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Filed under: innovation, online media | Tags: communities, innovation, power, service innovation
First of all, let me respond to questions about the previous posting. I am not a PC. That said, I’m not really a Mac either. This is not some condescending piece on how I am above being just some “label”—which I am not at all; I like to be defined by one or two words—rather, I am simply not a Mac or PC. As polemic as the world is, we need not be defined by just those measures being the either-or (as noted by my Linux-loving workspace neighbor Steven).
The posting was about the “I’m a PC” ads. That’s it.
As I have written before, there is a co-worker here that describes himself as our Chief Awesome Officer. I don’t necessarily think that it is because he is awesome (strictly speaking), but rather having a Chief Awesome Officer would be pretty neat, and being that he came up with the concept, he gets the name.
I, on the other hand, would like to go by Batman.
As our CAO was leaving today, he gave me some homework to do tonight. I am not usually inclined to listen to him too much as he is an older brother that has not managed to really keep his brothers under his thumb as he’d like, so he tries to pull in others as a sort of proxy. That said, this one intrigued me a little, so here I am fulfilling it.
It was a simple question to be answered: what makes us (Zions Direct—specifically the auctions) remarkable.
Remarkable is a very simple concept, it means that something is worth talking about (you are able to remark). That means two things:
- Something about the subject matter is uncommonly interesting—not necessarily ultra-rare or amazingly ingenious, but noteworthy enough that you wish to share it, rather than just note it.
- The subject matter is easy-to-share. For example, the fact that Stephen Hawking has bet against the discovery of the Higgs boson in the Large Hadron Collider is certainly newsworthy, but pretty hard to share.
Now, the purpose of this exercise is more than just academic. If I rode a horse through the nearby State Capitol, that would be remarkable: uncommon and interesting to some + easily shared. But that doesn’t do much for me besides getting some attention.
So with Zions Direct Auctions; the focus here is on what makes this approach remarkable in a way that benefits user and provider.
The fact that we use auctions is not necessarily interesting. It is a process for selling CDs and other securities. Not really something that most people are bursting to let out. If that was all we did, it would simply be an unusual way to deposit money.
Also, selling CDs and other securities isn’t too remarkable. It’s just what financial institutions do. It’s like a fast food restaurant advertising they offer fast food.
But something does make us different. It’s what excites me about the business. It’s what makes me spill out my visions of disruption and innovation. It’s what makes this the focus of the future, as long as we can make sure we ease the process of access.
It’s about democratization.
That’s it. Unlike other financial sites and organizations, consumers are given access and power in ways they have never before been able to experience. It starts with FDIC-insured certificates of deposit. This is the most vanilla of securities, but pretty simple to understand. Customers come in, they bid, and they win or they lose—that’s how auctions work—but it is their collective decision that sets the price; it’s not us.
It’s not so much the how (the auction), but the purpose behind it. Instead of “auctioning” off rates that banks determine you should get, we actually leave it open. You decide. You want a higher yield, bid it. If that’s where the price should go, then that’s where it should go.
And then there are Senior Notes and Preferred Stock that we been offering. These are direct-to-consumer offerings sold in such a way that every self-directed investor can come in to help set the price as they bid to win. And this is without brokerage fees or middlemen taking cuts.
For years, the real power in the financial community had been in the deals that powerful institutions could take and slowly filter down until it eventually reached the common man in manner diluted by the profits taken by the handling organizations.
We disrupt that—we give that power to the everyman.
Sure we offer securities—lot’s of people do that. But we have actually given ordinary people greater power to influence and access to choice than any have ever before. That’s worth talking about.
Disclosure:
You may see that I like Zions Direct Auctions. I also work in marketing on that product, which means I may be a bit biased (but it also means I do something that I believe in).
Filed under: marketing | Tags: Apple, competition, I'm a Mac, I'm a PC, innovation, Microsoft, Motley Fool
For some reason I have been talking a lot about Macs and PCs and Microsoft lately. Well, that’s because these subjects have piqued my interest. And that’s usually what I write about. It is easier that way.
Unless you have been paying more attention today to, oh, the death of the investment bank or the multiplicity of disheartening financial news, you may have noticed a little snippet in the press about the new “I’m a PC” ads.
It seems that the images were made on a Mac. Not so surprising, considering that Macs are prevalent throughout the creative industry. A little unwise, considering that these are responses to “I’m a Mac”, but I haven’t been as up in arms about this little revelation as others.
What is interesting to me is the fact that the mouthpiece for the PC is Microsoft. Yeah, they have been for years, but Macs now run both. Even though the ability for Macs to run both makes it possible for Microsoft to continue to succeed, they are fighting against the diffusion of this machine. The likely reasons for this are related: first, the near OS (and other software) monopoly is broken up for Microsoft when consumers can easily chose; second, they know that they can’t really compete with Apple’s OS and other software.
So what strategy should they chose: compete better or fight the transition so you don’t have to compete so directly?
What is good news is that competition like this is ultimately good for consumers and companies. This isn’t a price war, which, of course, leads to no real winners on the business side. This is a market-driven battle that lends to greater innovation and real and better benefits. For the retail consumer—this is a sign of good things to come.
I am well into adulthood. I have a wife and son. I have an advanced degree from a storied institution. I have a steady job at which I wear a suit and ride an elevator every day.
And yet, there is a part of me that is still a 12 year-old.
As you may know, yesterday was a big day in the stock market. Within this turmoil, the SEC made a ruling about naked shorts. I was informed of this new guideline by my very fashionable, Goldman Sachs-employed neighbor.
And I giggled. I tried to stifle it, but it couldn’t be helped. Naked shorts is such a funny phrase.
