A must attend classroom

Over the past few months, I have been religiously reading Seth’s blog. His simple notes speak volumes. Apart from reading his books, I urge all business students and especially budding marketers to subscribe to Seth’s blog.

Here’s a great post from Seth titled Who is your customer?

Rule one: You can build a business on the foundation of great customer service.

Rule two: The only way to do great customer service is to treat different customers differently.

The question: Who is your customer?

It’s not obvious.

Zappos is a classic customer service company, and their customer is the person who buys the shoes.

Nike, on the other hand, doesn’t care very much at all about the people who buy the shoes, or even the retailers. They care about the athletes (often famous) that wear the shoes, sometimes for money. They name buildings after these athletes, court them, erect statues

Columbia Records has no idea who buys their music and never has. On the other hand, they understand that their customer is the musician, and they have an entire department devoted to keeping that ‘customer’ happy. (Their other customer was the program director at the radio station, but we know where that’s going…)

Many manufacturers have retailers as their customer. If Wal-Mart is happy, they’re happy.

Apple had just one customer. He passed away last year.

And some companies and politicians choose the media as their customer.

If you can only build one statue, who is it going to be a statue of?

Feature Story: SecondMarket

As Barry E. Silbert, CEO of SecondMarket describes in the video, SecondMarket is a secondary marketplace for the trillion of dollars of alternative investments that are out there. In particular, SecondMarket has created a marketplace for private company stocks like Facebook, Twitter etc.

I first heard of SecondMarket when I was reading BusinessInsider’s 2010 The 20 Hot New York City Startups You Need to Watch. SecondMarket was one of them. At that point I did not read too much into it but these days SecondMarket has been getting a lot of press.  I recently signed up to receive updates from SecondMarket and enjoy following its success.

[youtube=http://www.youtube.com/watch?v=mrUSE5KktIw&feature=related]

Have you used SecondMarket? What are your thoughts on it?

 

The Nepali Dream (Published on Parakhi.com)

The Nepali Dream is a concept. America has a beloved saying called the American Dream. For most people, living the American Dream means to be financially successful and owning a home. The Nepali Dream is about the aspirations that Nepalese living outside of Nepal have. Most Nepalese living outside of Nepal want to contribute something meaningful to Nepal whether it is in their field of work or through nonprofit work. We should aspire to have a Nepali Dream.

Thousands of people, mostly students leave Nepal and go to foreign countries every year- primarily for educational purposes. Each individual leaves Nepal and take with them their goals and aspirations to a foreign land. They also take with them a sense of determination and will to succeed in the new world.

Through my travels and conversations with Nepali people living in different parts of the US, I have found that most of our aspirations are very similar. Many of us hope that we can someday go to Nepal and contribute in our own way to a country we left years ago. Others think about contributing in some way while living abroad. After having achieved some level of career and financial success in a foreign country, most Nepalese want to someday go back and contribute their time in helping the country. Dreams like these resonate amongst many Nepali people living abroad.

Some of my fellow colleagues have spent their summer vacations in Nepal volunteering at Maiti Nepal or working on wireless projects with visionaries like Mahabir Pun. These are some of the ways individuals living abroad have become involved in Nepal. Some even have left their jobs and gone back to Nepal to concentrate their full efforts in doing something for the betterment of the country. Some are also contributing their time and resources through established nonprofit organizations such as Help NEPAL Network (HeNN) and Nepal Youth Foundation (NYF).

It is great to see people who have lived abroad for many years devote their time and resources to help their motherland. It’s easy to become immersed into the foreign country’s culture and lose sight of how much difference each one of us can make to Nepal even while living overseas. I am very proud to see Nepalese living in different corners of the world and still finding ways to help the country. I feel that we have a responsibility to contribute in some form to the country that we all love. No matter where we are in the world, we are all from the same land. The Nepali Dream is definitely something to aspire to.

What is your Nepali Dream?

Feature Story: Startups with Idea & Vision

My passion lies with startups. I love to be part of something from the beginning and help it grow. I’ve noticed that very successful startups mainly have two important attributes: a unique idea and a vision.

Going forward, I will highlight a startup that is changing the business landscape with its unique business model.

Digital Fire

Dave Carroll. Keenan Cahill. Ted Williams. These are some of the names that have blown up on YouTube and became instant media sensations.  They had suddenly found a platform for their creativity or talent and leveraged it: Dave Carroll on his guitar fiasco with United Airlines, Keenan Cahill with his lip synching videos and Ted Williams with his ‘golden radio voice’. These stars have captured an audience big enough online to get noticed in the mainstream media.  I termed this phenomenon: catching the digital fire.

