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Hi Social Media ReInvention Community Members,
We've migrated Social Media ReInvention's website to a new WordPress site!
I made this move to improve my services to my readers. Please continue following, reading, and subscribing to my blog at our new location.
Many thanks,
Tony Faustino
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Yesterday was not Dick Costolo (Twitter CEO) and Twitter’s Investor Relations Team's best day.
The Wall Street Journal’s Yoree Koh published this article, Twitter Shares Tumble After Nasdaq Leaks Results Early, after Twitter’s 2015 Q1 Earnings Conference Call. Her story describes important challenges confronting the company:
Real-Time Havoc Breaks Loose Around 3:07 PM Eastern Time. Addressing these difficult issues was the least of Twitter’s problems. Selerity, a self-described real-time analytics and media company, stole the show by live tweeting Twitter’s 2015 Q1 unreleased financials BEFORE the Twitter’s earnings call.
Koh writes that Selerity’s web crawling software discovered an early and publicly available version of Twitter’s earnings release. Selerity started posting the following tweets about Twitter’s financials around 3:07 PM Eastern Time:
Here’s the Problem. Twitter’s 2015 Q1 Earning’s Conference Call wasn’t scheduled to take place until 5 PM Eastern Time. This real-time news event forced Twitter’s Investor Relations Team to ask The New York Stock Exchange to halt trades of Twitter’s stock:
A Small New Jersey, Real-Time Analytics Firm Earns Massive and Previously Unaffordable News Coverage. Selerity pounced on this real-time event and scored a public relations bonanza for its brand. As of 10:50 AM Eastern Time, my quick Google News Search on the phrase “Selerity” yielded 18,000+ results:
$4 Billion Evaporates in Forty Minutes. Rob Daumeyer (Editor of The Cincinnati Business Courier) writes that the 18% drop in stock price cost Twitter $4 billion in market value. The math works out to:
Important Note: The annotations to this chart are mine.
Ouch. But, Give Twitter’s Investor’s Relations Team Credit for Handling and Managing this Real-Time News Crisis. They understand the implications of managing events and shaping the story (in both good and bad times). Their swift actions with The New York Stock Exchange on a contingency plan minimized further damage to their plummeting stock price.
This event and Twitter’s actions will become a landmark case study in handling, learning, and recovering from a real-time public relations and investor relations crisis.
Please let me know if you agree or disagree with my thoughts in the comments. I would love to hear from you. I’m here to read, listen, and learn from YOUR PERSPECTIVE. Comments are open. So let’er rip!
Ideas that spread win. You can subscribe to my blog via email (and can unsubscribe any time you like). I hope you’ll also share my work with your friends. Many Thanks!
Tony Faustino is a marketing and corporate strategist. He thinks and writes about how The Internet reinvents marketing strategy in his personal blog, Social Media ReInvention. Follow his tweets @tonyfaustino or circle him on Google+.
Photo Credit: Anton Diaz
I’m still shocked Big Ten Football captured the first-ever national championship game playoff. I hope these share-worthy links ease the sting for other SEC fans. Stay warm Social Media ReInvention Community Members and enjoy your Sunday Brunch!
1. Fortune.com: How to Approach Your Own Career Like an Entrepreneur — Fortune’s Insider Guide to Launching the Startup Called ‘You.’ Sound familiar? Erika Fry's article is one of the best I’ve read in describing concepts and applications from Reid Hoffman's and Ben Casnocha's book, The Startup of YOU. Ben posted the article in LinkedIn’s Startup of You Discussion Group.
Fortune created a “startup of you” category for future articles. This career development concept exploded in two (2) short years to become a permanent part of business thinking. Start with this article If you’re newbie and with the book’s concepts such as: permanent beta, doing the hustle, tapping network intelligence, etc.
I fell in love with The Startup of YOU in 2012. I wrote a popular blog post series about the bookIn case you thosel posts, here they are:
2. Michael Hyatt: How to Get Your Kindle Notes into Evernote. Michael Hyatt’s book, Platform, is a how-to-manual for how he built his influential digital identity. He publishes some of the most helpful content on the web. His latest post shares how to maximize two of my favorite secret weapons: Evernote and My Kindle Paperwhite.
I love reading and writing reviews on books in digital marketing strategy and entrepreneurship. This productivity hack turbocharges my process for finding my favorite quotes and notes for future book reviews. Michael cites Brett Kelly’s book, Evernote Essentials — The Definitive Getting Started Guide for Evernote as THE resource in making Evernote a steroid-like productivity tool.
I bought Brett’s book yesterday and will share additional helpful tips with our community in future posts.
3. TechCrunch.com: East of Palo Alto’s Eden. Kim Mai Cutler’s heartbreaking article portrays the stark economic situation between Silicon Valley’s nouveau riche techies and the low income African American / Latino communities in East Palo Alto. Silicon Valley’s socio-economic extremes are well-documented. Kim’s article is the best and most comprehensive piece I’ve read (and I’ve got a ton of articles Evernoted on this subject).
Here’s a direct quote from her article’s introduction:
But today, with Facebook constructing a Frank Gehry-designed office complex that will let the company support roughly 7,000 workers while Palo Alto and Menlo Park balk at building housing even though median home prices have soared beyond $2 million, East Palo Alto may change enormously over the next decade.
Moreover, the questions being asked today about why the tech industry lacks racial diversity, and what the long-term consequences of gentrification are in the U.S.’s most economically vibrant regions like the San Francisco Bay Area are deeply intertwined in a way that is hard to perceive unless you step back.
