Platform and Standards: Part 1

In the space of technology driven business, it is really challenging to have a sustainable impact. The barrier to entry for a new competition to come up and take your place is as low as ever before. The cost of creating a new product for a bunch of smart engineers is peanuts thanks to the advent of cloud computing and open source resources. In such an environment, I think there are two good ways you can develop a business that is sustainable — develop a platform or create standards.

Platform in very simple terms is an infrastructure that forms the foundation. It’s a foundation of operations. It’s a base that provides enough opportunity to develop applications on top of it. The more common platforms we use every day are Windows, iOS, Android, Facebook, etc. Others being cloud computing platforms like Amazon AWS, gaming consoles like Xbox and PlayStation, and web browsers like Firefox.

It is really hard for a standalone platform to survive. The success of the platform like any other product depends on how many consumers adopt it. Consumers adopt a platform if there are applications for them to use on the platform. The more the applications for diverse community, higher is the adoption.

There is somewhat of a chicken and egg problem here — independent developers creating applications for a platform and consumers adopting the  platform. To circumvent this, the platform developer should create the initial applications for mass consumer market. Be it Office for Windows or Safari for iOS.

Platforms have a unique ability to generate a network effect. More applications on it and more consumers adopting it provides a platform great competitive advantage and creates strong barrier to entry.

ET Magazine – MavenMagnet research study: One year of Modi Sarkar

The PM’s brand shines on, as an ET Magazine-MavenMagnet study of online conversations over the past year indicates, although it’s respected more than it’s trusted — and the expectations are only piling up.

Check out the complete study report here.
modisarkar_1year

The sane entrepreneur

Entrepreneurship and sanity don’t go well together. Who in his or her sane state of mind will go after launching a company instead of joining some established business or taking a job with great prospects?  It is like riding a roller-coaster every day without knowing if today it’s going to be a high or a low.

You don’t become an entrepreneur for the money. If you are well casted for the world out there, you can make lot more money being a corporate executive. You don’t do it for the comfort. Believe me, the life out there could be a lot more comfortable doing a 9-5. Why then? I think the only real reason is the passion and drive to do something that you absolutely love and believe in.

The thing that you require to succeed is to really stick to it. It’s that roller-coaster. You cannot quit if there are one too many lows in a row. Persistence is the key element here. Stick to it, take tangents and get better. You cannot be an overnight success (someone wisely said–it takes three years to be an overnight success, sometimes more).

Success is a funny thing. It is very subjective and relatively hard to measure. You can be successful by being happy or by being independent or by being rich. But if and when you end up “succeeding”, things change dramatically. All of a sudden, you become the sane entrepreneur!

Make it easy

I recently bought a new laptop. It was something I have been pushing out for about six months because I was so used to my 5 years old laptop which had everything I needed set the way I wanted it from the software to the auto fills and what not.

So as I start installing software and using the new laptop, I was pleasantly surprised by Chrome. As soon as I logged in Chrome with my gmail account, it auto populated everything from bookmarks to history to auto fills making my life so much easier.

I have a similar experience every couple of years I upgrade my iPhone. As soon as you log on using your Apple account, all your apps and notes and contacts just gets auto set to your new phone seamlessly.

The essential thing here is to understand what would make the life of your customers easier. I didn’t select to use iPhone because of its seamless upgrading functionality nor did I select to use Chrome because I can transfer my personal information across computers and make browsing experience easier. But after experiencing that, I am quite sure that I going to stick to iPhone and Chrome respectively. So here’s a small thing that might not be of that much help in customer acquisition, but can really be worthwhile in customer retention.

Next time you are at the drawing board adding great features to your product, think what can you do so that the customer sticks to your product even if there are a zillion alternatives out there.

The cool pool

Apple, Trader Joe’s, Ikea, Starbucks and brand X.

Being brand X is the dream of every other brand, or in other words, every other brand wants to be called in the same breath as these brands. So what are the essential elements to be part of the “cool pool”?

One of the biggest factors that differentiate these brands from their respective competition is trust. Trust is something that makes or breaks a brand. If your customers trust you to serve them in the best possible way, you create a stickiness factor for your brand like nothing else.

A key characteristic of these brands is that they are intensely customer-centric. From great in-store experience to product development to even product packaging, the idea is to delight the customer. These brands put customer at the center and revolves everything around them.

To be a great brand, you need to define it around a niche and focus on that. You should do a particular thing and do it better than anyone else. You should be the ultimate authority in your field of expertise and keep innovating in that niche to remain ahead of the competition. You can of course do brand extension, but keep it adjacent to your niche and leverage your brand.

Another idea of niche is to appeal to a niche audience. Niche appeal is a great asset for a brand. When companies market their products to a niche market, these people consider themselves member of the company’s cult. I am not suggesting that the product should not be for the mass market. The idea is to start from a niche market and then expand the reach to the masses. In the process, you will generate support from a group of mavens who will add to the company’s capacity to target a bigger and broader market in the long run.

