Customer Ratings Quotes

The idea that Bill Gates has appeared like a knight in shining armor to lead all customers out of a mire of technological chaos neatly ignores the fact that it was he who, by peddling second-rate technology, led them into it in the first place.

You need a good customer service and client success strategy because it helps your business grow.

He became convinced that ordinary commercial financing could be done for a service charge plus an insurance fee amounting to much less that the current rates of interest charged by banks, whose rates were based on supply and demand, treating money as a commodity rather than as a sovereign state's means of exchange.

Customs, morals—is there a difference? Woman, do you realize what you are doing? Here, by the grace of God and an inside straight, we have a personality untouched by the psychotic taboos of our tribe—and you want to turn him into a carbon copy of every fourth-rate conformist in this frightened land! Why don’t you go whole hog? Get him a brief case and make him carry it wherever he goes—make him feel shame if he doesn’t have it.

Once every year we review market rates and issue raises automatically. Our target is to pay everyone at the company at the top 10 percent of the market regardless of their role. So whether you work in customer support or ops or programming or design, you’ll be paid in the top 10 percent for that position.

We ride too high on deceptive notions of power and security and control and then when it all comes crashing down on us the low is made deeper by the high. By its precipitousness, but also by the humiliation you feel for having failed to see the plummet coming. . . . Lulled by years of relative peace and prosperity we settle into micromanaging our lives with our fancy technologies and custom interest rates and eleven different kinds of milk, and this leads to a certain inwardness, an unchecked narrowing of perspective, the vague expectation that even if we don't earn them and nurture them the truly essential amenities will endure forever as they are. We trust that someone else is looking after the civil liberties shop, so we don't have to. Our military might is unmatched and in any case the madness is at least an ocean away. And then all of a sudden we look up from ordering paper towels online to find ourselves delivered right into the madness. And we wonder: How did this happen? What was I doing when this was in the works? Is it too late to think about it now? . . .

... and finally there came the customer we'd always dreamed of, who wanted us as consultants. To be a consultant is the ideal work, the sort from which you derive prestige and money without dirtying your hands, or breaking your backbone, or running the risk of ending up roasted or poisoned: all you have to do is take off your smock, put on your tie, listen in attentive silence to the problem, and then you'll feel like the Delphic oracle. You must then weigh your reply very carefully and formulate it in convoluted, vague language so that the customer also considers you an oracle, worthy of his faith and the rates set by the Chemists' Society.

THE ORGANIC FOODS MYTH A few decades ago, a woman tried to sue a butter company that had printed the word 'LITE' on its product's packaging. She claimed to have gained so much weight from eating the butter, even though it was labeled as being 'LITE'. In court, the lawyer representing the butter company simply held up the container of butter and said to the judge, "My client did not lie. The container is indeed 'light in weight'. The woman lost the case. In a marketing class in college, we were assigned this case study to show us that 'puffery' is legal. This means that you can deceptively use words with double meanings to sell a product, even though they could mislead customers into thinking your words mean something different. I am using this example to touch upon the myth of organic foods. If I was a lawyer representing a company that had labeled its oranges as being organic, and a man was suing my client because he found out that the oranges were being sprayed with toxins, my defense opening statement would be very simple: "If it's not plastic or metallic, it's organic." Most products labeled as being organic are not really organic. This is the truth. You pay premium prices for products you think are grown without chemicals, but most products are. If an apple is labeled as being organic, it could mean two things. Either the apple tree itself is free from chemicals, or just the soil. One or the other, but rarely both. The truth is, the word 'organic' can mean many things, and taking a farmer to court would be difficult if you found out his fruits were indeed sprayed with pesticides. After all, all organisms on earth are scientifically labeled as being organic, unless they are made of plastic or metal. The word 'organic' comes from the word 'organism', meaning something that is, or once was, living and breathing air, water and sunlight. So, the next time you stroll through your local supermarket and see brown pears that are labeled as being organic, know that they could have been third-rate fare sourced from the last day of a weekend market, and have been re-labeled to be sold to a gullible crowd for a premium price. I have a friend who thinks that organic foods have to look beat up and deformed because the use of chemicals is what makes them look perfect and flawless. This is not true. Chemical-free foods can look perfect if grown in your backyard. If you go to jungles or forests untouched by man, you will see fruit and vegetables that look like they sprouted from trees from Heaven. So be cautious the next time you buy anything labeled as 'organic'. Unless you personally know the farmer or the company selling the products, don't trust what you read. You, me, and everything on land and sea are organic. Suzy Kassem, Truth Is Crying

Forcing your employees to follow required steps only prevents customer dissatisfaction. If your goal is truly to satisfy, to create advocates, then the step-by-step approach alone cannot get you there. Instead, you must select employees who have the talent to listen and to teach, and then you must focus them toward simple emotional outcomes like partnership and advice. ... Identify a person's strenths. Define outcomes that play to those strengths. Find a way to count, rate or rank those outcomes. And then let the person run.