This is a story of how two neighboring communities followed entirely different trajectories in post-war California — one of enormous wealth and power, and the other of resilience amid deprivation. It’s about how seemingly small policy choices can have enduring, multi-generational consequences.
Please let me know if you agree or disagree with my thoughts in the comments. If you disagree, I would love to hear from you. I’m also here to read, listen, and learn from YOUR PERSPECTIVE.
Comments are open. So let’er rip!
Ideas that spread win. You can subscribe to my blog via email (and can unsubscribe any time you like). Please share my work with your friends. Many Thanks!
Tony Faustino is a marketing and corporate strategist. He thinks and writes about how The Internet reinvents marketing strategy in his personal blog, Social Media ReInvention. Follow his tweets @tonyfaustino or circle him on Google+.
Photo Credit: Cubosh
These posts in the blogosphere and LinkedIn’s Publishing Platform showcase employment trends describing why a personal blog or website is a vital 2015 professional development goal:
Facebook changed its policy for business and fan pages to a pay-for-play model. Small business owners who built their livelihoods around that platform are struggling to adapt. Amazon’s Kindle Unlimited Program continues eating away the monthly incomes of entrepreneurial authors / writers.
Adam Singer published this warning five+ years ago in his classic post, 19 Reasons You Should Blog And Not Just Tweet. Here are key snippets of Adam’s foresight from 2009:
3. Remember, you’re essentially contributing to someone else’s network on Twitter – certainly there are returns, but make no mistake they profit from your attention. I know you might not have a problem with that because you gain something too, but it’s good to be conscious of that fact.6. You own your work in a self-hosted blog and are in total control over how it is presented.
I know it’s not as “sexy” anymore (in reference to blogging) but it is still far more valuable and should not be discounted merely because the early adopters have shiny new object syndrome.
Long form content and blogging is coming back. Potential employers cite critical thinking and writing as key skills. Let's take advantage of our personal blogs / websites to show our thinking, analysis, and stories.
Transforming a complex or technical insight into a simple story is rare and sought after:
Hugh Macleod's home-spun wisdom from page 38 of his remarkable book, Freedom Is Blogging in Your Underwear speaks volumes:
My grandfather was a Scottish Highlands “crofter” — i.e., a small-time, mostly self-sufficient tenant farmer with his own little patch of land, who raised sheep and grew potatoes, turnips, and other stuff. And as I wrote in my second book, Evil Plans: hey, guess what — we’re all crofters now. Even people with secure day jobs in big corporations.Thanks to the Internet, we all have a little electronic “croft” — an electronic smallholding — to call our own what is commonly referred to as our own digital identity, which we can cultivate, like a small farm, however we see fit.
The good news is that, unlike my grandfather, we don’t have to spend our whole lives growing potatoes and shearing sheep for a mere pittance. We can sell things people find valuable — art and cartoons in my case, maybe consulting gigs or whatever in your case….
The Internet makes all this possible.
Go.
Please let me know if you agree or disagree with my thoughts in the comments. If you disagree, I would love to hear from you. I want to read, listen, and learn from YOUR PERSPECTIVE.
Comments are open. So let’er rip!
Share my work with your friends. Ideas that spread win. You can subscribe to my blog via email (and can unsubscribe any time you like).
Many Thanks!
Tony Faustino is a marketing and corporate strategist. He thinks and writes about how The Internet reinvents marketing strategy in his personal blog, Social Media ReInvention. Follow his tweets @tonyfaustino or circle him on Google+.
Photo Credit: Anton Diaz
Brrrr! It’s cold in The Midwest (East/West Coaster Translation: The Flyover States). Please keep warm and enjoy these share-worthy links during your Sunday brunch.
1. NYTimes.com: Whether Working or Job Seeking, The Algorithm is Watching. Natasha Singer of The New York Times profiles two upcoming books in 2015:
Both detail how our online actions shape our personal and professional opportunities. Fertik’s book describes how machines trumps humans in important stages of the hiring process: Applicant Tracking Systems (ATS) in resume screening.
21st century job-hunting demands a personal, digital marketing strategy. Here’s the article direct quote:
To better position oneself for such technology-aided hiring and workplace ranking systems, the authors suggest that people make their résumés “machine-readable.” For instance, they recommend that job seekers include concrete descriptions of their professional skills and competencies in their areas of expertise as well as signposts enumerating their career trajectories — all in language that algorithms could easily parse.
“A machine can figure out from your résumé how quickly you progressed from manager to senior manager to director — and whether your pace outstripped or lagged the typical pace,” said Michael Fertik, a co-author of “The Reputation Economy” and the chief executive of Reputation.com, a company that helps people and companies manage their online images.
So, before job candidates start worrying about whether they will be properly dressed for a job interview, he said, “it’s important for them to figure out if they’re dressed for the Internet.”
Dorie Clark, author of ReInventing YOU and the upcoming Stand Out, teaches traditional resumes are obsolete. There's a better way to acquire potential employers -- leave digital footprints via blogging, posting past project deliverables on Slideshare, updating our LinkedIn Profiles, etc.
Video via The Wall Street Journal: What Happens When You Submit Your Resume Online
Photo Credit: The Wall Street Journal — Your Resume Versus Oblivion
2. Entrepreneur.com: The 3 Ways Entrepreneurs Fail at Personal Branding and LinkedIn.com: Why You'd Better Start a Personal Website in 2015. Personal branding matters. Everyone participates in social media participation. Demonstrate to potential employers and clients you go the extra mile. Create and promote a personal blog or website to:
3. Bloomberg Businessweek: Tony Hsieh Is Building a Startup Paradise in Vegas. Bloomberg’s Susan Berfield describes the highs and lows of The Las Vegas Downtown Project. Tony Hsieh’s entrepreneurship and urban experiment to revitalize, reimagine, and reinvent downtown Las Vegas relies on 3C’s: Collisions, Co-learning, and Connectedness. His involvement consumes 50% of his day (the other 50%--- being Zappos CEO).
