission of your brand. Authentic stories resonate more with audiences and build long-term loyalty.

Tanishq’s “Ekatvam” campaign focused on authentic storytelling by showcasing real stories of diversity and unity in India. The campaign featured different communities and traditions coming together in celebration, reflecting Tanishq’s commitment to inclusivity and authenticity.

Techniques for Effective Storytelling in Content Marketing

Now that we understand the importance and elements of storytelling, let’s see some techniques to incorporate it into your content marketing strategy:

Use Customer Testimonials

Customer testimonials are powerful because they provide real-life examples of how your product or service has made a difference. These stories can be written, video-recorded, or even shared on social media.

Create a Brand Narrative

A brand narrative is a cohesive story that encapsulates your brand’s history, mission, and values. This narrative should be consistently reflected across all your marketing channels to create a unified brand image.

Nike’s “Find Your Greatness” campaign is a prime example of creating a cohesive brand narrative that reflects the company’s history, mission, and values.

The campaign was built around the idea that greatness is not reserved for elite athletes but is something everyone can achieve in their own way. This narrative aligns with Nike’s long-standing mission to inspire and enable every athlete (with “athlete” being defined as anyone with a body).

Leverage Visual Storytelling

Visual elements can enhance your storytelling efforts. Use images, videos, infographics, and other visual content to support your narrative and make it more engaging.

Idea advertisement

Incorporate User-Generated Content

Encourage your audience to share their own stories related to your brand. User-generated content not only provides fresh perspectives but also builds a sense of community and authenticity.

Utilize Data Storytelling

Data can be dry and uninteresting on its own, but when presented as part of a story, it becomes much more compelling. Use data storytelling to highlight trends, demonstrate value, and support your narrative with evidence.

Case Studies: Brands Excelling in Storytelling

To illustrate the power of storytelling in content marketing, let’s look at some brands that excel in this area:

Nike

Nike’s “Just Do It” campaign goes beyond simply showing products; it tells stories that connect with people’s emotions. By focusing on athletes who overcome challenges, Nike isn’t just selling shoes but promoting a mindset of determination.

This way, customers feel inspired and motivated, which creates a strong emotional bond. People are not just buying a product; they are buying into the idea of being a part of a community that values hard work and success. This connection is what helps in driving sales because people feel like they’re supporting something bigger.

Airbnb

Airbnb’s strategy is all about sharing personal stories from both hosts and guests. These stories highlight unique experiences, making each stay feel special and different from staying in a regular hotel.

When people read these stories, they connect emotionally with the idea of being part of a larger, more personal experience. This emotional connection encourages people to choose Airbnb over traditional options because it feels like a more meaningful choice. By focusing on these real-life stories, Airbnb successfully converts interest into bookings.

Coca-Cola

Coca-Cola’s “Share a Coke” campaign is a great example of how personal stories can drive sales. By replacing the logo with popular names, Coca-Cola encouraged people to share a Coke with someone special.

This simple idea made each bottle feel personal and meaningful, which connected with people’s emotions. When people shared their stories online, it further spread the campaign’s reach. This emotional connection made people more likely to buy Coke, not just as a drink but as a way to share special moments. This approach significantly boosted sales by turning a simple purchase into a personal story.

Measuring the Impact of Storytelling

To ensure that your storytelling efforts are effective, it’s important to measure their impact. Here are some metrics to consider:

Engagement Metrics

Track metrics such as time spent on page, social shares, and comments to gauge how well your stories are engaging your audience.

Emotional Response

Use surveys, feedback forms, or social listening tools to assess the emotional impact of your stories. Positive emotional responses can indicate strong storytelling.

Conversion Rates

Ultimately, the goal of content marketing is to drive conversions. Monitor your conversion rates to see if your storytelling efforts are translating into tangible results.

Brand Sentiment

Analyze brand sentiment through social media monitoring and customer feedback. Positive sentiment can be a sign that your storytelling is resonating well with your audience.

Integrating Storytelling Across Channels

For storytelling to be truly effective, it should be integrated across all your marketing channels. Here’s how you can do it:

Website

Your website is the hub of your online presence. Use it to share your brand narrative, customer testimonials, and other stories that highlight your value.

Social Media

Social media platforms are ideal for sharing short, engaging stories. Use a mix of text, images, and videos to capture your audience’s attention and encourage interaction.

Email Marketing

Incorporate storytelling into your email campaigns to make them more engaging. Share customer success stories, behind-the-scenes looks, and other narratives that add value to your emails.

Content Marketing

Your blog, whitepapers, and other content marketing efforts should all reflect your storytelling strategy. Use these platforms to dive deeper into your stories and provide valuable insights to your audience.

Storytelling in content marketing helps to engage audiences, foster emotional connections, and simplify complex messages, ultimately driving conversions and building brand loyalty.

How to Spot a True Leader: Avoid the Action Fallacy

Who is a true leader? How to identify a true-leader? It’s difficult to answer. But let me introduce you to the concept of a pseudo-leader, which will help you with “How Not to Select a Leader”.

A True Leader Need not be Aberrant all the Time

Many people think that good leadership is about handling crises and dramatic actions. But this is a misconception. True leadership is actually about who follows; prevention is better than cure. That means preventing problems before they arise. It’s not just about reacting to issues; it’s about planning and making sure that problems don’t happen in the first place.

Lee Kuan Yew or Hugo Chavez?

Imagine you are choosing a leader for a country. Will you pick Lee Kuan Yew or Hugo Chavez?

Hugo Chavez: A LEADER FROM Venezuela — Hugo Chavez

I believe many of you might not have heard about Lee Kuan Yew and there are high chances you might pick Chavez because many believe Chavez is one of the best communist leaders, and he transformed Venezuela into a prosperous country, and when he died, the country collapsed.

Why Lee Kuan Yew Will be a Better Choice

But in reality, Lee Kuan Yew of Singapore, who transformed Singapore from a developing country into a global financial hub through meticulous planning, strict governance, and steady development policies.

Lee Kuan Yew: An example of true leader — Lee Kuan Yew

His leadership was marked by effective management and long-term strategic planning. On the other hand, Hugo Chavez of Venezuela, whose tenure was filled with dramatic actions and bold declarations, Chavez’s leadership included controversial economic policies and nationalisations that, despite their initial popularity, eventually led to significant economic instability and hardship for the country.

This tendency to prefer dramatic stories or excitements is what I call the “action fallacy.”

The Action Fallacy: Excitement vs. Effectiveness

Let’s look at the leadership styles of Steve Jobs and Tim Cook at Apple. Steve Jobs is known for his dramatic leadership and visionary ideas that brought Apple back from the brink of failure.

Tim cook and Steeve Jobs: leaders of Apple — Tim cook and Steve Jobs

His bold moves, like launching the iPhone and iPad, were revolutionary and are often celebrated. Jobs’ style was full of excitement and innovation, but it also came with a lot of risks and high-profile product failures like the Apple Newton.

A Leadership without Fans

On the other hand, Tim Cook, who took over as CEO after Jobs, is known for his calm and steady leadership. Cook focuses on operational efficiency and careful planning. Under his leadership, Apple has not only continued to release successful products but also improved its supply chain, increased sustainability efforts, and maintained a consistent growth trajectory.

Cook’s approach might not be as dramatic as Jobs’, but his meticulous planning and risk management have made Apple one of the most valuable companies in the world.

Unfortunately, world is not celebrating Tim cook as the way it celebrating Steve Jobs’ leadership.

In business, this focus on the “action fallacy” has negative effects. Because of this, we often promote leaders who seem to be taking action, rather than those who work quietly to prevent problems. This means we might be rewarding the wrong kind of leadership, which can lead to more issues in the future.

Finding a clear-cut real-world example of the Action Fallacy from business world can be tricky. Let me explain why.

Be Careful Before Labelling Action-Fallacy

Hindsight Bias: Looking back at events, it’s easy to see where preventive measures could have been taken. However, judging past leaders based solely on this knowledge can be misleading. They might have been operating with limited information at the time.