You can never be a great brand if you imitate some other brand. You can of course learn from them and apply that in your industry. In order to be a cool brand, you need to focus on your customers and gain their trust, be an expert in your niche, and out innovate your competition.

Global Indian Women: Top 20 India-born & globally successful women from business and arts

MavenMagnet study in association with The Economic Times. 

They were born in India, and achieved fame, glory and success in other parts of the world. Which is why we decided to call them the Global Indian Women (GIW) — their influence measured by big data research firm MavenMagnet, which began with a long list of 60 women, all born in India and making waves outside it.

These women earned their spurs across countries — from the United Arab Emirates to, inevitably, the US — but one thing’s for sure: you can’t take India and their Indianness out of them. After all, many of them are what and where they are because of their cultural roots, and their ability to adapt them to a new milieu.

Consider, for instance, the story of Falu Shah, who has introduced the West to a mint-new genre of ‘Hindi-Indie’ music. Part of the credit for the success of Falu — or Falguni as she was known in her childhood days in Mumbai – would have to go to her mother Kishori Reshamdalal who ensured that her daughter was trained in Hindustani classical music.

Then, the success saga of Zulekha Daud, founder of an eponymous UAE-based hospital chain, is incomplete without a significant mention of the struggles of her mother Bilkis Vali in getting Zulekha trained as a doctor in Nagpur, fighting orthodoxy on the one hand and her own lack of formal education on the other. In fact, Zulekha recalls how her mother successfully sat for her own class 10 exams while Zulekha studied medicine.

The MavenMagnet long list also had names like Leena Nair, till recently head of human resources at Hindustan Unilever before being called up to the Unilever Headquarters in London. The likes of Nair have been left out purely because much of their achievements were back home — at least so far. The study focused primarily on two areas: business; and the arts. That helped to short list 20 names for an in-depth research to bring out the granular details of their sphere of influence.

How we did it

MavenMagnet, a research company, uses big data to uncover consumer and market insights across a broad cross-section of demographic and psychographic segments. The key advantage of its research methodology is that it does not involve moderation of discussions or questions. Instead it uses the conversations that the consumers are having on various online platforms with their friends and family to gather insights. Maven-Magnet analysed 4,172 conversations among 1,642 individuals around the 20 women to evaluate their footprint in their domain of expertise and beyond.

A key functionality of the approach in this study is its impact normalisation technique. This was essential because of two reasons. Firstly, the social sphere of influence for individuals working in different fields is considerably different. For instance, authors writing in a particular genre have a great influence on their readership, but generally their sphere of influence is considerably smaller as compared to actors working on projects with mass appeal. In order to cover women in different fields, Maven Magnet normalised the influence analysis based on the field of focus. Secondly, some business leaders (Indra Nooyi and Padmasree Warrior) and show-business personalities (Mira Nair and Freida Pinto) are outliers who have a considerably high overall impact due to their stature and work. This approach ensured that these outliers didn’t set the benchmarks.

MavenMagnet’s Conversational Research doesn’t involve any discussion guides or questionnaires that can steer the outcome in a certain direction. This considerably increases the scope of discovery. One surprising insight in this study was that the imagery spectrum (sphere of influence) of artists is narrower as compared to business leaders. While the perception of artists was generally driven by factors such as domain expertise and sensory appeal that were directly linked to their profession, peripheral attributes such as social appeal and trust were relatively more dominant in case of business leaders.

PM Narendra Modi’s 200th day: He shines as a reformer in online world

This is a study done by MavenMagnet and was originally published as the cover story in the Economic Times on December 14, 2014.

Prime Minister Narendra Modi versus superstar Rajnikanth — how is that for a match-up? Perish the delicious thought, for now we just have netizens comparing the two.

It was inevitable though, with the aura of invincibility around the two and the Modi government completing 200 days in office on the eve of the release of the Rajni starrer, Lingaa.

To mark 200 days of the Modi Sarkar, ET Magazine got big data research firm MavenMagnet to crawl the internet to gauge the mood on the day.

MavenMagnet’s patented methodology for the survey gleans opinions out of public conversations without asking questions. Rajanikanth has company though; Modi is also being compared to Singham.

Never mind the scenes in Parliament, Modi still seems to be enjoying a honeymoon with the virtual world, with a net 22% positive vibe around him.

A large segment, or 61%, remains neutral or mildly positive. On the 200th day, that is Thursday, December 11, Modi also scored brownie points by congratulating President Pranab Mukherjee and tweeting in Russian to welcome president Putin.
Foreign relations, infusion of national pride, governance and his Kashmir pitch dominated the online discussions around him and his role as prime minister.

The discussions that focused on him personally hovered around his vision and his ability to engage with the masses.