The "Return on Collisions” metric fascinates me:
Hsieh also came up with a way to calculate the value of people who “subscribe to downtown Las Vegas” but don’t want to live there. He’d tried to persuade Jake Bronstein to leave New York in 2012. Bronstein is the founder of Flint & Tinder, which makes the 10-Year Hoodie and other clothes. Hsieh invested in the retailer and says Bronstein comes to Vegas one week every month. “We did the math on Jake. When he’s here, he’s out about 12 hours a day, 7 days a week, for 12 weeks a year. So he’s worth 1,000 collisionable hours, too.”
Hsieh began to apply this metric to investments that might not make money for a while. “Say we want 100,000 collisionable hours a year from an investment. That works out to 2.3 hours per square foot per year,” he says, with a slight smile. “If we’re going to invest in a 3,000-square-foot restaurant, we can do the math and see if it yields that 2.3 hours per square foot per year. We’re kind of agnostic about what goes into a space. It’s ‘are you going to yield those collisionable hours?’ If not, we can say no without judging the quality of the idea.”
Please let me know if you agree or disagree with my thoughts in the comments. If you disagree, I would love to hear from you. I’m also here to read, listen, and learn from YOUR PERSPECTIVE.
Comments are open. So let’er rip!
Ideas that spread win. You can subscribe to my blog via email (and can unsubscribe any time you like). Please share my work with your friends.
Many Thanks!
Tony Faustino is a marketing and corporate strategist. He thinks and writes about how The Internet reinvents marketing strategy in his personal blog, Social Media ReInvention. Follow his tweets @tonyfaustino or circle him on Google+.
Photo Credit: TechCrunch
Dear Marissa,
Navy Seals say, "the only easy day was yesterday."
I can’t imagine what you feel as negative press swirls around you during your CEO tenure at Yahoo!. From an outsider’s perspective, it seems like you’ve been under personal siege since the summer of 2012 when you accepted Yahoo!’s top job. Tomorrow, a well-publicized book will be released about you. I’ve pre-ordered it to review and draw my own conclusions.
But, I don’t have to read the book to conclude how “tearing down Marissa Mayer” exploded into a schadenfreude, spectator sport.
I’m not a Yahoo! stockholder, but I cheer and root for you. Everyday.
I have personal and selfish reasons for writing this public fan letter:
"Sometimes it is the people who no one imagines anything of, who do the things that no one can imagine."
Please let me know if you agree or disagree with my thoughts in the comments. If you disagree, I would love to hear from you. I’m also here to read, listen, and learn from YOUR PERSPECTIVE. Comments are open. So let’er rip!
Ideas that spread win. You can subscribe to my blog via email (and can unsubscribe any time you like). I hope you’ll also share my work with your friends.
Many Thanks!
Tony Faustino is a marketing and corporate strategist. He thinks and writes about how The Internet reinvents marketing strategy in his personal blog, Social Media ReInvention. Follow his tweets @tonyfaustino or circle him on Google+.
Photo Credit: Abee5
I love reading books. They’re my secret weapon for accessing critical thinking. Here’s a short listing of my favorite books / authors who inspired me and exhausted my Kindle in 2014 (by the author’s last name in alphabetical order). Note: Some of these titles are pre-2014.
Mitch Joel described Seth Godin's 18th book as the most beautiful illustration of Seth’s teachings. You can’t buy Seth’s latest book on Amazon (or any mainstream book retailer). You can only buy it at http://www.yourturn.link/. Beautiful, glossy images explode with color on every page. If I were a Hollywood producer, I’d pitch it as Linchpin and The Icarus Deception collide in a 20-car pile up at Mercedes Benz New York Fashion Week.
Seth calls out our schadenreude, spectator sport culture, and it’s power in curbing intelligent risk taking (except in Silicon Valley). When It's Your Turn is an in-your-face, call-to-arms, entrepreneurship manifesto. The battle cry rallies around showing up everyday, to create and ship our art. Now’s the time to revel in that uncomfortable place of “this may or may not work."
I'm moving into a new career as an entrepreneur in an early stage startup, That’s a scary leap after corporate life. But, those simultaneous feelings and fear are the right place to be:
I’m late in reading this classic marketing book. I hope to meet Seth, shake his hand, and talk marketing strategy. That requires fluency in Ideavirus terminology (i.e., sneezers - both promiscuous and powerful, the hive, persistence — not the one related to effort, vector, vacuum, amplifier, smoothness, etc.).
Ideavirus parallels Malcolm Gladwell’s idea diffusion theories from The Tipping Point and Geoffrey Moore’s insights from Crossing the Chasm. Like the Beatles music catalog, Ideavirus remains simple, timeless, and relevant.
I’m a die-hard fan and friend to Ann Handley. Last year, I published a public fan letter expressing my appreciation and respect for her work and generosity. Two weeks later, Ann sent me a signed copy of Content Rules and other great marketing books. Her attitude to give versus receive says it all.
Writing Matters. Writing with Purpose Matters More. Ann is an important inspiration for my blog post about six (6) C-Suite traits among awesome female executives who stand out. The media’s endless joy in reporting our children lag their global counterparts in the STEM 100 meter dash ignores an important fact: writing and storytelling skills propel financing for ideas and inventions.