Complexity of Leadership: Leadership involves a multitude of factors beyond crisis management. A leader who seems to fall victim to the Action Fallacy might actually be strong in other areas like team building or strategic vision.

However, let me choose a closer example for you.

How General Electric Collapsed Because of Action Fallacy

Jack Welch, one of the most celebrated corporate chieftains of his time, spent the last few years of his life regretting what he believed was the most important decision of his career:

He promoted Jeffrey Immelt as CEO of General Electric (GE) in 2001, Why did Mr. Welch choose Mr. Immelt as his successor when he had options like Mr. McNerney, who was known for his steady and effective leadership style?

Jeffrey Immelt : Ex-Ceo of Generral Electric, an example of Action fallacy — Jeffrey Immelt

It was Action Fallacy played a role here.

Welch was swayed by Immelt’s charm, political skills, and polished demeanour. Immelt, a former Dartmouth offensive tackle and Harvard Business School graduate, seemed to embody the dynamic and bold leader GE needed.

During the selection process, Immelt’s confident and aggressive approach stood out. Whenever Immelt met with Welch, he was in overdrive, showcasing his ability to take bold actions and make quick decisions. His high-profile initiatives and assertive style made him appear as a proactive leader who could steer GE through challenging times.

Despite warnings from some board members who believed Jim McNerney would be a better choice, Welch was captivated by Immelt’s dynamic persona.

Immelt took over as CEO just days before the September 11 attacks in 2001. His tenure was marked by several critical mistakes that significantly impacted GE’s fortunes. Despite his high-profile initiatives and aggressive strategies, many of his decisions backfired:

How Immelt’s Action Fallacy Spoiled GE

Selling NBC Universal: Immelt sold GE’s majority stake in NBC Universal, including its television network and Hollywood studio, too cheaply. This decision was made in panic during the financial crisis, leading to significant financial losses for GE.

Overpaying for Acquisitions: Immelt made several high-cost acquisitions that did not yield the expected returns. These acquisitions strained GE’s finances and did not contribute to the company’s growth as intended.

Dismantling GE Capital: GE Capital was a highly profitable yet risky part of GE’s business. Immelt dismantled it but failed to replace its lost earnings, which hurt GE’s overall profitability.

Ignoring Talent: Immelt was known for his “know-it-all” attitude, as described by Welch. This attitude drove away talented executives who felt unheard and undervalued. His inability to listen and collaborate effectively led to a loss of valuable leadership within the company.

Under Immelt’s leadership, GE’s market value plummeted. By the time he stepped down, GE had lost over $150 billion in market value. Today, GE has been reduced to a shadow of its former self, it split into three separate companies. The finalisation of the split occurred on April 2, 2024.

Redefine Leadership

We need to rethink our idea of what makes a good leader. We should celebrate leaders who are good at preventing crises, not just those who react to them.

This means recognising the importance of “boring management” – the unglamorous work of planning, process building, and team building. This is where true leadership lies.

Instead of focusing on dramatic actions and crisis management, we should value leaders who work quietly and effectively to prevent problems before they arise.

For founders looking to identify true leaders, it’s important to look beyond charisma and bold actions. Pay attention to candidates who demonstrate strong planning and risk management skills.

Look for individuals who have a track record of building efficient processes and fostering team collaboration. Ask about their experiences in preventing issues rather than just handling crises.

True leaders are those who ensure stability and long-term success through careful, steady work. Recognising and promoting these qualities can help create a more resilient and effective organisation.

This Is my answer for how to Identify a True Leader.

How to make Better Decisions with Marcus Aurelius Approach, read here.

4 Qualities Startups Seek in Job Seekers

Building a successful startup is no small thing. It’s not just about having a super cool idea or disruptive technology. It’s about the people who drive these first thoughts forward. I believe most freshers from Tier 2 colleges dream of joining a super startup team, considering the amount of learning and exponential growth. But if you don’t have the following three qualities, your expectations and reality may not match well. And many have this question in mind; How do I start working in startup? Let’s see what those three key qualities are that go beyond the obvious skills and qualifications.

1️⃣ Optimism: The Power of Positive Thinking

Most startups operate with uncertainties and challenges. From securing funding to developing a minimum viable product, the journey is fraught with obstacles. In such an environment, having team members who are optimists can be incredibly valuable. Optimists believe in the mission and are confident that the team can overcome any hurdles.

Does it work? Look at Airbnb

Consider the early days of Airbnb. The founders faced numerous rejections and financial difficulties. However, their optimism kept them going. They believed in their vision of transforming the way people travel.

How to work in startup: Airbnb case study — Airbnb

This positive mindset not only kept the team motivated but also attracted investors and customers; as they say, now they belong anywhere. From nowhere to anywhere, Aibnb’s journey happened because of the people who believed it’s possible, and they drive that mission with positivity.

How to Demonstrate Your Optimism During Interviews

During interviews, highlight instances where your optimism led to positive outcomes. You could talk about a project that seemed doomed but succeeded because you and your team maintained a positive outlook and kept pushing forward.

For example, “in one of my previous organisations, when I suggested adding Amazon business as a channel for sales, everyone rejected it since the business is highly dependent on offline markets and distributors, and it would spoil the chain and demand. But what I observed was that there were a lot of government exam aspirants outside Kerala, and we couldn’t deliver books at ease since our distribution channels were only in Kerala and a few metro cities.

Finally, I was able to convince the team with my analysis and data on the serviceable market. In just 5 months, our Amazon sales reached 60% of the offline domestic sales.”

2️⃣ Idea Generation: The Innovators

Startups need new ideas to stay ahead. As a job seeker, being someone who can think outside the box and come up with new ideas is very valuable. If you are not someone who can think outside the box, the exposure that you are going to get will be limited, and eventually the growth will be limited as well.

Start-ups move on two things: investments and disruptive ideas. If it’s depending only on money, fuel will be over soon, and it will impact your career. But if every individual can come up with cost-effective or disruptive ideas and action items, start-ups attract more money, and it will help you in your career. So observe whether the start-up has enough idea generators and rational thinkers, or are you the one? Idea generators see opportunities where others see problems and can come up with creative solutions that keep the company moving forward.

Does it work? Learn from Instagram

Do you know how Instagram became a billion-dollar business? Just because of one idea generator. When Kevin Systrom and Mike Krieger were working on their startup, Burbn, it was initially a location-based check-in app.

Startup story: Burbn to Instagram — Burbn to Instagram

However, they noticed that users were more interested in sharing photos. One of their team members suggested focusing on the photo-sharing feature. This idea led to the creation of Instagram, which became a massive success and was later acquired by Facebook for $1 billion.

Are you an outside-the-box thinker? A start-up ecosystem is best for you. Because you can’t suggest an idea and get it done at a massive firm like Apple or Amazon.

How to Demonstrate Your Innovative Thinking During Interviews

Show your creativity and willingness to suggest new ideas. Talk about a time when you introduced a new concept that significantly helped your previous company or project.

For example, you might say, “In my previous job, I suggested a reverse psychology approach for email marketing: instead of saying we are good, we send mail with subject lines, we don’t have anything special for you, you don’t have to open this if you are busy, etc. And suddenly, our open rate became 40%. This not only increased our engagement rates but also made our users feel more connected to our brand, where we are genuine and transparent.”

3️⃣ “Will You Figure It Out?” Spirit: The Problem Solvers

Startups face many unexpected problems. Your KPIs may change frequently; out of the blue, the team may scrap a project and start a new project from scratch, which may require a new set of skills.

In simple words, a start-up is exactly like a mischievous child; it’s not easy to predict what he will do next. As a job seeker, having a “will figure it out” spirit means you don’t get discouraged by setbacks. Instead, you see these challenges as chances to find solutions and keep moving forward.

So, if you have that “Will Figure It Out” or “This Time Shall Pass” attitude, you are going to be noticed by the team, and people will find a leader in you. Your growth will be faster than you expect.

Does it work? Inspire from Slack

Take the story of Slack. The company was originally working on a game called Glitch, developed by Tiny Speck, a startup co-founded by Stewart Butterfield, Cal Henderson, Eric Costello, and Serguei Mourachov.

