A $300B industry, shade at Boston.com & more...
Ciao! We're back from Italy (unscathed, gratefully.) We were in Tuscany, in a similar mountain town as what was ultimately the epicenter of the quake. As we spoke to locals we heard about the importance of tourism -- if you'd like to help Italy, truly, book your next vacation to these small towns. They rely on the business of tourists like us with bad Italian. (Though I'll say my ability to order coffee and wine was pretty solid.)
In this edition of the World's Best Newsletter*
1. 30 elements of value
2. On Product Debt
3. Ridiculous MS-DOS 5 Promo Video
4. State of the News Media 2016 (and mini rant)
5. My contribution to this $300B industry
6. Stop using Weasel words
7. Are you measuring customer success like Trump University?
8. Quote of the week!
*claim unsubstantiated but 100% true*
*also unsubstantiated
Let's go:
1. 30 elements of value
We all (should) know about Maslow’s “hierarchy of needs" fulfilling needs ranging from the very basic (security, warmth, food, rest) to the complex (self-esteem, altruism). This HBR article identifies 30 additional, derivative elements by which customers define "value" touching on functional, emotional, life changing, and social impact. It's got a great breakdown by industry, and is a solid reminder of the ways we should articulate value in our work.
2. On Product Debt
Sound familiar? “Product debt comes from making rush decisions. It comes from lazy product thinking and design. It comes from the hope that adding “just one more feature” will solve all of your problems. It comes from wanting to push features as quickly as possible.” Read more.
3. Ridiculous MS-DOS 5 Promo Video
Do you ever see things that completely alienate you from the human experience? Take this video. I'm watching something created by someone of my own species (human), within my own community (business) and yet, what?
No really, what?
4. State of the News Media 2016
This week I had some quality time with a very good friend (also my wedding emcee yes GAWD) who was a former Boston Globe employee (specifically Boston.com).
She was encouraged by the recent buyout at Boston.com to seek new horizons. She's about to start an AWESOME new gig, congrats lady, but our conversation inevitably came to the state of news media 2016. I was shocked to learn that an institution like the Globe was doubling down anywhere BUT digital in this day and age. Shocked.
You're a major player in the dying industry of news media and you're offering buyouts to your digital team?
Check this Pew Research. With competition from unexpected sources like Snapchat (who has an editorial team of 75), Facebook (even with its scandals around the trending news module,) Google and the general rise of digital at large, the Globe is in an interesting situation. It's essentially required to re-think its entire business model, and essentially its purpose. Serious stuff.
As the Pew article states, "Well-reported news stories are not worth much without the power of strong distribution and curation channels."
Yeah. That.
"What is less clear is how the tug and pull between tech and journalism companies will evolve to support each other as necessary parts of the whole, and what this rebuilt industry will ultimately mean for the public’s ability to stay informed."
Will it mean an opportunity for brands as publishers? Sure. Will we rely mostly on aggregators and user-generated news? Maybe. I think the role of a strong editorial process is still crucial to keeping news solely out of the hands of marketers (yes, I am a marketer) or anyone else with an agenda. Transparency, mobile optimization, and smart distribution are the three big must-haves I'm seeing whether you're a brand or publisher.
Either way, if you're hiring talented digital folks, that Boston.com team is ripe for poaching.
5. My contribution to this $300B industry
Perhaps our invites should have read, "You are cordially invited to take part in our contribution to a $300B industry - weddings."
Man, as someone getting married in like 5 minutes, let me just tell you that this has been an interesting process to experience as a marketer. There are 500k businesses in this space. Everything is conducted online, largely on social (I created a Pinterest board for the first time in my life.) The average cost of a wedding in 2016 is $32,641. I'm at the age where everyone and their dog is getting married, and many of my friends are using DIY wedding site services - that alone is worth $24B in the US (with 5% annual growth). There's even an event (in Maui no less) dedicated solely to wedding technology.
Apparently, we're pretty on-trend with our wedding. 40% of couples have a friend or family member officiate their ceremony (up from 29% in 2009). October is the most popular month to get married, and the popularity of metallic gold has more than tripled from 7% in 2012 to 22% in 2015 (guilty. SO much gold at my wedding.)
Anyway, this is an amazing little microcosm of products and services converging with a digital buyer -- and though there are plenty of cookie-cutter weddings (hey uh brides, pro tip, your wedding really doesn't "have to be" like everyone else's) the availability of these services affords more couples the chance to personalize theirs. It's never been easier to cobble together the perfect "best day ever" as our wedding planner consistently refers to it (love that), and sites like Offbeat Bride are a welcome respite from, well, this.
Wish us luck! Only a few weeks to go.
6. Stop using Weasel words
Now for something I'm totally guilty of -- but didn't realize there was a name for until today!
A weasel word, or anonymous authority, refers to words/phrases aimed at creating the impression that a specific or meaningful statement has been made, when instead only a vague or ambiguous claim has actually been communicated. This enables the speaker to deny the specific meaning if the statement is challenged.
For example using phrases like "it is said," or "a growing body of evidence" or "experts claim" are ways to actually avoid making an outright assertion. While on the positive side, this can soften the blow of a loaded or controversial statement (e.g. by using "somewhat" or "in most respects"), they can also be used to develop a highly misleading impression.
And yes, the origin of the phase may come from the egg-eating habits of weasels. Or not, because apparently weasels don't have a mandible suitable for sucking eggs. Read the full Wikipedia entry (if it's on the internet IT'S TRUE.)
This has been a fascinating break from anything of value, now we return to our regularly scheduled content.
7. Are you measuring customer success like Trump University?
"Like many for-profit businesses, Trump University put a lot of effort into generating customer reviews and using them as a form of social proof. The more glowing reviews it could get, the better. Unlike most businesses, however, it appears that Trump University wasn’t interested in whether that feedback was truly genuine, meaningful, or insightful.
In fact, according to a March report by The New York Times, Trump University appears to have pressured its students into leaving positive reviews. And, the Times claims, it did so before those students had any real opportunity to decide whether they liked or disliked the “product.”"
Unfortunately, some software companies follow this same model and believe it to be measurement of customer success. As the very smart folks at OpenView argue, it's not. Read more.
8. Quote of the week!
Thank you friends, as always, for promoting my little newsletter to your corner of the internet. Your friends can sign up to the Katie Martell Weekly at http://tinyletter.com/katiemartell.
Hashtag grateful. Hashtag blessed.
xo,
Gossip girl
err, Katie
@KatieMartell
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PS: Boston friends! Join me for a Boston Tech Founder Roundtable! I'm only there for the free food. Shh. Tuesday 9/13 at noon at WeWork South Station. RSVP here.