Technical prowess and technical insight aren't enough. Creative storytelling and written communication carry equal weight (direct quote from Everybody Writes, page eight):
What’s harder is to find a book that functions for marketers as part writing and story guide, part instructional manual on the ground rules of ethical publishing, and part straight talk on some muscle-building writing processes and habits.
What’s also hard to find is a book that distills some helpful ideas about the craft of content simply and (I hope) memorably, framed for the marketer and businessperson, as opposed to say, the novelist or essayist or journalist.
I wrote this book because I couldn’t find what I wanted—part writing guide, part handbook on the rules of good sportsmanship in content marketing, and all-around reliable desk companion for anyone creating or directing content on behalf of brands.
Everybody Writes teaches disciplined practice to elevate and sustain our writing skills. Ann’s book reads like cozy conversation with her while enjoying a great cup of coffee or a couple of frosty Sam Adams beers (keep in mind, she’s a Bostonian).
Ann poured her heart and soul into this work (or as she says “gave birth to a Volkswagen”). I guarantee you’ll benefit from her knowledge, talent, and heart.
Bonus 1: Mitch Joel’s Episode #426 Six Pixel of Separation Podcast: Everybody Writes With Ann Handley.
Bonus 2: Speakers Spotlight YouTube Video — Ann Handley - Chief Content Officer | Bestselling Author.
If I could time travel to 2009, I would grab two books and my MacBook Pro before jumping into a hot tub time machine:
1. Tribes by Seth Godin
2. Platform by Michael Hyatt
If Tribes is the strategic and conceptual framework for digital leadership, Platform is the tactical roadmap for its successful execution. Creating and managing a personal brand is imperative in a crowded marketplace and recovering economy. Michael’s book unpacks the why's and how’s of building a digital platform — i.e., the collective fans who subscribe to and follow your blog, email newsletter, podcast, Twitter feed, etc.
He explains step-by-step how he built his influential online presence and to power his career as a publisher, educator, and public speaker.
Read this Wall Street Journal article by Taylor Swift (yes, that Taylor Swift). Her anecdote about an actress friend losing a movie role to another actor with a higher Twitter following extends beyond the entertainment industry. It's the heart of Michael’s book: the reach and influence of our digital platforms (or lack thereof) either rockets (or torpedoes) opportunity.
Art takes many forms (e.g., words, pictures, spreadsheets, presentations, sculptures, music, photographs, process diagrams, or anything we create with pride). These remarkable books capture Austin Kleon's philosophies and experiences on creating and promoting art. These fun, short reads answer two common questions among artists, writers, entrepreneurs, or marketers:
David Meerman Scott influences my thoughts and writing about reinventing marketing strategy every day. I fell in love with digital marketing and inbound marketing strategy after reading The New Rules of Marketing and PR five years ago. I own all of his marketing strategy books, and envy his ability to write with a rebel's heart.
When David sent me an advance copy of his latest book, I was honored and thrilled. He's leading the pack in describing how diverse organizations (from the Fortune 500, SMBs, and individual practitioners) use social selling to engage customers throughout the buying process. He published social selling success stories long before LinkedIn Sales Solutions made “social selling” in vogue.
His latest work may finally make organizations pay attention to their most valuable customers---their existing ones. Loyalty, fandom, and connection matter are game changers when fickle consumers can leave with a glance and a tap of their smartphones.
What has changed in the world of selling from David Meerman Scott on Vimeo.
LinkedIn's Economic Graph Challenge generated tremendous hype. If Jeff Weiner (LinkedIn’s CEO), can morph How to Be a Power Connector’s core principles into simple, seamless, and intuitive features, he will create the world’s most valuable social network.
Inc. Magazine selected How to Be a Power Connector as the Number 1 Business Book of 2014. I’m twenty percent through it, and I’m convinced Judy's book and Seth Godin’s What to Do When It’s Your Turn (and It’s Always Your Turn) will prove indispensable in my new career as an entrepreneur.
I usually don’t publish reviews until I’ve finished reading the book. I made an exception with How to Be a Power Connector. Judy’s 25 years of wisdom and experiences are that important. I’ve arrived at the sobering realization my networking skills are deficient. I’ve done some things well. But, I lack consistency in adding value to my business network as well as strategically assessing, prioritizing, and systematizing it.
Thank goodness that's exactly what Judy teaches! Her book will change my life. Invest in yourself by buying and studying How to Be a Power Connector. It will change your life too.
Judy Robinett Speaker Reel from Creative Realm Entertainment on Vimeo.
Change the World. Every time I hear that overused cliche from another self-appointed, Silicon Valley genius, I wanna hurl (or please insert your own Wayne’s World reference).
Study Peter Thiel’s work (and his former Stanford Computer Science 183 Startup student, Blake Masters' notes) to learn and think like the real deal. The resounding themes throughout Thiel’s book: (1) think like a contrarian; (2) question and take action against conventional wisdom:
That courage to ask and act upon, "why does it have to be this way,” drove not only Thiel's entrepreneurial successes, but also the successful ventures of Elon Musk, Reid Hoffman, Max Levchin, and other PayPal Mafia members.
As a parent, I’m making it my life’s mission to inspire the same thinking and action in my daughters.
Traction delivers a clear, how-to method supported by real-world, actionable insights. Gabriel's and Justin's interviews and case studies describe the successful execution of Traction’s Bulls Eye Methodology. Bulls Eye focuses on the second most important aspect of an early stage startup’s life cycle:
I’ve ultra-summarized the book’s thesis. Read the first three chapters of Traction for free by joining the Traction Book mailing list. If you’re a team member of an early stage startup (like myself), invest in your company’s development by studying Gabriel and Justin’s book.