Despite their efforts, the game struggled to gain traction in the competitive gaming market. Instead of giving up, the team noticed that their internal communication tool, which they had built to collaborate on Glitch, was incredibly effective.

Recognising the potential of this tool, Butterfield and his team decided to change their business focus entirely. They repurposed their internal communication platform into a standalone product, which became Slack. Think about the team; all of a sudden, you are moving from gaming to SaaS. But the team had a different mindset that they would figure it out, and that helped them achieve the objective faster.

The new idea penetrated the market very quickly and disrupted workplace communication by offering a user-friendly interface, seamless integration with other software, and a way to organise conversations into channels.

Today, Slack is used by millions of users worldwide and was acquired by Salesforce for $27.7 billion, highlighting the power of determination and adaptability.

How to Demonstrate Your Problem-Solving Skills During Interviews

In interviews, talk about times when you faced big challenges but found ways to overcome them. Show how you solve problems and stay calm under pressure.

For example, you could say, “During a critical project, our main supplier suddenly shut down. I quickly found other local suppliers, negotiated terms, and I figured out an opprtunity with an upper-hand of negotitation, revamped our existing model of 2-3 suppliers to 24 small suppliers, and used a CRM dashboard to coordinate, and kept our production on schedule, saving the project and meeting our deadline.”

4️⃣ “I’ve Got It” Attitude: The Ownership Mindset

In large companies, it’s common to hear, “That’s not my department.” However, startups need a different approach. They grow when employees take ownership of problems, no matter their job title.

You might be a sales manager, but you should be willing to do a user survey, call customers, and close sales if a team member is on leave. As a manager, you may be required to do 50% of the work as a tele-caller and the rest 50% of supporting the team for their dependencies.

This adaptable “I’ve got it” attitude ensures that issues are handled quickly and efficiently, pushing the startup towards success.

Does it work? Read About Dropbox

Take Dropbox as an example. In the early days, Dropbox was a small team working on a new way to store files online. Arash Ferdowsi, the co-founder and CTO, noticed that the user interface (UI) was hard to use. Even though UI design wasn’t his main job, Arash decided to fix it himself.

Dropbox founders — Arash Ferdowsi on the right

He worked with the design team, learning about user experience and interface design. He spent many late nights testing different designs and getting feedback from early users. His hands-on approach and willingness to step out of his role made the UI much better.

This change made Dropbox more appealing to users, and the user base grew quickly. Arash’s “I’ve got it” attitude solved a big problem and set a good example for the team, encouraging everyone to take ownership of issues.

How to Demonstrate Your Ownership Attitude

In interviews, talk about times when you took initiative outside of your usual responsibilities.

For example, you might say, “In my last job, I saw that our project management tool was confusing the team. Even though it wasn’t my job, I researched better tools, organised meetings, and got feedback. I then helped implement a new tool that improved our workflow and made us more productive.”

This shows your commitment to the team’s success. You prove that you’re ready to tackle challenges and help the startup grow, no matter what your job title says.

In Nutshell

Joining a startup means becoming part of a dynamic and often unpredictable environment. By demonstrating optimism, generating innovative ideas, showing a “will figure it out” spirit, and having an “I’ve got it” attitude, you can stand out as a valuable asset to any super startup team. Remember, it’s not just about your skills and experience; it’s about how you approach challenges and contribute to the team’s success.

Additional Tips for Job Seekers

Showcase Communication Skills: While these qualities are crucial, don’t forget the basics. Good communication is key for any team.

Research the company: Understand the startup’s mission and values. Align your responses to show that you are a good cultural fit.

Be Ready to Adapt: Startups change rapidly. Show that you are flexible and open to evolving with the company.

By focusing on these qualities, you can increase your chances of landing a role in a super startup team and contributing to its success.

Are you still worried about uncertainties? Read more about the cognitive survival kits here.

Budget-Friendly Digital Marketing Strategies For 2024

Effective digital marketing doesn’t require a massive budget; it requires strategic thinking. Let me share some key strategies to maximise impact without breaking your marketing budget. These budget-friendly digital marketing strategies are based on the trends and tools from 2024.

Content Strategies

1️⃣ Develop Resonant Content

Develop content that resonates with your target audience and addresses their needs. This will drive organic traffic, enhance your online visibility, and improve your SEO.

Leverage organic tactics. For example, create a blog to establish thought leadership and improve your SEO. Elevate this further by repurposing this content in different formats.

2️⃣ Leverage Existing Content

Turn existing blog posts into a captivating video or an engaging eBook. This saves precious time and extends your content’s reach. Producing valuable content that addresses pain points and offers solutions builds trust. Creating content designed to address each stage of the buyer’s journey removes concerns and ultimately drives higher quality leads.

Data-Driven Strategies

1️⃣ Leverage Customer Data

Use the data you already have to better understand your customers. Analyse their behaviour, preferences, and feedback to optimise their website experience. Personalised experiences lead to higher engagement and conversions.

2️⃣ Seamless CRM Integration

Ensure your CRM data flows seamlessly into your digital marketing tools, including analytics and paid channels. This enables efficient and precise targeting and effective campaign management. Hubspot provides a free plan for their CRM. Another free CRM is Odoo, even their tagline is Free and Amazing 🙂 sounds cool, right?

3️⃣ Understand Your Metrics

Regularly monitor traffic, bounce rates, conversion rates, and Customer Acquisition Cost (CAC). Utilise these datapoints to reallocate resources effectively. For example, revise high-bounce content or amend calls-to-action to improve engagement and conversions. Test one element at a time for methodical progress and clearer learnings.

Free and Low-Cost Tools

1️⃣ Utilise Free Tools for E-Commerce

For e-commerce businesses, take advantage of free tools like Google My Business, Meta Commerce, and Microsoft Bing Shopping. These platforms can help increase your online presence without additional costs.

2️⃣ SEO

There are many strategies and tactics you can do on your own to uplevel your website to appear on page 1 of Google. Make sure all your headings consist of keywords to optimise your page ranking. Google can read words; it cannot read images, so adding a weekly blog or podcast to your repertoire is one of the best things you can do for your SEO.

Improving your website’s search engine ranking can be done without spending money by using free SEO tools. Google Search Console is a must-have tool that helps you keep an eye on your site’s performance in Google Search results, showing you how to fix any issues.

Another useful tool is Google Analytics (GA4), which tracks your website traffic and user actions, giving you a clear picture of how visitors use your site.

For finding good keywords, Ubersuggest provides detailed data on keyword volume, competition, and suggestions, making it easier to choose the best keywords to target. These tools offer a solid base for boosting your site’s SEO without any cost.

3️⃣ Email Marketing

Implement Email Marketing Campaigns

When it comes to a tight budget, try email marketing. Don’t underestimate your existing database. Segment your audiences and create tailored content curated for them.

Implement email marketing campaigns with tailored content. Personalised emails that offer value to the recipient can significantly boost open and click-through rates, fostering customer loyalty and driving sales.

Bulk Email Sending Tools

Mailchimp

Mailchimp offers a free plan that allows you to send up to 10,000 emails per month to a list of up to 2,000 subscribers. This tool provides a user-friendly interface, customisable email templates, and advanced analytics to track your campaign performance. Mailchimp also offers features like A/B testing and automation to help you optimise your email marketing efforts.

Brevo (Sendinblue)

Brevo (previously known as Sendinblue) free plan lets you send up to 300 emails per day to an unlimited number of subscribers. It includes features like email design tools, automation workflows, and detailed reporting. Brevo also offers SMS marketing and CRM capabilities, making it a versatile choice for small businesses.

Email Warm-Up Tools

MailWarm

MailWarm is a free tool designed to help improve your email deliverability by gradually increasing your email sending volume. This tool is perfect for new email accounts or those with a low sender reputation. By slowly building up your email volume, you can avoid being flagged as spam and ensure that your messages reach your recipients’ inboxes.