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I met Dave Carroll at the BRITE Conference. He spoke about his experience with United Airlines and how his customer compliant video posted on YouTube went viral. It shows that in this digital age a customer service complaint when not properly addressed can have a major impact on a company. It taught companies that a customer complaint cannot be ignored and reminded them to serve their customers best. Dave Carroll’s popularity took off on YouTube as he released three versions of the song, United Breaks Guitars. These days, he continues to play guitar with his band, Sons of Maxwell. So far, his most popular video on YouTube is United Breaks Guitars with over 10 million views.

Keenan Cahill is a proven star. He has the online charisma with a great personality and a powerful story. He became famous after posting a video of him lip-syncing to Kate Perry’s “Teenage Dream” song on YouTube. Soon after, he appeared on the Chelsea Lately show, shot a commercial with Jennifer Aniston and posted more lip-synching videos with players from the San Francisco Giants, 50 Cent and Nick Cannon among others.  He has MPS VI, a rare inherited lysosomal storage disorder which makes his story very powerful and inspiring. His YouTube channel is #22 most subscribed (all time) for musicians and #49 most viewed (all time) for musicians.

Ted Williams caused a media storm when he was discovered on an Ohio roadside with his “golden radio voice.” His short video quickly caught fire online and landed him interviews at major media outlets such as ABC, CBS and CNN. He also landed a job with the Cleveland Cavaliers and a house. It was even reported that Oprah wanted Ted to become part of her Oprah Winfrey Network. His discovery video on YouTube has received over 12 million views.

It’s fascinating to see what goes viral aka catches digital fire. For something to catch digital fire, it does have certain similar elements to it. First it has a good story to it. Dave Carroll’s guitar was mishandled by United Airlines so instead of writing a letter to the company, he wrote a song about it. Second it is unique in some sort of way. Keenan Cahill took lip-synching and made it catchy, collaborative and interactive. Third, people have some emotional attachment to the video.  I’m sure people have felt some emotional attachment to hear stories like Ted Williams. Finally, these online stars are creative or have some sort of talent.

For these YouTube stars becoming famous is one thing but maintaining that limelight is another matter.  Although it seems that the YouTube videos made them stars overnight, it’s harder to maintain that popularity online. As David Rogers, professor at Columbia Business School puts it: to thrive online they have to offer a personal voice, show some out-sized personality, pull back the curtain a little and show the face of your customer.

Whether you are a company or a personal brand, it’s important to build a community around it. A community makes the brand more interesting and relevant.  To stay relevant beyond the viral videos, YouTube stars have to ace the fundamentals of branding: creating a community with unique content and engaging their members.

Brand Nepal (Published on Nepalnews.com)

On January 1, 2011, Prabal Gurung, a New York based fashion designer went online and send out a couple of tweets encouraging his thousands of Twitter followers to consider visiting Nepal in 2011. On the eve of Nepal Tourism Year 2011, Prabal used his celebrity status and promoted Nepal to his online followers. In my opinion, Prabal could be the best brand ambassador for promoting Nepal in the Western world. He is widely recognized in the Western fashion industry having dressed the likes of Michelle Obama, Demi Moore and Oprah Winfrey. Prabal’s short messages on Twitter have definitely given visibility to Nepal’s tourism campaign.

When a country is promoting tourism, it is the best time to see country branding taking place. When I visited the official website of Visit Nepal 2011, I noticed the tagline that the tourism board was using to advance the tourism campaign. It was “Naturally Nepal Once Is Not Enough.”The goal for Nepal Tourism Year is to bring in at least a million visitors this year. According to the Government of Nepal Ministry of Tourism and Civil Aviation’s Nepal Tourism Statistics 2010 (Provisional Report), there were 509,956 tourists in 2009 and 602,855 in 2010. This is an 18.2% increase in tourism and October ranked the highest in tourist arrivals with 72,522 and 79,186 in 2009 and 2010 respectively.

Place branding has been around for a long time and Simon Anholt, a British branding expert states that “in today’s globalized, networked world, every place has to compete with every other place for its share of the world’s consumers, tourists, businesses, investment, capital, respect and attention.”  Simon, who coined the phrase “nation brand” in 1998 explains that the way places are perceived by people around the world has a direct impact on their ability to export products, services, ideas, culture and people, and their ability to attract investment, tourists and talent.