No matter who we hope to be, we are still human (with all our foibles). I guess that’s what makes life so fun.
UPDATE 9/19/2008: Wow, today has been something. I guess you can tell who was wearing naked shorts when the tide goes out.
Filed under: marketing | Tags: Apple, Ben McConnell, Bill Gates, Church of the Customer, Jerry Seinfeld, marketing, Microsoft
In light of the previous post’s comments on Apple, it is interesting to examine the Seinfeld and Gates videos from Microsoft. Ben McConnell from the Church of the Customer Blog writes:
There sure are a lot of “I don’t get it” comments out there about Microsoft’s ad campaign featuring Jerry Seinfeld and Bill Gates . . . The comments are everywhere . . . Which is part of the point . . . Microsoft is in the process of reframing the discussion about Microsoft. It is building a new persona.
At our place, the skits have generated a lot of, “huhs.” But they are totally watched with lively discussion afterward. We laugh a little, but mostly furrow our brows and discuss, “what is Microsoft trying to say?” “What are they trying to sell?”
Which is remarkable. Microsoft is now, again, a part of the discussion. This is a risky and sometimes gutsy strategy. They won’t be able to point to a definite ROI, but they have been oft-maligned over the last years, so it necessitates that it is time for them to become again a part of the discussion.
Features and benefits are important, but conversation is vital. What is most remarkable with their campaign is that that is what they have become. That is—they are worth, once again, talking about. Even if we don’t get it completely now, they have our attention and can, as McConnell points out, reframe our perceptions.
And now they have a bit more of a chance to win the perception battle.
UPDATE 9/19/2008: Second update today. I guess there has been an update on these ads. I really don’t believe either side (media or corporation) completely, but we are paying attention now.
Filed under: community, innovation | Tags: Apple, communities, Nicholas Carr, Nike
I can identify the time period that I became a fan of Nicholas Carr. It was the summer of 2005 that I read an article by him in strategy + business that really got me, for the first time, thinking about disruption and creation. I also like Clayton Christensen, so it interests me when Carr picks at Christensen’s work. These viewpoints give me a nice dyadic understanding of innovation.
It is worthwhile to read Carr’s blog, www.roughtype.com. Today he wrote about Nike + and Apple in which he castigated Apple’s approach to DRM in this space, finalizing with these words:
It used to be cool to be an Apple fanboy. Now it’s starting to be embarrassing.
Carr has spent a fair bit of time standing up for Apple, but now, after mistake after mistake and misstep after misstep, it is interesting to note that an advocate is starting to abdicate.
The same thing happened today as we met with our ad agency. One of our associates there mentioned the problems that he continues to have with the new iPhone, saying that he doesn’t know anyone that has had a good experience. This is during the same time that I gleefully and annoyingly point to the ability of my $50 mobile phone to send multimedia texts while they (the iPhone contingent) continue to be without that capability.
Apple’s community has been legendary. But, as they continue to put off and underwhelm their user base, they will quickly see that it is the community that has the power, not the brand.
Filed under: community | Tags: baby, children, communities, diapers, nappies
I have been a bit AWOL over the last two weeks, but we have a new baby. Time has been a bit more limited. As a result of this baby though, I have some more insights into the development of a community that I had hitherto been not a part.
I realized I was in a new community when I stumbled into the local grocery store for a few items soon after the baby’s birth in August of 2008. Because I am not too creative, I call it: “The Tribe of New Parents” (the title works because it is descriptive).
My faltering steps were a result of the previous evening—it was one of those devastatingly disheartening all-night events, during which I wondered if I was going to make it as a new father. While there, I noticed a young mother with a baby that I could easily see as my child in the next few months. I asked her how old he was and she responded that he was four—members of this tribe understand that units of age are typically measured in months. I gave a weary smile and explained that I had a three-day old son.
Suddenly I had a friend.
Within seconds I had just the encouragement and added knowledge I needed to make it through the day. And then the following day, I met another young parent at the pediatrician office. She gave advice about helping with sleeping. A work associate offered very personal encouragement as we have worked through these first few days of adjustment. Other colleagues offered pertinent counsel.
These new parent times are prone to be very tender and it is at moments completely overwhelming to understand how one can care for these little humans. Mothers and mothers-in-laws become saints. Neighbors become family. Strangers become friends.
We look to “What to Expect” and doctors as leaders and to others for support. We give and take encouragement and advice, but are loath to correct—that is sometimes relegated to those who don’t understand because of lack or faded experiences. We receive and make meals and offer and accept gifts. We understand that sometimes we lean and sometimes we bear up.
And now as I have found my footing, I have been able to reach out to others.
Ever since this blessed day—now blessed as I have been able to cope—that we have welcomed a parade of helpers—from our familial, neighborly, religious, and other friend-based circles—offering dinners, baby gifts, flowers, prayers, and companionship for our benefit. It would a have been a truly difficult time without this support.
It is a community that is built on the mutual knowledge that everyone can use some help. It is particularly poignant in this one area to see the succoring offered by those who still have these new experiences fresh in their minds; they are able to truly and acutely empathize with the newest father and mother. It is also a community built somewhat on reciprocity, but more in a “pay it forward” approach.
How grateful I am for this tribe.
When I was in school, I did some research on this parental organization. It is interesting how the product preferences of the parents are passed strongly through this channel. That is a rational concept typically, but the sense of unknowing is so strong that peer influences are all the more powerful. Nappy purchases, for example, had much to do with how they worked with the child and how they fit within the peer group’s desires (particularly when parents moved away from typical disposables).
That is a pretty powerful community.