Warmbox

Warmbox is another excellent tool for warming up your email address. It automatically engages with your emails, marking them as important and moving them out of the spam folder. This interaction helps improve your sender reputation and ensures higher deliverability rates for your future email campaigns.

Email Verification Tools

Hunter

Hunter’s Email Verifier tool is free and helps you clean your email list by verifying the validity of email addresses. This ensures that you are sending emails to real, active accounts, which can improve your deliverability rates and reduce the risk of being marked as spam.

ZeroBounce

ZeroBounce offers a free plan that allows you to verify up to 100 email addresses per month. This tool helps you remove invalid email addresses, catch-all domains, and spam traps from your list. By maintaining a clean email list, you can improve your sender reputation and achieve higher engagement rates.

Social Media

1️⃣ Consistency on Social Media

Consistency on social media is the perfect strategy to implement inside your business with the least amount of investment and a thousand percent payback. Instagram alone has 2.3 billion monthly active users. Imagine if you can reach and capitalise on 1% of that audience? Would you be able to service them? Chances are, probably not.

2️⃣ Meta Ads

Incorporating low-cost, high-reach tactics such as Meta Ads can help drive brand awareness and traffic. Try influencer marketing as well, where you can collaborate with industry experts. Partner and cross-promote – it’s a win for everyone.

Testing and Optimisation

Use previous campaign data or A/B test on a small budget to determine what works best for your audience. Continuous testing and optimisation will save your marketing budget significantly.

1️⃣ Regular SEO Review

Reviewing and improving website SEO on a regular basis will increase website views and ensure the business stays front of mind and top of search engine result lists.

2️⃣ Website Optimisation

Website Optimisation

Ensure your site is user-friendly and fast. A user-friendly site means that it’s easy to navigate, with clear menus and links that guide users to the information they need. A fast website loads quickly, which is important because slow-loading pages can frustrate visitors and cause them to leave.

Engagement rate is a key metric that shows how well users are interacting with your site. Aim for an engagement rate above 60%, which means that the majority of your visitors are finding your content useful and engaging. High engagement rates often lead to better conversion rates, as engaged users are more likely to take desired actions, such as making a purchase or signing up for a newsletter.

Analytics

Use Analytics Tools

Using analytics tools is key to making informed decisions about your digital marketing efforts. One of the best free tools available is Google Analytics aka GA4. It helps you track and understand how visitors interact with your website. You can see where your traffic is coming from, what pages are popular, and how long people stay on your site.

Set KPIs and regularly compare performance. For example, you might set KPIs for website traffic, bounce rate, conversion rate, and average session duration.

By consistently monitoring these metrics, you can make data-driven decisions to optimise your marketing efforts. For example, if you notice a high bounce rate on a particular page, you can investigate and make necessary changes to improve user experience and engagement.

Through creativity, planning, and effective measurement, businesses with limited budgets can achieve impressive results.

Universal Analytics to Google Analytics 4: What it Means for Your Website

As the sun sets on Google’s Universal Analytics (UA), a new horizon emerges with Google Analytics 4 (GA4). This shift, while potentially daunting for marketers and data analysts, presents an opportunity to uncover deeper, more nuanced insights into user engagement.

For those businesses who have chosen to embrace this change and continue their journey with GA4, understanding the key differences and new functionalities is essential. The future of your data analysis and interpretation hinges on grasping these crucial changes, enabling you to extract maximum value from your data.

Reimagining Sessions

In the world of web analytics, sessions play an integral role in understanding user behavior. A session in GA4 represents a visit to your site and times out after 30 minutes of inactivity. However, unlike UA, sessions in GA4 can encapsulate multiple traffic sources.

For instance, if a visitor lands on your site from a Facebook ad, goes through Google to login, and then returns to your site, this entire journey is counted as one session, despite having multiple traffic sources. This is a significant shift from UA, where each visit from a new source initiated a new session.

The Emergence of Engaged Sessions

Engaged sessions are a new metric introduced in GA4. A session can be considered as ‘engaged‘ if it lasts longer than 10 seconds, includes two or more page views, or results in at least one conversion.

The shift from Universal Analytics to GA4, particularly the introduction of the “Engaged Sessions” metric, is a response to the evolving digital landscape and user behaviors. Bounce rate, as calculated in Universal Analytics, was a useful measure of site engagement in the past, but with the advent of single-page applications (SPAs) and more complex user interactions, it became less effective. For instance, users could view an SPA and leave without triggering an event, which would be considered a bounce, despite their potential engagement with the content

In contrast, the Engaged Sessions metric in GA4 is designed to provide a more accurate reflection of user engagement.

Understanding Engagement Rate

Engagement rate is calculated by dividing the number of engaged sessions by the total number of sessions. For example, if you have 1000 sessions and 750 of them are engaged, your engagement rate will be 75%. This new metric provides a more nuanced understanding of user engagement levels than before.

In UA, the bounce rate was a measure of site engagement, but its effectiveness has been declining as websites and apps evolved. The bounce rate could show users viewing a single-page application and leaving without triggering an event, which would be considered a bounce. However, in GA4, the concept of engagement has been refined to measure the level at which customers engage with your site or app more accurately.

While both the bounce rate and engagement rate are valuable in their own ways, the engagement rate in GA4 provides a more detailed understanding of user behavior.

The Return of Bounce Rate

Bounce rate, originally excluded from GA4, has made a comeback. But it now differs from how it was measured in UA. GA4’s bounce rate is the inverse of the engagement rate. Using the previous example, if the engagement rate was 84%, the bounce rate would be 16%.

This significant change in measuring bounce rate can be attributed to the new criteria for an engaged session. Depending on your site’s nature, you may see a drastic impact on bounce rates, possibly seeing a sharp drop compared to UA. However, remember that this doesn’t necessarily mean that your content is more engaging; it’s merely a shift in the measuring methodology.

Defining Users

In GA4, users are only those who have had an engaged session. This is another departure from UA where all visitors were considered users. Total Users in GA4 are more akin to what was defined as users in UA.

Average Engagement Time

GA4 replaces UA’s ‘average time on site’ metric with ‘average engagement time’. This new metric deserves applause, as it gives a more accurate depiction of the time a visitor spends on your site. In UA, bounced sessions were recorded as zero-second visits because no second session would be triggered. In contrast, GA4 measures the actual time a visitor spent on your site, offering a more accurate reflection of user engagement.

The Conversion Shift

Last but not least, GA4 bids goodbye to the traditional concept of goals. In its place, we find conversions. This shift pushes us to reimagine our understanding of conversions and work with this new norm.

GA4 represents a significant shift in Google’s analytical approach, introducing more sophisticated and nuanced metrics. While these changes may seem daunting initially, they offer an opportunity to better understand your audience and website performance. As we journey into this new era of analytics, mastering these new metrics will be key to data-driven decision-making and strategic success.

What are the major 2023 Google Ads Insights For Growth Marketers?

How to Deal With Uncertainities:Cognitive Survival Kit

Picture yourself driving along your daily route to your nearest theatre. You know every turn, every stoplight, and have become accustomed to the rhythm of this familiar journey. You are confident that you will reach the theatre before the show begins.

Suddenly, you encounter an unexpected detour sign in the middle of your path – the road you’ve always taken is temporarily closed for construction. Now, you must navigate a new route to reach your destination.

This unforeseen obstacle not only disrupts your routine but also challenges you to adapt to the change and find a new way forward.

A symbolic representation on How to Deal With Uncertainities — Image credits: Canva

Such is the course of our lives. We are often moving along familiar paths when unexpected obstacles or anomalies arise, throwing us off our well-planned routes. This post is trying to decode our human responses to these unexpected shifts and explore how they can shape our journey through life.

Navigating the Unforeseen: Our Brain’s Role

Humans are naturally inclined to seek stability and predictability in their environment. This inclination is rooted in our evolutionary history, where predictability equaled survival. We build our lives around familiar routines and predictable patterns, creating a cognitive map of our world that allows us to anticipate future events and plan accordingly.