The way Nepal is perceived around the world will correlate to how many people decide to visit the country in this tourism year. Simon acknowledges that places are judged by what they do and what they make, not by what they say about themselves. Thus, the country’s brand is what others are saying about the country. The official website for Visit Nepal 2011 consists of quotes from renowned international news sources on Nepal. The National Geographic Adventure Magazine called Nepal “one of the best countries for adventure destination in the world” and BBC Holiday called it “one of the 50 Places to see before you die.” The National Geographic Adventure Magazine and BBC Holiday have placed the limelight on Nepal’s natural beauty of mountains, rivers and lakes and its traditional culture with numerous festivals and languages.

A report titled Branding Your City was published on March 2006 by CEOs for Cities, a civic lab of urban leaders working to advance the next generation of great American cities. The report mentioned that although the most common reason for a place to have a brand strategy is to stimulate economic growth; a strong brand can shift the perception of a place that may be suffering from a poor image among external and internal constituents. A brand strategy can also provide a consistent representation of a place or enhance its local, regional and/or global awareness and position among others.

Promoting tourism is a national undertaking, therefore including multiple perspectives and ideas as well as weighing the issues is crucial to make buy-in and execution easier. The inclusion of a variety of stakeholders is necessary to assure the success of the project. Empirical evidence shows that it is prudent to include cultural and heritage institutions, local media, and business leaders besides the Tourism Board in the planning stages of a tourism campaign.

Nepal has outlined 5 major objectives for this tourism year. They are: (1) Establish Nepal as a choice of premier holiday destination with a definite brand image, (2) Improve and extend tourism related infrastructures in existing and new tourism sites (3) Enhance the capacity of service providers (4) Build community capacity in the new areas to cater the need of the tourists (5) Promote domestic tourism for sustainability of industry.

In order to meet the aforementioned objectives, for a successful tourism year, Nepal’s government and the Tourism Board should continue to stress the security and safety of the visitors to the country. On January 12, 2011, the U.S. Department of State updated its travel warning advisory to Nepal on its website. Other foreign governments have also highlighted the security risk to their citizens when traveling to Nepal. The tourism campaign would not bear fruit if the country is perceived unsafe to travel. Therefore, utmost care has to be taken to reassure the prospective tourists that it is safe to go around the country.

I am thrilled to see how many people will visit Nepal this year. It is crucial to create brand awareness and let people know that it is Visit Nepal Year 2011. The best place to create awareness in this age is in one’s social network. I have seen a number of my friends talking and encouraging people to visit Nepal and posting videos of Nepal on Facebook.

It is great to have brand ambassadors and Prabal Gurung has leveraged his popularity and encouraged people in his social network to visit Nepal. In this digital age, everyone has a voice and one can take to Twitter, Facebook, YouTube or other social media outlets and promote Nepal in one’s own way. When an enthusiastic person creates personalized content promoting Nepal, he or she becomes another brand ambassador to Nepal Tourism Year 2011.

This article was featured on the Guest Column of Nepalnews.com.

Brand Nepal

Prabal Gurung sent out a couple of tweets on New Year’s Day of this year. Some read:

2011 is Nepal Tourism Year. Lookin 4a vacation spot, an adventure or 2 find urself? Will u pls consder visiting Nepal? U cud make a diff.PLS RT.

Nepal Facts: Nepal has 8 of the world’s 10 highest mountain peaks including Mt. Everest 8,848m (29,000 ft). http://en.wikipedia.org/wiki/Nepal

Prabal Gurung is a New York based fashion designer who was born in Singapore and raised in Kathmandu, Nepal. He also has 23,396 Twitter followers. Nepal, a country of about 30 million people in Southeast Asia is currently promoting Visit Nepal 2011. Tourism is a major source of revenue for the landlocked country which is most popularly known for Mount Everest. In 2009, out of 509,956 tourists, 32,403 were from the United States.

In my opinion, Prabal could be the best brand ambassador for promoting Nepal in the Western world. He is widely recognized in the Western fashion industry having dressed the likes of Michelle Obama, Demi Moore and Oprah. Prabal’s tweets have definitely given visibility to Nepal’s tourism campaign if not already encouraged his followers to book tickets to Nepal.