Whereas penetration most often means that industry demand will level off, for durable goods, achieving penetration can lead to an abrupt drop in industry demand. After most potential customers have purchased the product, its durability implies that few will buy replacements for a number of years. If industry penetration has been rapid, this situation may translate into several very lean years for industry demand. For example, industry sales of snowmobiles, which underwent very rapid penetration, fell from 425,000 units per year in the peak year (1970-1971) to 125,000 to 200,000 units per year in 1976-1977.6 Recreational vehicles underwent a similar though not quite so dramatic decline. The relation between the growth rate after penetration and growth before penetration will be a function of how fast penetration has been reached and the average time before replacement, and this figure can be calculated.

Ten kings met once a year to decide about water sharing, fixing customs, excise, and toll rates, port levies, and to exchange musicians and artisans. An

Well, Sky is a regular customer of ours, and we were going to do a discount rate for her, but I have a better idea. The payment is you.

Customers deposit money in a bank for interest; the bank lends that money to other people at a higher rate of interest. This isn't glamorous or interesting, but then banking is not supposed to resemble base jumping or hip-hop.

Massino’s crew stashed stolen expensive men’s suits in a warehouse in the Corona section of Queens, and propelled the clothes on a rope line attached to a haberdashery across the street whenever customers showed up for a cut-rate sale.

A persons trustworthiness in one area of life may not necessarily transfer over to their trustworthiness as a borrower. And a business that can be trusted to do the right thing for its customers may not necessarily be a business that can be trusted to do the right thing for its creditors.

While delivering consistently good customer service requires work and alignment across your entire organization, a good place to start is your support team. It's important to hire people who genuinely want to help your customers succeed — and to pay rates that are attractive to skilled professionals.

Profit is so very fluctuating that the person who carries on a particular trade cannot always tell you himself what is the average of his annual profit. It is affected not only by every variation of price in the commodities which he deals in, but by the good or bad fortune both of his rivals and of his customers, and by a thousand other accidents to which goods when carried either by sea or by land, or even when stored in a warehouse, are liable. It varies, therefore, not only from year to year, but from day to day, and almost from hour to hour. To ascertain what is the average profit of all the different trades carried on in a great kingdom must be much more difficult; and to judge of what it may have been formerly, or in remote periods of time, with any degree of precision, must be altogether impossible. But though it may be impossible to determine, with any degree of precision, what are or were the average profits of stock, either in the present or in ancient times, some notion may be formed of them from the interest of money. It may be laid down as a maxim, that wherever a great deal can be made by the use of money, a great deal will commonly be given for the use of it; and that wherever little can be made by it, less will commonly be given for it. According, therefore, as the usual market rate of interest varies in any country, we may be assured that the ordinary profits of stock must vary with it, must sink as it sinks, and rise as it rises. The progress of interest, therefore, may lead us to form some notion of the progress of profit.

Is a programmer who gets 99% of assignments done on time and 95% error free better than one who gets only 92% done on time but with a 99% error-free rate? Is total product quality higher if the defect rate is 15% lower but customer returns are 10% higher? Is “strategic alignment” higher if the profit went up by 10% but the “total quality index” went down by 5%?

Household was making loans at a faster pace than ever. A big source of its growth had been the second mortgage. The document offered a fifteen-year, fixed-rate loan, but it was bizarrely disguised as a thirty-year loan. It took the stream of payments the homeowner would make to Household over fifteen years, spread it hypothetically over thirty years, and asked: If you were making the same dollar payments over thirty years that you are in fact making over fifteen, what would your “effective rate” of interest be? It was a weird, dishonest sales pitch. The borrower was told he had an “effective interest rate of 7 percent” when he was in fact paying something like 12.5 percent. “It was blatant fraud,” said Eisman. “They were tricking their customers.