Please share in the comments the digital marketing and entrepreneurship business books you read in 2014. What did you love about them? How did they inspire you?
I’m here to learn from YOUR PERSPECTIVE. Comments are open. Let’er rip!
You can subscribe to my blog via email (and can unsubscribe any time you like). I hope you’ll also share my work with your friends. Many Thanks!
Tony Faustino is a marketing and corporate strategist. He thinks and writes about how The Internet reinvents marketing strategy in his personal blog, Social Media ReInvention. Follow his tweets @tonyfaustino or circle him on Google+.
Photo Credit: Andy Ihnatko
I'm an Apple Stockholder and Apple Tribal Member with Tremendous Confidence in Our Leader, Tim Cook. He's the right person to rocket Apple’s fanatic loyalty beyond its fanatical consumer base. Ginni Rometty, IBM’s CEO, describes Cook as the “hallmark of a modern-day CEO. It’s all about clarity of vision and knowing what to do and what not to do.”
Yet, critics shout: "Tim Cook is NOT Steve Jobs!” I disagree. Cook is a lot like Jobs.
Apple’s 21st Century Innovation Model is SICC: Simplicity + Inclusion + ControI + Collaboration
SICC Rhymes with SICK (and means the cool kind, not the feeling ill kind). Charlie Rose published his Tim Cook conversations after Apple's September 2014 introductions for the iPhone 6, iPhone 6+, Apple Pay, and Apple Watch. Their conversations reveal Cook’s strategic vision for Apple and The Apple Ecosystem. His ecosystem-driven strategy explains the rationale for two (2) major 2014 corporate decisions:
Cook explains these major decisions within the context of these central themes:
Staying Focused Anchors Apple. Cook elaborated (paraphrasing):
“Unlike other companies, Apple’s objective is not to make larger product portfolios."
“All of Apple’s major products could fit on this small table.” (in reference to Charlie Rose’s iconic interview set)
“It’s hard to edit. It’s hard to stay focused. The hard part is deciding what NOT to work on."
Diversity in Thought Fuels Apple Innovation and Design (17:13 - 20:23). Cook's leadership mission is ensuring Apple senior executives and team members collaborate at an incredible level. That mission begins with recognizing individuals who are historically strong Apple contributors. During this point in the conversation, Cook enthusiasically mentioned five to six senior executives (by first name) making considerable impacts during their Apple tenure — like Angela Ahrendts).
Brad Stone’s September 2014 BloombergBusinessweek article highlights Cook’s moves to include new perspectives at Apple. From January 2014 to September 2014, Apple hired approximately 20 senior executives from multiple industries (direct quotes below):
“(Cook) is very focused on finding a very wide range of people. It’s not automatically the way you think about diversity. It’s about bringing in experience, skill set, and perspective." — Susan Wagner, founding partner and director of asset-management firm BlackRock.
“(Cook) is comfortable enough to say ‘we need help here,’ and then he goes out and gets it.” — Jimmy Iovine, Co-Founder of Beats Electronics.
It’s the Ecosystem Stupid! (h/t James Carville)
Betting the Farm on The Apple Ecosystem. Cook’s strategic bet makes collaboration an Apple strategic imperative. Apple senior executives are functional experts who collectively work as a team. Horizontal product development enables integration of hardware, software, and services to produce a killer product. Cook explains (20:08 - 20:23; paraphrasing):
"Respecting, trusting, and complementing one another (in thought and skills) is what makes this all work."
Collaboration may be a virtue, but Cook insists it’s more of a strategic imperative. Aligning thousands of employees is crucial now that “the lines between hardware, software, and services are blurred or are disappearing,” he says (Cook). “The only way you can pull this off is when everyone is working together well. And not just working together well but almost blending together so that you can’t tell where people are working anymore, because they are so focused on a great experience that they are not taking functional views of things.”
The result is only now becoming apparent with services that work across different Apple devices. Embedded in the iPhone 6 and the new iOS 8 and Mac OS X Yosemite operating system is a feature called Continuity, which lets users start an e-mail or some other task on their Mac, pick it up on their iPhone, and then move it to their iPad or even the Apple Watch.
(Cook continues) "We would never have gotten there in the old model. These new products are reminders of why we exist.
The things we should be doing at Apple are things that others can’t.”
Google Is Apple’s Top Competitor (32:30 - 36:00). Cook’s answer to Rose’s “Who’s Your Competition?” question speaks volumes. He recognized Google twice during their conversation as Apple's most formidable competitor.
He dismissed everyone else including Samsung and Amazon. Microsoft never entered the conversation.
Larry Page makes it no secret he's pursuing an Android ecosystem-driven strategy. Google acquired Motorola Mobility in 2011 to gain control of the patents bolstering and protecting Android (and subsequent Google products and services). From Google’s Investor Relations Site, Page describes his strategic vision and rationale for selling Motorola Mobility to Lenovo):
“Lenovo has the expertise and track record to scale Motorola Mobility into a major player within the Android ecosystem. This move will enable Google to devote our energy to driving innovation across the Android ecosystem, for the benefit of smartphone users everywhere.”
Google Targets The Consumer Ecosystem. Just ask Tony Fadell, CEO and Founder of Nest. Just ask Walter Isaacson, Steve Jobs’s biographer. In January 2014, Isaacson declared Google passed Apple in innovation supremacy with the Nest acquisition (refer to CNBC video below).