However, when an unexpected obstacle appears, it not only halts our progress towards our goals but also presents us with a profound question: this obstacle wasn’t supposed to exist, so why does it?

Now, our brains must engage in a process of ‘cognitive updating,’ where they reconcile the new information with our existing worldview. This involves substantial mental work as our neural networks reconfigure to incorporate the unexpected data. Sounds challenging, right? That’s the idea!

Cognitive Dissonance: The Psychological Clash

When we meet the unexpected, it triggers a psychological clash. This clash, called cognitive dissonance, happens when we juggle opposing beliefs or ideas.

On one hand, we have our idea of how things should be, built from our routines and predictions. On the other hand, we face the real-life hurdle that stands in our path. To deal with this dissonance, we often change our beliefs and attitudes. In some cases, we might need to rethink our whole view of the world.

So, facing the unexpected isn’t just about breaking routine. It’s a major cognitive and psychological event that demands that we reshape our understanding of the world.

Unpacking Grandpa’s Survival Kit: The Modern-Day Predicament

Losing a job unexpectedly is similar to encountering a ferocious predator on our regular way home. 1000 years ago, that predator was an uncertainty for our forefathers; now it might be a layoff.

It is a disruption that throws off the steady rhythm of your life, bringing in its wake uncertainty, financial stress, and an understandable level of anxiety. To tackle this change effectively, cognitive flexibility – akin to what our ancestors exercised in the face of predators – becomes a crucial tool in our survival kit.

1. Embracing the Hard Truth

Start by acknowledging reality. You’ve lost your job. It’s a tough fact to digest, especially due to our innate ‘confirmation bias‘. We have a tendency to favour information that aligns with our pre-existing beliefs or situations, and it is cognitively more comfortable to deny or downplay the shift. But to make any progress, accepting the truth is vital.

2. Shifting Perspectives through Cognitive Reframing

Next, reframe the situation. In cognitive psychology, reframing is a technique used to help create a different way of looking at a situation, person, or relationship by changing its meaning.

It involves actively constructing a new perspective. Instead of viewing the job loss as a disaster, see it as an opportunity for growth, a chance to explore new career paths, or a chance to gain new skills.

3. Divergent Thinking – Fostering Creative Solutions

Once you have reframed the situation, brainstorm potential solutions. In this phase, it’s crucial to exercise ‘divergent thinking,’ a thought process used to generate creative ideas by exploring many possible solutions. Consider different career options, alternative income sources, or even acquiring new skills or education. Consider any solution, no matter how outlandish it may seem initially.

This is where the decision-making and prioritisation tools that can be useful.

For example, the Eisenhower Matrix, one of my favourites. The matrix consists of four quadrants: urgent and important, important but not urgent, urgent but not important, and neither urgent nor important. Read more about it here.

4. Implementing Change Step by Step

Finally, it’s time to act. Implementation can feel daunting, especially after a job loss. However, it’s important to remember that progress often happens incrementally. Break down your chosen solution into manageable steps and tackle them one at a time. This approach, called ‘action planning’, can make a big task seem more approachable, and it has been scientifically proven to enhance goal achievement.

Throughout this process, it’s essential to maintain a self-compassionate perspective. Job loss can lead to feelings of self-doubt or criticism. However, research has shown that treating yourself with kindness in times of failure or difficulty can foster resilience and well-being.

Final Thoughts: Tackling Life’s Crises with Evolutionary Tactics

As we journey through life, navigating unexpected obstacles and tackling life’s crises, it’s fascinating to consider the neurological systems at play. Just as our ancestors used specific neurological systems to detect and react to physical threats – like a lurking predator – we use these same systems to perceive and manage the abstract threats and issues we face in modern life.

Abstract problems – like losing a job or facing a break-up – become the ‘predators’ of our lives, lurking just outside the safety of our known world. When these problems arise, they activate the same neurological platform used by our ancestors, proving how our evolutionary history still influences our reactions to contemporary challenges.

So, dealing with the unexpected isn’t just about updating our cognitive map of the world, it’s also about confronting these abstract ‘predators’, managing life’s crises, and leveraging our inherent neurological capabilities. As we better understand and harness these capabilities, we can become more adept at navigating the uncertainties of life.

Good Thinking Begins with Clear Thinking, read more on how to think clealry using Marcus Aurelius Approach.

Good Thinking Begins with Clear Thinking: A Marcus Aurelius Approach

Almost everyone considers themselves a good thinker, yet this is a quality possessed by a surprisingly small fraction of the population. According to the Marcus Aurelius, true cognitive development requires perpetual transformation. Don’t worry about the jargons, will simplify it soon.

Marcus Aurelius' Meditations HARDCOPY — Marcus Aurelius’ Meditations

Take a moment to look around – how many individuals do you observe progressively advancing in life? How many are consistently overcoming challenges? Conversely, how many seem stuck in a loop, forever wrestling with the same issues they’ve faced for years?

It quickly becomes apparent that excelling at problem-solving is directly linked to the quality of one’s thinking. And, good thinking begins with clarity.

Marcus Aurelius: The Power of Clear Thinking

Marcus Aurelius, esteemed as the last of the Five Good Emperors of Rome and admired as a philosopher-king, is an excellent example of a great thinker. His ability to lead was inextricably linked to his clear thinking.

He honed his critical thinking skills through personal introspection, encapsulated in his private writings – now known as his Meditations. In these profound reflections, Aurelius meticulously organized his thoughts, pondering the causal relationships between his actions and their outcomes.

How he organised his thoughts?

How he redefined the relationships between his actions and outcomes?

Clear Thought: The Foundation of Good Thinking

A clear thought is one that is unambiguous, captures the essence of a concept, and is logically formulated. Such thoughts can be articulated succinctly using simple ‘if-then’ statements, such as “If you learn driving, then you can drive a car” These clear, concise ideas lead to straightforward, intentional actions. Consequently, the above statement translates into a definitive action: when you want a solo ride- learn driving.

How do you know, whether you are good at driving or not?

Clarity Begets Clarity

Clear and intentional actions, in this context, lead to concrete results. When you sit behind the wheel after learning to drive, you will immediately find out whether your initial thought was correct. Either you can operate the wheels proficiently, or you cannot.

This clear feedback, confirming or debunking your supposition, aids in refining your comprehension of your abilities. By discovering whether your self-perception aligns with your actual skills, you move closer towards self-awareness. The more accurate your self-understanding, the better you become at overcoming personal challenges.

Emulating the Greats: Practical Steps towards Clear Thinking

If your goal is to improve your own problem-solving abilities, it’s advisable to emulate Aurelius’s approach.

Begin by organizing your thoughts. Eliminate ambiguity, striving for clarity by encapsulating them in straightforward ‘if-then’ statements. This reductionist logic leads to clearer thoughts, which, in turn, yield clear and intentional actions. These actions produce clear feedback, improving your understanding of the world and, thus, enhancing your problem-solving abilities.

Let’s consider this example: “If I incorporate a philosopher’s name into my writing to establish its authenticity, then more readers will be drawn to my work out of curiosity.” This hypothesis ( maybe a null-hypothesis 😉 ) is not only clear but also steeped in logical reasoning, which catalyzes clear action – crafting and publishing the piece.

Once published, the feedback received—measured by the number of readers, their engagement, and their responses—provides immediate validation or negation of the initial idea. It helps you understand your readers’ preferences better and improves your writing strategies for reader engagement. As a result, you’ll be better equipped to meet your goals as a successful writer.

Other Major Learnings From Marcus Aurelius

Marcus Aurelius’s ‘Meditations’ is a profound philosophical work that distills key lessons from Stoicism, a philosophy that emphasizes virtue, wisdom, and the understanding of nature. Here are some of my favourite key teachings from ‘Meditations’.

1. Embrace the Stoic Perspective

Acceptance of Life’s Unpredictability:
- Take the example of a sudden job loss or a pandemic like COVID-19. No one can predict such life-changing events, and they can leave us feeling anxious and unsettled. However, accepting the fact that life is unpredictable and that we can’t control everything helps to reduce anxiety and stress.