Complaints: McKinsey and Company found: • customers who have major problems but don’t complain about them have a purchase intention rate of about 9% • those who do complain, regardless of the outcome, have a repurchase rate of about 19% • customers who have their complain resolved have a repurchase intention rate of 54% • customers who have complaints quickly resolved have a repurchase intention rate of 82%

The three terms of Federalist rule had been full of dazzling accomplishments that Republicans, with their extreme apprehension of federal power, could never have achieved. Under the tutelage of Washington, Adams, and Hamilton, the Federalists had bequeathed to American history a sound federal government with a central bank, a funded debt, a high credit rating, a tax system, a customs service, a coast guard, a navy, and many other institutions that would guarantee the strength to preserve liberty. They activated critical constitutional doctrines that gave the American charter flexibility, forged the bonds of nationhood, and lent an energetic tone to the executive branch in foreign and domestic policy. Hamilton, in particular, bound the nation through his fiscal programs in a way that no Republican could have matched. He helped to establish the rule of law and the culture of capitalism at a time when a revolutionary utopianism and a flirtation with the French Revolution still prevailed among too many Jeffersonians. With their reverence for states’ rights, abhorrence of central authority, and cramped interpretation of the Constitution, Republicans would have found it difficult, if not impossible, to achieve these historic feats. Hamilton

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Yes, I read it,” she replies. “I most certainly did read it. It kept me up all night, I was so angry with it. At this stage of my life, I would rather not be kept up all night. Nor do I wish to have my tears jerked at the rate at which this novel jerked them. The next time you recommend a book to me, I hope you’ll keep that in mind, Mr. Fikry.” “I will,” he says. “And I do apologize, Mrs. Cumberbatch. Most of our customers have rather liked The Book Thief.

Fortunately, new platforms and technology have made homeschooling manageable on many fronts. Parents can do everything from accessing first-rate courses online to finding support from other parents in the same situation. The best part is that they can completely tailor the experience to the learning style and interest of their children and give them the attention that they would never get in the classroom. The results are striking. Twenty-five percent of homeschooled children are at least one grade ahead of their traditionally schooled peers. The homeschooled population, as a whole, scores exceptionally higher on academic achievement tests.5 This shift is perhaps the best glimpse of the future of education—mass customization alongside personalized attention. Like banking, it will return to a human-scale model based on relationships and personal needs, and it will be where much of the disruption in the economy and labor market occurs in the next few decades.

The panic was blamed on many factors—tight money, Roosevelt’s Gridiron Club speech attacking the “malefactors of great wealth,” and excessive speculation in copper, mining, and railroad stocks. The immediate weakness arose from the recklessness of the trust companies. In the early 1900s, national and most state-chartered banks couldn’t take trust accounts (wills, estates, and so on) but directed customers to trusts. Traditionally, these had been synonymous with safe investment. By 1907, however, they had exploited enough legal loopholes to become highly speculative. To draw money for risky ventures, they paid exorbitant interest rates, and trust executives operated like stock market plungers. They loaned out so much against stocks and bonds that by October 1907 as much as half the bank loans in New York were backed by securities as collateral—an extremely shaky base for the system. The trusts also didn’t keep the high cash reserves of commercial banks and were vulnerable to sudden runs.

An economic franchise arises from a product or service that: (1) is needed or desired; (2) is thought by its customers to have no close substitute and; (3) is not subject to price regulation. The existence of all three conditions will be demonstrated by a company’s ability to regularly price its product or service aggressively and thereby to earn high rates of return on capital. Moreover, franchises can tolerate mismanagement. Inept managers may diminish a franchise’s profitability, but they cannot inflict mortal damage.

The most important of all perceptions is the continual perception of cause and effect—in other words, the perception of the continuous development of the universe—in still other words, the perception of the course of evolution. When one has thoroughly got imbued into one's head the leading truth that nothing happens without a cause, one grows not only large-minded, but large-hearted. It is hard to have one's watch stolen, but one reflects that the thief of the watch became a thief from causes of heredity and environment which are as interesting as they are scientifically comprehensible; and one buys another watch, if not with joy, at any rate with a philosophy that makes bitterness impossible. One loses, in the study of cause and effect, that absurd air which so many people have of being always shocked and pained by the curiousness of life. Such people live amid human nature as if human nature were a foreign country full of awful foreign customs. But, having reached maturity, one ought surely to be ashamed of being a stranger in a strange land!