Matthew J. Belvedere’s CNBC article concluded Apple and Tim Cook fell behind:
While acknowledging the China Mobile partnership is a "big deal" for Apple, he said (i.e., Isaacson) Google-Nest exemplifies the "amazingly strong integrated strategy that Google has to connect all of our devices, all of our lives, from our car, to our navigation system, to how our garage doors are going to open."Isaacson also pointed out that Nest co-founder and CEO Tony Fadell will be joining Google as part of this deal. "Fadell was one of the team that created the iPod. He was very deep into the Apple culture ... when Apple was so innovative." To play catch-up, Cook has to think about what industry he wants to disrupt next, Isaacson said. "I think Steve Jobs would have wanted as the next disruptive thing to either have wearable-like watches or TV, an easy TV that you can walk into the room and say put on 'Squawk Box' … or disrupt the digital camera industry or disrupt textbooks."
"We ought to see in 2014, Apple do something huge," Isaacson said.
Google-Android Commands Global Market Share, but Apple-iOS Captures Highest Profitability. Android is the defacto global, smartphone operating system. Conner Forrest’s Tech Republic article proves Android market share dwarfs Apple-iOS by a factor of four (4). His research strengthens Isaacson’s argument how Google is positioning itself as a consumer ecosystem powerhouse:
Photo Credit: Conner Forrest, Tech Republic
But, Does Market Share Dominance Mean Google Makes More Money than Apple? Tony Bradley’s November 2013 Forbes article shows Apple dominates profitability capture versus Android. That’s why “staying focused” anchors the Apple’s core values. Though not externally stated, Jobs knew and promoted that making money matters. Making money (or in Apple’s case, tons of it) bestows the rare, parallel luxury to sustain business AND develop new innovation.
Photo Credit: Conner Forrest, Tech Republic
Photo Credit: Neil Hughes, Apple Insider
Making Tons of Money Isn’t the Point. Apple almost went bankrupt 17 years ago. That’s the age of a teenager — it wasn’t that long ago. Walt Mossberg's November 2014 <re/code> article, The Mac’s Second Act: From Obscurity to Ubiquity, lends important perspective to Apple’s current financial situation versus its dire days in 1997. Jobs knew he needed someone of Cook's supply chain and operations genius. That’s why Jobs hired Cook.
In 1998, Jobs and Apple needed Cook (not the other way around).
Photo Credit: W_Minshull
Driving Collaboration and Accessing Innovation Extends Beyond 1 Infinity Loop. The Charlie Rose-Tim Cook conversation turns instructive when Rose asks Cook if Apple is "more open (around 22:26).” Cook's responses on iOS app developer relationship management, the IBM strategic alliance, and the Beats Music and Beats Electronics acquisition signal his mantra that creativity and innovation are a team sport (App Developers: 30:20 - 32:12; IBM: 22:26 - 25:37; Beats: 26:14 - 29:00).
Apple Manages Relationships with 9 Million Registered iOS Developers. MacNN News reported the number of developers registered with Apple has increased 47 percent since last year to 9 million. According to the United States Census Bureau, if "Apple iOS Developer City” was an American city, it’s population trumps New York (with room to spare for Nashville).
Cook recognizes the iOS developer community is key to Apple’s current and future success (paraphrased quotes from Rose conversation; 30:20 - 32:12):
“The June 2014 developer’s convention was all about giving developers access to iOS so Apple and iOS have access to innovation."
“We treat working with them (i.e., the iOS developer community) that it’s Apple’s privilege."
“Our (i.e., Apple’s) developers can sell their product (i.e. iOS app) worldwide in the Apple App store in 155 countries."
Show App Developers The Money. Apple Does. Google Does Too. But, Apple developers earn tons more. Andreesen Horowitz Analyst Benedict Evans proves Apple paid app developers five times (5x) more revenue than Google. In the past 12 months, Apple paid developers $10 billion versus $5 billion by Google.
Photo Credit: Benedict Evans
Tim Cook Wants the Apple Ecosystem to Command the Enterprise Market (22:26 - 25:37). Steve Jobs transformed our daily consumer lives. Cook wants to reinvent our daily professional lives. That’s the mission objective for uniting with IBM, a former adversary. Cook shared with Rose the following anecdotes (paraphrasing):
“We believe we can change the way people work at an enterprise level."
“The vision is to fulfill the unmet needs of the industry verticals down to the granular specificity of the job itself."
“We can change the way people work. We spend so much of our lives working."
Reuters reports the Apple-IBM alliance is developing inroads into the financial services industry (e.g., companies like CitiGroup). Furthermore, the same Reuters article states:
"The iPhone maker has worked closely with a group of startups, including ServiceMax and PlanGrid, that already specialize in selling apps to corporate America. The two people familiar with the plans, but who could not speak publicly about them, say Apple is already in talks with other mobile enterprise developers to bring them into a more formal partnership."
A Play for The Enterprise Version of The Internet of Things? Sounds like it to me. Now, that would be both transformative and lucrative. Stay tuned. I’m looking forward to learning about the Apple-IBM alliance’s penetration and progress after Q1 2015 (even more than the Apple Watch Launch).
On the Surface, Beats Masquerades as a Headphone Company. Unseen by the deal’s critics is how Tim Cook discovered powerful and influential diversity in thought.When Rose asked Cook, “Why did you buy a headphones company?” he responded (26:14 - 29:00):
“Talent. It’s the idea of gaining great talent."
“The creative genius of Jimmy Iovine and Dr. Dre."
“Iodine’s deep knowledge of the entertainment vertical (i.e., music industry)"
“Dr. Dre knows artists and is an artist."