Virtue as the Highest Good
- Consider the story of Mahatma Gandhi. Gandhi led India to independence from British rule through his virtue of non-violence, which he held as a moral excellence. Despite numerous provocations and adversities, he never compromised on his principle of non-violence. This virtue was within his control and he consistently chose to uphold it, leading by example and inspiring millions.
Wisdom Over Emotion
- Imagine a situation where someone cuts you off in traffic. Your immediate emotional response might be anger, and you might feel like retaliating in some way. However, by using wisdom over emotion, you would realize that retaliating won’t solve anything, and might even create more problems, like causing an accident or escalating the situation. Instead, by staying calm and moving on, you can ensure your safety and maintain peace of mind. Road Raging is a serious issue.

2. Pursue Rationality

Value Reason: As rational beings, we should let reason, not desire or fear, guide our decisions and actions.
- Let’s imagine you’re the marketing manager of a successful sportswear company. You’ve recently noticed an uptick in popularity for eco-friendly products. The initial desire might be to immediately launch an eco-friendly product line to capitalize on the trend. However, instead of acting on impulse, you decide to let reason guide your actions.
- You initiate comprehensive market research, analyzing competitors, potential price points, and your target audience’s willingness to pay for environmentally-friendly sportswear. Only after careful and reasoned consideration, evaluating the cost-benefit ratio, do you decide to proceed with the launch, ensuring a more successful outcome.
Pursue Knowledge: We should continuously seek wisdom and knowledge for personal development and betterment of society.
- Imagine a small business owner whose company has been successful for many years using traditional business methods. However, with the rise of e-commerce and digital marketing, don’t you think there is a need to adapt? Instead of sticking to what they know, they should pursue knowledge in these new areas.

3. Cultivate Resilience

Transform Obstacles into Opportunities
- During the 2008 economic recession, Airbnb faced a significant obstacle: people were reluctant to travel, let alone stay in strangers’ homes. However, Airbnb saw an opportunity in this crisis. They focused on providing affordable accommodation alternatives to expensive hotels, a value proposition that attracted cost-conscious travelers during the downturn. The company has since grown exponentially and is now a major player in the global hospitality industry.
Cultivate Emotional Resilience: We should remain undisturbed by external events and maintain equanimity, no matter the situation.
- In 2008, Starbucks faced declining sales due to the global economic crisis and growing competition. Howard Schultz, then CEO, returned to the company and made tough decisions, including closing hundreds of stores and reducing staff. It was a challenging period, but Schultz maintained emotional resilience. He believed in the company and his strategy. Today, Starbucks has rebounded and continues to be a leader in the global coffee industry

To quote Marcus Aurelius himself: “The happiness of your life depends upon the quality of your thoughts.” By striving for clarity and cultivating emotional resilience, by seeking knowledge and valuing reason, we can transform obstacles into opportunities, thereby enhancing the quality of our thoughts and, ultimately, the quality of our lives.

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Who’s in Control? Companies Dominating Google Search Results

The Illusion of Choice: Online Edition

Imagine you’re at your favourite supermarket, walking through the cosmetic items row, and you see hundreds of different brands of body lotions.

So many options, right?

But then, something strikes you – despite the variations in packaging and flavours, most of these lotions actually belong to a handful of big companies, such as Hindustan Unilever or P&G. They’ve just packaged their product in different ways to cater to a diverse range of tastes.

In the realm of online search, it’s eerily similar. Have you ever wondered about the companies dominating Google search results?

You might be surprised to learn that less than 20 companies control a major chunk of the web’s content. They own a variety of websites across a broad spectrum, from health to tech, from sports to food.

Unveiling the 16 Companies Dominating Google Search Results

So, how many companies are we talking about? The number is 16. These 16 companies are the puppeteers controlling at least 562 different brands that show up in your daily Google search results.

According to Semrush, a platform that offers online visibility management and content marketing SaaS, these companies together command a whopping 3.7 billion clicks from Google each month. That’s an average of 6.5 million monthly clicks for each site under their umbrella.

List of those 16 Giants

Gawker Media
- Formerly Blogwire, Inc
- Notable properties: Gizmodo, Lifehacker, Jezebel
Vox Media
- In February 2023, Penske Media Corporation became the largest shareholder in Vox Media.
- Notable properties: The Verge, SB Nation, Eater
Future plc
- Independent Company
- Notable properties: TechRadar, GamesRadar, PC Gamer
Evolve Media
- Independent Company
- Notable properties: CraveOnline, GameRevolution
Time Inc.
- Acquired by Meredith Corporation in 2018, In December 2021, Meredith was acquired by IAC’s Dotdash and became Dotdash Meredith
- Notable properties: Time, People, Fortune (under the ownership of Meredith)
CBS (Paramount Global)
- In 2019 through the merger of Viacom and CBS, It’s under Paramount Global.
Meredith Corporation
- Notable properties: People, Better Homes and Gardens, Allrecipes
- Time Inc is actually a part of Meredith Corporation
Dennis Publishing
- Acquired by Exponent Private Equity in 2018
- Notable properties: The Week, Auto Express, PC Pro
Jacobs Media Group (JAC)
- Notable properties: Not clear from the information provided
Ziff Davis
- Subsidiary of J2 Global
- Notable properties: Mashable, PCMag, IGN
Verizon
- Notable properties: Yahoo, AOL, TechCrunch (under the brand Verizon Media, which was sold to Apollo Global Management and renamed Yahoo in 2021)
Purch (now known as Future US, Inc., a subsidiary of Future plc)
- Notable properties: Tom’s Guide, Top Ten Reviews, Live Science
Conde Nast
- Subsidiary of Advance Publications
- Notable properties: Vogue, The New Yorker, Wired
DG (Possibly Digital Guide)
- Notable properties: Not clear from the information provided
Scripps Networks Interactive
- Acquired by Discovery, Inc. in 2018
- Notable properties: HGTV, Food Network, Travel Channel
Hearst Communications
- Independent Company
- Notable properties: Cosmopolitan, Esquire, Elle

This phenomenon was first identified in 2016 by Glen Allsopp, who pointed out how these companies, renowned in their industries, leverage their online authority and the reputation of their popular brands to help new brands rank well on Google and generate traffic.

Digging Deeper: CBS Interactive

CBS Interactive, a division of Paramount Global, is a global leader in digital content and a key player in the world of online media.

In India they have a strategic partnership with Network18 Group—a subsidiary of Reliance Industries. Their recent launch in India is Jio Cinemas. Something which is considered as an OTT Predator.

CBS’ diverse collection of websites cater to a broad audience, offering content ranging from entertainment and sports to tech reviews and music lyrics. Here are some of the main websites under CBS Interactive, along with their global ranking, indicating their popularity among internet users:

The All-encompassing Net under CBS

CNET.com – Ranked 182 globally, CNET is a leading tech news and reviews website, offering advice on a range of tech products from smartphones to home appliances.
GameFAQs.com – With a global rank of 310, GameFAQs provides users with game guides, FAQs, reviews, and discussion forums for video games.
Gamespot.com – Ranked 808 globally, Gamespot is a hub for gaming news, reviews, previews, and videos for leading gaming platforms.
Last.fm – Ranked 965 in the world, Last.fm is a music discovery service that provides personalized recommendations based on the music users listen to.
MetroLyrics.com – Holding a global rank of 1,590, MetroLyrics is a lyrics-dedicated website, featuring over 1 million songs from around 16,000 artists.
Metacritic.com – Ranked 1,762, Metacritic aggregates reviews and provides scores for movies, TV shows, video games, and music albums.
CBS.com – CBS’s official website, ranked 1,846 globally, offers access to CBS programming, including full episodes of popular CBS shows.
247Sports.com – With a global rank of 2,304, 247Sports offers in-depth coverage of various sports, including news, scores, and recruiting information.
ZDNet.com – Ranked 2,779, ZDNet delivers 24/7 news coverage and analysis on the latest tech and business trends.
TV.com – TV.com, ranked 2,863, is a resource for TV show episode guides, reviews, video clips, and discussion forums.
TechRepublic.com – Holding a global rank of 3,266, TechRepublic helps IT decision-makers identify technologies and strategies to empower workers and streamline business processes.
Chowhound.com – Ranked 5,825 globally, Chowhound is a community of food lovers sharing their food discoveries and experiences.
Comicvine.com – With a global rank of 16,765, Comicvine is a source for comic news, reviews, and a database of comic characters.
Download.com – Download.com, ranked 252,479, is a platform for users to discover, download, and manage software in a safe and trusted environment.
CollegeSportsLive.com – With a global ranking of 600,516, CollegeSportsLive is a streaming service that offers broadcasts of college sports events.