The negative vibes were generated by the usual suspects. Positives and negatives split the vibes baskets down the middle in topics like ‘communal harmony’ and ‘secularism’.However, these topics themselves have not gathered enough traction yet to dominate the discussion around Modi and the most prominent words around him are “vision” and “shares” or “meets” followed by “developed”. Even words like “RSS” or “Hindu” are not prominent.

The man-in-charge imagery clearly is winning the day as this comment from an anonymous commentator shows: “Powerful Modi can only solve all India problems and put the opposition and even his own ministers in place.” Over to the next 200 days.

MavenMagnet study On Current Perceptions Of Ebola Reveals Public Remains Scared And Skeptical

Research Undertaken in Support of Strategy Summit for Fighting Ebola

A high level of concern and an equally high level of ignorance about medical facts, real or perceived, continue to fuel conversations about Ebola in social media and the press, even as the disease drops out of the headlines.

In support of Strategies for Fighting Ebola: A Columbia University Summit to Help End the Epidemic, held this week at the Columbia Club in New York City, MavenMagnet, a multinational big data-based research company, conducted a study to understand the current U.S. public perceptions of Ebola.

The Summit is sponsored by: Columbia University College of Physicians and Surgeons, Columbia University Mailman School of Public Health, Columbia University School of Nursing, Columbia University School of International and Public Affairs, Columbia Business School Alumni Club of New York, The Columbia Alumni Association, and The Columbia University Club of New York.

The nationally balanced, projectable sample of 2,090, was drawn from an analysis of conversations about Ebola from a wide range of digital sources including Facebook, Twitter, blogs, forums, community chat rooms, press, and other platforms between October 20, 2014 and November 20, 2014.

“With the vast majority of the conversations (41%) centered on discussions of the Medical Understanding behind the virus (i.e. the causes, prevention, effects, treatments, etc.), only 4% of the conversations were positive indicating a continuing high level of concern about the disease and a continuing lack of knowledge about medical facts,” said MavenMagnet CEO Aditya Ghuwalewala.

The key words which had the greatest impact in the conversations were: scared, plot and airborne. The reference to Ebola being part of a plot was, of course, highly charged, as was the reference to airborne which remains both a very hot and misunderstood topic.

Skepticism and Fear were the second most discussed topics and the focus of 18% of the conversations with Controversy a close third at 14%. Disturbingly, Racial Stigma also was part of 11% of the conversations.

On the positive side, 14% of the conversations referenced the importance of Global Solidarity in fighting Ebola. Awareness of celebrity initiatives such as those by Bob Geldof and BandAid, drove the solidarity references, with mentions in 58% of the conversations on Global Solidarity. Clearly, celebrity events are noticed and have the potential to have an even greater positive effect.

Surprisingly, both references to President Obama and hospitals were few and had very low impact.

Why you can’t be the next Apple?

Or for that matter the next Starbucks or the next Amazon or the next Facebook.

The key characteristic of these great companies is their distinctiveness and focus on their customers. The moment you start thinking in terms of being the next Apple, you lose focus on what you are and start following a path that neither distinguishes you from your competition nor serves your customers. There’s no harm in adopting best practices, learning from their mistakes, and being ambitious. But the focus should be on how you can do the best to serve your customers.

There are many examples of companies out there in different countries which follow the business models from some other countries and implement it in their own market. Many of these are acquired by the companies they end up copying, but there is a certain distinctiveness in the ones that survive in the long run. These companies are smart enough to adapt themselves in their specific markets. Whether it’s the payment plans or service agreements, these companies modify them with focus on their customers which leads to long-term sustainable success.

To sum it all up…hold your distinctiveness and focus on your customers. Find your own spot in the cool pool.

What’s next?

These are the two words that are eternal and defines success. What’s next here means staying on your toes and constantly thinking on how to improve and innovate, and taking the next step towards your vision. It means out-innovating competition and providing your consumers with the next big thing. It means never ever hitting the snooze button!

Complacency is the biggest obstacle to long-term sustainable success. In business, and for that matter in any other field from sports to arts to life, being complacent leads you to be unaware of your deficiencies. You got to keep working on how to improve your products and work towards making the life better and their jobs easier for your customers.

Another big obstacle is legacy. Legacy is hard to break out of for both you and your customers and is one of the biggest reasons preventing businesses to come up with breakthrough innovations . If you are used to doing something in a certain way, it takes a lot of courage, great vision and persistent efforts to out-innovate and break out of the mold before someone else takes the lead. It is much better for you to cannibalize your business than letting your competition do it for you.

That brings us to competition. Competition is the best promoter of innovation. Companies that believe they don’t have competition are in a state of denial. There is nothing in the world that doesn’t have competition. It can be direct or indirect, existing or upcoming, but there’s something out there that is a lucrative alternative for your customers. The best way to deal with it is to embrace it and never take the step off the accelerator to remain being the best option in the market.

So what’s next?