Cook Recognizes Remarkable Human Centered Design (HCD) When He Sees It, Hears It, and Feels It. Cook shared with Rose how “not all subscription services are alike.” His enthusiasm in describing Beats Music after experiencing it himself is palpable (paraphrasing):
“Beats recognized the importance human curation can make in how you feel and experience something."
“It (Beats) affects how you feel."
“You know it when you see it and feel it.
Jimmy Iovine Nails It Why the Apple-Beats Deal Is Smart. Apple is about feel and emotional connection. That why the Apple Tribe continues shelling out big bucks to replacing their perfectly working iPhones with more expensive ones at a record pace. Check out Iovine’s commentary on feel, the state of the music industry, and why he believes Apple and Beats are primed to transform it. I can’t wait to see the impact of his influence at Apple in its future product development:
Strategy+Business’ Matt Egol and Christopher Vollmer Argue Why Apple Bet Big on Beats Music’s HCD Intangibles. Egol's and Vollmer’s article describes how both companies focus on delivering an amazing HCD experience. The critics who say this deal is the tipping point for Apple’s inevitable innovation demise fail to recognize this fact. Here’s an excerpt their article:
The story behind the deal is much more nuanced, however. It’s not just about those tangible assets (referring to Beats’ headphone and streaming music platform), but rather a really big bet on capabilities—especially in product development, marketing, and branding. The fact that Beats has achieved a 59 percent share of the high-end headphone market in the United States and launched a high growth, buzz-worthy streaming service demonstrates the power of HCD principles at work.Apple is well positioned to accelerate this momentum, given its own commitment to HCD.
Photo Credit: Gideon Tsang
Cook’s critics point to the Beats acquisition as a leading indicator of Apple’s inevitable demise because it "no longer innovates from within.” Nonsense.
The Cautionary Tale and Parallel Paths of Apple and Merck as Fortune Magazine's Most Admired Companies. From 1987 - 1993, the pharmaceutical company, Merck, graced the covers of Fortune Magazine’s Most Admired Company issues as the Number 1 company in corporate reputation. In 1994, the company tumbled to Number 11. Merck’s CEO at that time, P. Roy Vagelos, declared the company would return to Number 1 (direct quote from Fortune’s Most Admired Companies February 7, 1994 article):
''WE WERE the first company to be selected No. 1 seven years in a row. My plan is that we'll be the first company to bounce back."
So says Dr. P. Roy Vagelos, CEO of Merck, no longer America's most admired corporation. A year of economic turbulence, plus a far more extensive survey of companies, has produced a new crop at the top, with half of America's ten most admired corporations newcomers to that elite group.
The long-reigning king is deposed, relegated to No. 11.
Vagelos’ Bold Proclamation Never Materialized. Merck’s 2014 Fortune Most Admired Company Ranking is Number 65 (in 2013, it was Number 58). Why’s this important? For seven (7) consecutive years, Merck was Apple.
Guess Who Fortune Magazine Ranked as The Most Admired Company in 2014? Guess who's monopolized this title for seven (7) straight years since 2008? Apple. But, the similarities end there. How Merck chose to sustain innovation in its “Year 7” (and beyond) proves instructive.
Merck Caved to Not-Invented-Here Syndrome. John Simons, February 2008 Fortune article explores Merck’s research and development insularity post-1994:
"Merck's scientific excellence had long inspired admiration and envy; corporate leaders voted it America's Most Admired Company in Fortune from 1987 to 1993. By the early part of this decade, however, Merck was finding it difficult to turn its science into new, profitable medicines. In Merck's case, there was a unique element added to what was an industrywide drought."
"Merck was so pleased and proud to be Merck that its research culture had become haughty and insular. The company refused to consider medicines discovered outside its own labs and spurned the mergers and research alliances that were reshaping the industry."
To Peter Kim’s credit, President of Merck Research and Development from 2003 - 2013, Merck reversed its attitude course. The Simons article continues:
"By late 2004, Kim had overseen a new system that allows scientists to mine scientific literature to identify promising chemical compounds. He also encouraged Merck scientists to use their connections to open doors for Merck's acquisitions department
"In 1999, Merck entered into just ten collaborative licensing deals; by 2006, there were 53 joint-development transactions and small acquisitions."
10 years passed before Merck transformed its strategic thinking towards developing and accessing innovation. In three (3) short years, Cook’s decisiveness and focus proves what happened to Merck will not happen under his “Apple Watch” as CEO.
The Tim Cook Leadership Era Means the “I” in Innovation Means "Inclusion Inspires.” That cultural pillar extends far beyond sexual orientation. He’s driving cultural and strategic shifts at Apple to sustain and grow a core Jobs-Apple value (10:37 - 12:04): “To Be the Best.”
When Your Competitor is “The Most Ambitious CEO in The Universe,” You Better Continue Reinventing and Transforming. Talent isn’t enough. Company culture drives innovation and competitive advantage.
Here are two amazing books on the significant impact of company culture:
Will Tim Cook Continue Being Criticized for Not Being Steve Jobs? Yes. When you succeed an icon and legend, that’s a given. But, Cook won’t blink twice. He described to Rose his skill in “blocking out and filtering the noise.” (20:59 - 22:05)
Tim Cook Bets His Legacy and the Apple Ecosystem on “The Corporate Internet of Things.” That’s a massive pivot for a company whose past successes are rooted in consumer fanaticism. But, Cook has no interest in “following the herd.” Cook described to Rose why he decided to leave Compaq and join Apple in 1998 (36:13 - 37:00; paraphrased):
"Well I’m just thinking I’m going to meet him and all of a sudden he’s talking about his strategy and his vision (i.e., Jobs), and what he was doing was going 100 percent into consumer. When everybody else in the industry had decided you couldn’t make any money on consumers so they were headed to services and storage and enterprise. And I thought, I’d always thought that following the herd was not a good thing, that it was a terrible thing to do right? You’re either going to lose big, or lose, but those are the two options."