If you want to read more about other companies in detail and want to know about their subsidiaries, click here.

How These Companies Dominate Google’s Search Results

Let’s say you want to buy a laptop. You are searching for a 15 inch laptop.

I hope I don’t have to explain much now.

You can do your own research for better understanding. For example, when you search for the parent company of Tom’s Guide, you will get the following result:

Look at the details about Future Plc and the platforms they owned

How These Companies Dominate Various Niches

These 16 companies do not limit themselves to a specific niche. Their influence spreads across home, beauty, tech, automotive, cooking, travel, sports, education, and many more.

A report revealed that across 10,000 terms where affiliates are ranking, which cover products in every niche you can think of, these 16 companies ranked on the first page of 8,421 (or 84%) of them. They even claimed five or more of the first 10 organic rankings in 3,999 of 10,000 search results.

This level of dominance is unprecedented and shows the extent of their control over Google’s search results

Evolution of Digital Dominance: Survival of the Fittest

If you’re wondering whether this state of affairs has been constant, the answer is no. The digital landscape, like any other, evolves over time. Many of the leading websites from a 2016 report are still dominant today, but the companies behind them and how they operate have massively evolved.

For instance, only seven or six of the sixteen companies from the original report are still on the list. Future acquired companies like Purch and Dennis Publishing, and now Fandom and Red Ventures own the biggest sites of CBS. CBS is under Paramount Global. This suggests that to stay dominant, these companies not only have to maintain their own strength but also keep an eye out for potential threats and opportunities in the landscape, much like animals in the wild.

Gawker Media was acquired by Univision in 2017.
- In 2017, Univision acquired Gawker Media for $135 million. The acquisition stirred controversy as Univision, a Spanish-language media company, took over Gawker Media, renowned for its provocative and often contentious content.
Time Inc. was acquired by Meredith Corporation in 2018.
- Time Inc. was acquired by Meredith Corporation in 2018 for $1.84 billion. The acquisition created a media giant with a portfolio of magazines, websites, and television networks.
Dennis Publishing was acquired by Exponent Private Equity in 2018.
- Dennis Publishing was acquired by Exponent Private Equity in 2018 for $300 million. The acquisition gave Exponent control of a number of well-known brands, including The Week, PC Gamer, and MoneyWeek.
Scripps Networks Interactive was acquired by Discovery, Inc. in 2018.
- Scripps Networks Interactive was acquired by Discovery, Inc. in 2018 for $14.6 billion. The acquisition created a media powerhouse with a portfolio of networks that includes HGTV, Food Network, and TLC.
2 companies are now under the ownership of a larger company:
- Vox Media is now majority-owned by Penske Media Corporation.
- Meredith Corporation is now a part of Dotdash Meredith, which was formed when Meredith Corporation was acquired by IAC’s Dotdash in 2021.

This is more dangerous for consumers like you and me. It’s getting more condensed.

Impact on Competition and Individual Decision Making

When such a small group of companies dominates search results, it inevitably impacts competition. Other businesses, particularly small and medium-sized ones, find it challenging to compete with these behemoths.

These dominant companies have established their authority over time and built a substantial online presence, making it difficult for others to rank well in search results.

Moreover, this dominance also influences individual decision-making. When we conduct a Google search, we usually trust and click on the top results, often oblivious to the fact that a small group of companies own the diverse list of websites that appear. This limits the information and options available to us, subtly influencing our decisions and preferences.

Some of the biggest sites these companies are behind, as of May 2023, include MayoClinic (376.7M monthly visitors, owned by Ziff Davis), Healthline (249.1M monthly visitors, owned by Red Ventures), WebMD (223.1M monthly visitors, owned by Internet Brands), and Fandom (753.4M monthly visitors, owned by Fandom).

So, next time you read about the side effects of a medicine, there are high chances that all that information is coming from the same source.

This dominance of Google’s search results by a handful of companies raises questions about the diversity and competition on the internet. While these companies are successful and offer quality content, the concentration.

Dear growth marketers and SEO executives, wake up and do more research on niches; otherwise, you may not get heard.

For more marketing insights click here.

How to Optimize Website for Maximum Lead Generation with Google Ads

This is the second part of this series. Here we are going to see how to prepare our website for lead generation with Google Ads. Let’s dive into the specifics and see how you can leverage it too.

Read the first part of this series here.

Keep it Ready: Persona

First things first, knowing your audience is the backbone of any successful marketing campaign. Imagine if you’re a Chetan Bhagat or Amish Tripathi, successful Indian authors, crafting a new novel. You wouldn’t write without understanding your readers’ preferences, would you?

The same principle applies to your business. Your ‘reader’ is your customer. Recognise their characteristics, study their pain points, understand their goals, identify what they read, and determine where they live. This understanding will be the foundation of your Google Ads strategy.

Once you have prepared some personas, let’s move on to the website. Now we are going to modify the website keeping these personas in mind.

Get more tips on Consumer Psychology and prepare a better buyer persona by clicking here.

Making Your Website User-Friendly: On-site Optimization

Think of your website as your digital storefront. If you own a physical store, you would make sure it’s clean, organised, and welcoming to your customers, right? Similarly, your website should be welcoming, relevant, and easy to navigate.

Define Your Landing Pages Based on the Ad

Let’s say you run an online tutoring service, ‘Qrious Minds.’ You need to define the specific pages where you will send traffic from your Google Ads. If someone clicks on an ad about your IIT-JEE preparation course, they should be directed to the page specifically about that service, not your homepage. This is akin to guiding a customer directly to the section of the bookstore that houses their favourite genre.

Homepage & Branded Traffic

When we talk about a company’s homepage, we’re referring to the main landing page for a website. If branded traffic is your major channel, then you should work hard for ‘homepage’.

Branded traffic refers to the visitors that come to a website directly (like typing the URL into the browser) or through organic search results by searching for a brand’s name or specific product of a brand. These individuals already know about the brand and are seeking it out specifically, often indicating a higher level of interest or intent compared to non-branded traffic.

The homepage should be clean enough to guide them towards taking a desired action, like making a purchase or signing up for a service.

One of my favourite example is Dropbox homepage

Its sub-headline is simple yet powerful
A large and relevant motion graphics clearly explains why Dropbox
The more you scroll, the more they build desire by describing different use cases for their tool.

The Art of a Clear Statement of Value

Once your home page design is ready, the next step is the master text.

The website should include a clear ‘statement of value,’ aka master text.

To put it simply, why should a student choose ‘Qurious Minds’ over other tutoring services? Perhaps you have IIT alumni as tutors, or maybe you offer personalised study plans. This statement is your ‘USP’ (unique selling proposition), the cornerstone of your business.

Drafting Your Master Text

Do thorough research and understand why people love your service or product, then highlight it. Most people ignore this part.

In an article I once came across, the CEO of a software company believed that their fast service and competitive pricing were their key selling points. However, a deeper dive revealed that people love them for different reasons. Those were their user-friendly interfaces and local operations in Mexico. Unlike many competitors who operated overseas, their location allowed real-time communication with US clients and facilitated cost-effective, in-person meetings. Moreover, their software was praised for its simplified user interface, offering just the essential features and avoiding overwhelming users with unnecessary functions. By emphasising these strengths in their messaging, they underscored the disadvantages of dealing with distant operations and complex software, effectively reshaping their unique selling propositions.

So think twice before you draft your master text.

