Ideas from Planet Money’s The Curse Of The Black Lotus Episode

In this 30 second PAREable, check out lessons from a company which print cards that battled the science of bubble and kept the fad going for 20+ years.

Actionable Do:

  • When fighting a bubble, drive the speculators out.
  • Focus on the core audience, those that sticks with your product for its essence, not its value.
  • The monetary value of the product exists, but the product should stay at the front and center.
  • Aim for targeted, sustainable growth instead of huge spikes.

Thinkable:

  • Bubble pops hard, Wizards of the Coast focused its strategy on the long term instead of grabbing cash during the bubble.
  • Bringing the value of the cards back to a reasonable level that people can buy by printing lots of new sets of cards. When a pack of cards is sold for more than retail, print more.
  • Older, powerful and valuable cards were banned effectively by starting a Pro League where Wizards of the Coast dictate the rules of play.

Live and apply these ideas with the FREE Mindmory app!

Don’t just take my words, check out Planet Money’s Episode #609: The Curse Of The Black Lotus.

Until the next PAREable..

Ideas From Seth Godin’s Start Up Podcast On Making Ideas Travel

In this 30 second PAREable, learn about making ideas travel.

Actionable Do:

  • When talking about your business, spend a minute on what it is, and 4 minutes on proving it’s true and important.
  • You need to figure out, with less than 20 words, what to say to another person so that they are eager to use, eager to pay attention, eager to pay money and they would want to know more about your business.

Thinkable:

  • Idea is like a rider, they need a horse to get places.
  • Is the idea a good one, and what are you connecting it to so it travels?
  • One way to inject an idea into someone’s head, is to find someone else that is already there, and hang a picture next to it.
  • Problem with the web is that it’s hard to share websites, and people won’t remember how to get back to your website.

Live and apply these ideas with the FREE Mindmory app!

Check out the eighth part of his Start Up podcast here.

Seth Godin’s Start Up Podcast Part Eight.

Until the next PAREable..

Ideas From Seth Godin’s Start Up Podcast On Competitors

In this 30 second PAREable, learn how to think about competitors.

Actionable Do:

  • Use 4 quadrants xy axis to determine where your competitor is and be on the opposite quadrant.
  • As long as the quadrant is vibrant with people, you can say “we’re just like them, but _____”.
  • Understand the purchaser’s pain. Reach out to people, tell them “I want to understand your pain, so I can solve your problem”, and listen to them.
  • Understand the purchaser’s world view. So build an organization that matches the mindset of the people that you’re selling to.

Thinkable:

  • How to think about your competitors.
  • Wonder how many people are talking about them?
  • Wonder how many people are interacting with them?
  • Can I find people who love buying from them?
  • Can I find people who are unhappy they have to buy from them?
  • Have they completely satisfied the market or just the tip of the iceberg?
  • Go to their community and figure out the size and the interactions.

Live and apply these ideas with the FREE Mindmory app!

Check out the seventh part of his Start Up podcast here.

Seth Godin’s Start Up Podcast Part Seven.

Until the next PAREable..

Ideas From Daniel Pink’s TED Talk On Puzzle Of Motivation

In this 30 second PAREable, discover ideas on how carrots and sticks type of external motivation is unfit for the 21st century work.

Thinkable:

  • The 20th century framework of rewards and incentives only work in narrow band of circumstances in the 21st century.
  • If-then rewards often destroy creativity.
  • Secret to high performance isn’t rewards and punishment, but that unseen intrinsic drive.
  • The drive to do things for their own sake, drives to do things because they matter.
  • This intrinsic motivation has three elements: Autonomy, Mastery, and Purpose.
  • Autonomy – the urge to direct our own lives.
  • Mastery – the desire to get better and better at something that matters.
  • Purpose – the yearning to do what we do at the service of something larger than ourselves.

Live and apply these ideas with the FREE Mindmory app!

Here is his cheerful TED Talk.

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Ideas From Malcolm Gladwell’s Tipping Point

In this 30 second PAREable, discover how and why ideas spread like wildfire sometimes.

Actionable Do:

  • To spread an idea, you must make sure it sticks first. It has to be something special, catchy, unique, and remarkable to cut through the market noise.
  • Keep the group smaller than 150 if the goal is to effectively spread a message.

Thinkable:

  • The spread of ideas has a similar behavior to spread of epidemics.
  • The tipping point is when ideas spread from an initial niche user base into the mass majority.
  • A select few types of people are generally responsible for ideas to spread: Connectors, Salesman, and Mavens.
  • Our behavior can be influenced by external elements. That influence is generally greater than how we perceive ourselves.
  • Small change in context by the external elements can have a big ripple effect.

Live and apply these ideas with the FREE Mindmory app!

Don’t just take my words, check out his book.

Until the next PAREable..

Ideas From Seth Godin’s Purple Cow

In this 30 second PAREable, discover ideas on why you should separate from the crowd and how to get attention.

Actionable Do:

  • Take risks at being remarkable, and don’t worry about criticism.
  • Target the people who are both willing to try new things, and very vocal at spreading the word to others.
  • Invent the product with marketing.
  • Target and measure your marketing effectively.

Actionable Don’t:

  • Don’t emulate the leader, because you’ll never learn the process of turning risks into success.

Thinkable:

  • Traditional form of advertising is no longer effective, because in today’s overwhelmingly advertised world, capturing consumer’s attention is almost impossible.
  • In today’s crowded marketplace, there are no room for “ordinary”.
  • Being ridiculed can be a good thing, as it spreads word for you.

Live and apply these ideas with the FREE Mindmory app!

Here is his TED Talk on standing out.

Until the next PAREable..