Since Nepal is promoting tourism this year, I wanted to understand Nepal as a brand and find out how the country was positioned in regards to its Visit Nepal 2011 campaign. Upon visiting the official site of Visit Nepal 2011, I noticed the tagline that the tourism board was using to advance the campaign. It was

Naturally Nepal

In its website, there were also quotes from renowned news sources:

“One of the best countries for adventure destination in the world” – National Geographic Adventure Magazine

“One of the 50 Places to see before you die” – BBC Holiday

[youtube=http://www.youtube.com/watch?v=vljhfuPGX5U&feature=related]

The official website gives visitors a glimpse of what Nepal has to offer: from trekking, mountaineering to rafting, festivals just to name a few. Nepal has unique offerings such as its majestic natural beauty of mountains, rivers and lakes and a very traditional culture with numerous festivals and languages. Place branding has been around for a long time and Simon Anholt, a British branding expert states “in today’s globalized, networked world, every place has to compete with every other place for its share of the world’s consumers, tourists, businesses, investment, capital, respect and attention.” As the CEOs for Cities website explains although the most common reason for a place to have a brand strategy is to stimulate economic growth; a strong brand can create a common vision for the future of the community and its potential, provide a consistent representation of a place or enhance its local, regional and/or global awareness and position etc.

Nepal has outlined 5 major objectives for the tourism year. They are: (1) Establish Nepal as a choice of premier holiday destination with a definite brand image, (2) Improve and extend tourism related infrastructures in existing and new tourism sites (3) Enhance the capacity of service providers (4) Build community capacity in the new areas to cater the need of the tourists (5) Promote domestic tourism for sustainability of industry.

I find nation branding to be very intriguing. As a native of Nepal, I am thrilled to see how many people visit Nepal this year. When a country is promoting tourism, it’s the best time to see country branding taking place. It’s great to have brand ambassadors and Prabal’s celebrity outside of Nepal will truly make people interested to visit Nepal in the near future. In this digital age, I strongly believe that a short tweet can go a long way.

Culture eats strategy for lunch

A speaker at the 2010 BRITE Conference at the Columbia Business School said something profound: culture eats strategy for lunch.

The same theme echoed at this year’s BRITE Conference. Speakers from ad agencies, globally known brands and academics talked about the importance of culture in their talks. Several speakers cited Zappos’s culture when giving an example of a great corporate culture. Attendees of the conference asked several speakers about how they were able to convince upper management to implement new programs. Their questions delved into how to get the buy in of senior executives on new ideasand not have themget lost in the organization’s pipeline. This is a major obstacle at organizations especially at most multinationals where bureaucracy is omnipresent and nothing could be more detrimental to organizations when itsculture kills the creativity and productivity of its internal customers.

Tony HsiehWhen the conference speakers exalted Zappos for its excellent corporate culture, it made me think back to the time when Zappos’s CEO Tony Hsieh came to speak at the American Marketing Association’s event at Fordham Universityin October 2010. Tony was traveling around the country promoting his book, Delivering Happiness: A Path to Profits, Passion and Purpose on the Happiness Bus and he made a quick stop in New York.

That October morning Tony talked about the Zappos Culture in terms of 10 core values which ranges from (1) Deliver WOW Through Service, (2) Embrace and Drive Change to (9) Be Passionate and Determined and (10) Be Humble. The culture is what defines the Zappos brand. What’s interesting to note is that they base their hiring decisions on how fit the person would be to the Zappos culture and pay employees $2,000 after the training program to quit. These are some of the guidelines that they follow to protect the brand and culture for the long term.  I do not know of any other company that has built itself around its culture and protects it so dearly. I became a fan of Zappos that day even though I had never ordered anything from their website (until I ordered their 2010 Culture Book).

In the book, Tony talks about a blog he wrote a few years ago titled Your Culture Is Your Brand. He states that “the best way to build a brand is through culture and that your company’s culture and your company’s brand are two sides of the same coin.” At first thought it seems that Zappos is following the conventional wisdom that you should take care of your customers so they come back for your business. Yet, as Tony mentions in his October talkand the book, this has become more of a saying than a guiding principle at many companies.  Zappos’s core value #2 is Embrace and Drive Change which is set to motivate and encourage employees to be creative, open-minded and communicate their experiences to upper management. When you have such a guiding principle as part of your culture, it will be rare to see ideas go down the drain. It is probably not an understatement to say that employees who interact with customers each and every day can significantly help drive the change needed for the organization to be successful tomorrow.

When you have built a strong culture where the core values are clearly communicated, both employees and management are aligned to achieve the objectives of the company.  As Tony mentions in his book, it doesn’t actually matter whatyour company’s core values are, what matters is that you have them and that you commit to them. Zappos proudly has a Culture Book which initially started out for only employees to talk about what Zappos culture meant to them. But, the book has evolved and now involves customers, vendors and partners.

Impressed by how they have cultivated and how proud they are of their culture, I went online and ordered the 2010 Culture Book from Zappos’s website. Zappos is not the first company focused on building a strong culture but they have made culture the core component of who they are and along the way became known for having a great company culture.