"He was doing something totally different.” (referring to Jobs)
Not Following the Herd. Questioning Conventional Wisdom. Being the Best. Sounds a lot like:
Photo Credit: Apple Website on October 5, 2011
Thank you for taking time to stop by. Please let me know if you agree or disagree with my thoughts in the comments. If you disagree, I would love to hear from you. I’m also here to read, listen, and learn from YOUR PERSPECTIVE.
Comments are open. So let’er rip!
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Tony Faustino is a marketing and corporate strategist. He thinks and writes about how The Internet reinvents marketing strategy in his personal blog, Social Media ReInvention. Follow his tweets @tonyfaustino or circle him on Google+.
Share-worthy links Social Media ReInvention Community Members can enjoy during Sunday brunch:
1) YouTube: Enhance Your Lighting - GE Commercial. Jeff Goldblum provides a brilliant and hysterical performance in the GE advertising campaign for #EnhanceYourLighting. Views continue exploding (1,394,000+ when I wrote this post). GE takes mundane advertising and transforms it into funny, memorable, and campy content.
Hat Tip -- Fast Company: JEFF GOLDBLUM GETS TOPLESS FOR GE, NYC GETS A NEW HEART: THE TOP 5 ADS OF THE WEEK.
2) YouTube: Introducing the Post-it® Plus App. No, I won't shut up about this app because I'm a Post-it® geek. Welcome to The Collaboration Age. Enjoy this video and wear your Post-it® geekiness as a badge of honor.
3) Forbes: Gone From Microsoft, Ballmer Begins A Surprising Second Act. George Anders wrote this great profile about Steve Ballmer (former Microsoft CEO, now owner of the Los Angeles Clippers NBA franchise). Anders' article about how Ballmer is approaching this phase of his professional life is a great example of personal branding and reinvention:
4) Forbes: Finding Alibaba -- How Jerry Yang Made The Most Lucrative Bet In Silicon Valley History. Parmy Olson reveals Jerry Yang's second act reinvention after leaving Yahoo in 2012. He's now a venture capitalist, Founding Partner of AME Cloud Ventures, and power broker.
Olson's article proves trust and familiarity are the heart and soul of business relationships (versus Excel spreadsheets forecasting ROI). Jack Ma (Chairman and CEO of Alibaba) and Yang's friendship started in 1997 (and may save Yahoo).
Not convinced? The Forbes article cites 36 billion reasons.
5) The New York Times: New York Times Plans to Eliminate 100 Jobs in the Newsroom. Arthur Sulzberger, Jr. (Publisher) and Mark Thompson (Chief Executive) announced the cuts October 1st. Here are some direct quotes:
I admire and respect how a revered publishing institution like The New York Times attempts to adapt a Lean Startup mindset and culture. Yes, they're conducting experiments, validating learning, pivoting, etc.
But, it takes more than carefully sprinkled buzzwords in another announcement explaining job cuts. Organizations like The Times (and others) must wake up to the painful realization that lean startups do not require 1990's staffing levels and infrastructure.
Why doesn't the New York Times "just get on with it." They will thrive as a digital publisher. If it wants to go fully digital, why not commit now and:
But, it won't.
So, the bloodshed continues ...
If yes, please share it with your friends and subscribe to my blog. Many Thanks!
Tony Faustino is a marketing and corporate strategist. He thinks and writes about how The Internet reinvents marketing strategy in his personal blog, Social Media ReInvention. Follow his tweets @tonyfaustino or circle him on Google+.
Share-worthy links Social Media ReInvention Community Members can enjoy during Sunday brunch:
1) MarketingLand: Up Close: Ello, The New Social Network That Is So Hot Right Now. I read / curated many articles on Silicon Valley's latest social networking sweetheart. Martin Beck's comprehensive review is a must-read:
2) Fast Company: LOVE POST-IT NOTES? YOU'LL LOVE THIS NEW PRODUCTIVITY APP THAT DIGITIZES THEM. 3-M developed this brilliant iPhone app, Post-it(R) Plus.
I'm a visual person. Post-It(R) Notes are my storyboarding savior (colleagues say I have an illness and should seek professional help).
3) TechCrunch: Closing The Gaps In Mobile Health. Dan Pelino's piece describes the IBM-Apple value proposition and long term implications of the Apple econsystem in a real-world example. Look out healthcare this strategic alliance wants to disrupt your industry. Their solutions will focus on physicians and patients.
And, speaking of IBM ...
4) Fortune: IBM CEO Ginni Rometty Gets Past the Big Blues. IBM's first female CEO shares her thoughts on the Apple alliance and her strategic vision for Big Blue's latest transformation:
5) Budweiser: Global Be(er) Responsible Day | “Friends Are Waiting” Campaign. The #FriendsAreWaiting spot to discourage drunk driving is storytelling brilliance in 60 seconds or less (almost). This video hits all the right notes: emotional, memorable, conflict, and resolution. Somewhere, Pixar creatives are smiling.
If yes, please share it with your friends and subscribe to my blog. Many Thanks!
Tony Faustino is a marketing and corporate strategist. He thinks and writes about how The Internet reinvents marketing strategy in his personal blog, Social Media ReInvention. Follow his tweets @tonyfaustino or circle him on Google+.
Inbound Marketing Certified Professional and Author, Social Media ReInvention Blog
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