Some of my favourite examples are from

Grammarly (Short & Sweet)

Getprospect (Nothing fancy, straight to the point, easy to read and comprehend)

The Power of Social Proof

Your site should include social proof. This is the digital equivalent of word-of-mouth publicity. For instance, if ‘Qrious Minds’ has testimonials from previous students who cracked IIT-JEE thanks to your coaching, those reviews would be your social proof.

Aggregating enough reviews takes time, so ask your customers for a review after 30 days of purchase and give them an incentive or reward for completion. Actually, this 30-day time frame is a hack; it gives you at least a few days or weeks to resolve any issues—and get a good review for it.

Authority Bias and the Culture Code Behind Social Proof

There is even a psychology behind it: Authority bias.

Showcase or mention a celebrity using a similar product or service, and leverage that to your advantage by drawing similarities between your audience and this person to convince them to make the purchase to increase their status quo.

Another rationale behind it is culture; you can classify your audience into two types: collectivist cultures and individualistic cultures. India has a collectivist culture. Individualism is about your personal interests; collectivism is about the interests of the group. This group can be your direct family, but it can also be your company or country.

In collectivist cultures, advice from social groups is generally considered important. So, people are more likely to follow the ratings of other users.

Crafting Clear Calls-to-Action ( CTA )

Imagine being in a bustling Indian bazaar with numerous sellers vying for your attention. Among all the noise, a shopkeeper with a loud, clear voice stands out, inviting you to his shop. Similarly, on your website, amidst the wealth of information, a clear and bold CTA button plays the role of that sales assistant, directing visitors to the next step.

The online retail giant, Amazon, is a prime example of this. Their bold, yellow “Add to Cart” button is highly visible and directs shoppers to the next step of the purchasing process.

Multiple CTAs

Furthermore, your website should have multiple conversion conduits, or Call to Actions (CTAs). This is the digital equivalent of different salespeople for different sections, and eventually they will be guiding the customer to the checkout counter.

For example, after reading about your IIT-JEE course, there should be a clear, visible button that says “Enrol Now” or “Book a Free Demo.”

EXAMPLE OF A clear CTA from Simplified — A clear CTA from Simplified

Blog Section: After reading an informative blog post about the benefits of personalised learning, a CTA could be, “Try Our Personalized Learning Approach! Start Your Free Trial Today.”

Course Description Pages: Each course description should have a clear and concise CTA, like “Enrol in This Course Now!” or “Download Course Curriculum.”

Contact Us Page: On the contact page, a CTA like “Get in Touch with Our Advisors Today” encourages prospective students to reach out for more information.

Free Resources Page: If you offer free study resources, a CTA might be, “Download Free Study Material Now!” or “Access Free Practice Tests.”

Newsletter Subscription: A CTA like “Stay Updated! Subscribe to Our Newsletter” can help grow your email list for future marketing campaigns.

Remember, the goal of each CTA is to guide visitors towards a desired action. A well-crafted CTA is clear, concise, and compelling, using action-oriented language that creates urgency and excitement.

Add Badges, Add Trust & Make it Special

Trust is the cornerstone of any business. Just as a customer feels reassured when they see an ISO certification or FSSAI mark at a restaurant, website verification badges like secure payment, BBB, SSL, guarantees, and free returns can build trust in your online services.

For ‘Qrious Minds’, if you offer free shipping for your study materials or free returns on course enrollments, turn these into badges on your website. It’s like a restaurant highlighting their ‘Hygiene Certified’ status – it provides an extra layer of trust for the customer.

examples of Badges from different websites — Badges from different websites

Companies like Flipkart and Amazon showcase trust badges prominently, which reassure customers about the safety of their transactions. Emulating such practises can enhance the trustworthiness of your website.

Accessibility and Trust: Contact Information on Your Website

Before writing this article, I did my research by visiting multiple websites from different domains. This last point is missing in 90% of the website, and I believe that will impact your service. As a customer, before I make a purchase, I want to ensure that you are easily accessible for after-sale service.

I always prefer Amazon over Flipkart for this one simple reason: it’s easier to reach out to Amazon compared to Flipkart. Secondly, it builds trust. Customers buy from businesses they trust.

Levi Footer with Contact numbers & Email id

A good example of a website that efficiently incorporates contact information in the footer is the Levi.in website. It contains everything a good website footer should have: a logo, links, social network links, and contact information.

This arrangement not only makes the brand easily accessible to customers but also adds to the overall aesthetic and functional appeal of the website. And their ‘Help’ & ‘Track Order’ buttons are on the right top.

Some Additional Tips For Better Results

Product title and subtitle: Ensure these are clear, descriptive, and honest to attract relevant traffic. For example, Amazon uses specific and honest product titles without keyword stuffing.
Descriptions: These should elaborate on the specifics of your product or service. For instance, an online clothing retailer might highlight the type of fabric, fit, and special features in the description.
Media: Customers are visually driven, so use custom images and videos. Apple, for instance, uses high-quality images and videos to showcase their products from various angles, helping customers visualise the product better.
Nested navigation: Clear, easy navigation is crucial. Websites like IKEA use breadcrumbs, enabling users to track their navigation path and easily return to previously viewed pages.

In conclusion, Optimizing your website for lead generation with Google Ads is a multi-faceted process, involving everything from customer understanding to site design, social proof, clear CTAs, and trust-building. By integrating these elements into your strategy, you stand a better chance of converting your site visitors into loyal customers, thereby driving your business growth.

Introduction to Behavioural Economics

Key Principles of Behavioural Economics

1. Loss Aversion:

2. Social Proof

3. Anchoring Effect

4. Framing Effect

5. Decoy Effect

6. Priming

7. Endowment Effect

FAQs about Leveraging Behavioural Economics in Digital Marketing

What is behavioural economics?

How can loss aversion be used in digital marketing?

What is social proof and how can it be leveraged?

How does the anchoring effect influence consumer decisions?

Can behavioural economics principles be applied to all types of digital marketing?

Related Articles

Key Takeaways

Why Storytelling Matters in Content Marketing

Enhanced Engagement

Emotional Connection

Clear Messaging

The Elements of a Compelling Story

Relatable Characters

Conflict and Resolution

Emotional Appeal

Authenticity

Techniques for Effective Storytelling in Content Marketing

Use Customer Testimonials

Create a Brand Narrative

Leverage Visual Storytelling

Incorporate User-Generated Content

Utilize Data Storytelling

Case Studies: Brands Excelling in Storytelling

Nike

Airbnb

Coca-Cola

Measuring the Impact of Storytelling

Engagement Metrics

Emotional Response

Conversion Rates

Brand Sentiment

Integrating Storytelling Across Channels

Website

Social Media

Email Marketing

Content Marketing

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The Action Fallacy: Excitement vs. Effectiveness

A Leadership without Fans

Be Careful Before Labelling Action-Fallacy

How General Electric Collapsed Because of Action Fallacy

How Immelt’s Action Fallacy Spoiled GE

Redefine Leadership

1️⃣ Optimism: The Power of Positive Thinking

Does it work? Look at Airbnb

How to Demonstrate Your Optimism During Interviews

2️⃣ Idea Generation: The Innovators

Does it work? Learn from Instagram

How to Demonstrate Your Innovative Thinking During Interviews

3️⃣ “Will You Figure It Out?” Spirit: The Problem Solvers

Does it work? Inspire from Slack

How to Demonstrate Your Problem-Solving Skills During Interviews

4️⃣ “I’ve Got It” Attitude: The Ownership Mindset

Does it work? Read About Dropbox

How to Demonstrate Your Ownership Attitude

In Nutshell

Additional Tips for Job Seekers

Content Strategies

1️⃣ Develop Resonant Content

2️⃣ Leverage Existing Content

Data-Driven Strategies

1️⃣ Leverage Customer Data

2️⃣ Seamless CRM Integration

3️⃣ Understand Your Metrics

Free and Low-Cost Tools

1️⃣ Utilise Free Tools for E-Commerce

2️⃣ SEO

Implement Email Marketing Campaigns