Through the years, I have heard that the average person speaks at about 150-160 words per minute, but can listen at a rate of about 1,000 words per minute. What is going on during all that extra mind time? • Our minds are racing ahead and preparing for the next thing we are going to say. • We are preoccupied with other thoughts, priorities, and distractions. • Our subconscious filters are thumbing through our database of memories, judgments, experiences, perspectives, and opinions to frame how we are going to interpret what we think someone is saying.

The Colbertian use of tariffs furthermore skewed trade so that high customs barriers in Italy meant that raw silk from Piedmont which used to go to Lombardy was instead sent to Lyons; Dutch producers had to pay duties on goods sold in France, but not vice versa, and so on.44 It was economic imperialism in action, which could hardly fail to stoke resentment in France’s satellite states. Napoleon had managed greatly to increase confidence in France’s finances and in her ability to honour her government’s bonds, but even so they never managed to match Britain’s in this period. At his best, he was forced to borrow at higher rates than Britain at its worst.

One of my students told the class that he worked in a bank in which everybody made note of every action—a telephone call, a calculation, use of a computer, waiting on a customer, etc. There was a standard time for every act, and everybody was rated every day. Some days this man would make a score of 50, next day 260, etc. Everybody was ranked on his score, the lower the score, the higher the rank. Morale was understandably low. “My rate is 155 pieces per day. I can’t come near this figure—and we all have the problem—without turning out a lot of defective items.” She must bury her pride of workmanship to make her quota, or lose pay and maybe also her job. It could well be that with intelligent supervision and help, and with no inherited defects, this operator could produce in a day and with less effort many more good items than her stated rate. Some people in management claim that they have a better plan: dock her for a defective item. This sounds great. Make it clear that this is not the place for mistakes and defective items. Actually, this may be cruel supervision. Who declares an item to be defective? Is it clear to the worker and to the inspector—both of them—what constitutes a defective item? Would it have been declared defective yesterday? Who made the defective item? The worker, or the system? Where is the evidence?

In reality, electrons move in “probability clouds.” So what do you tell a sixth grader? Do you talk about the motion of planets, which is easy to understand and nudges you closer to the truth? Or do you talk about “probability clouds,” which are impossible to understand but accurate? The choice may seem to be a difficult one: (1) accuracy first, at the expense of accessibility; or (2) accessibility first, at the expense of accuracy. But in many circumstances this is a false choice for one compelling reason: If a message can’t be used to make predictions or decisions, it is without value, no matter how accurate or comprehensive it is. Herb Kelleher could tell a flight attendant that her goal is to “maximize shareholder value.” In some sense, this statement is more accurate and complete than that the goal is to be “THE low-fare airline.” After all, the proverb “THE low-fare airline” is clearly incomplete—Southwest could offer lower fares by eliminating aircraft maintenance, or by asking passengers to share napkins. Clearly, there are additional values (customer comfort, safety ratings) that refine Southwest’s core value of economy. The problem with “maximize shareholder value,” despite its accuracy, is that it doesn’t help the flight attendant decide whether to serve chicken salad. An accurate but useless idea is still useless.

The Endowed Progress Effect Punch cards are often used by retailers to encourage repeat business. With each purchase, customers get closer to receiving a free product or service. These cards are typically awarded empty and in effect, customers start at zero percent complete. What would happen if retailers handed customers punch cards with punches already given? Would people be more likely to take action if they had already made some progress? An experiment sought to answer this very question.[lxvi] Two groups of customers were given punch cards awarding a free car wash once the cards were fully punched. One group was given a blank punch card with 8 squares and the other given a punch card with 10 squares but with two free punches. Both groups still had to purchase 8 car washes to receive a free wash; however, the second group of customers — those that were given two free punches — had a staggering 82 percent higher completion rate. The study demonstrates the endowed progress effect, a phenomenon that increases motivation as people believe they are nearing a goal. Sites such as LinkedIn and Facebook utilize this heuristic to encourage people to divulge more information about themselves when completing their online profiles. On LinkedIn, every user starts with some semblance of progress (figure 19). The next step is to “Improve Your Profile Strength” by supplying additional information.

THE WORKOUT Warm up with some light physical activity for 3 minutes at an easy pace. Blast through a 20-second sprint at an all-out pace. Rest with some light activity at intensity 1 for 2 minutes. Blast through another 20-second sprint. Repeat the cycle until you’ve completed 3 sprints. End with a 2-minute cool-down for a total duration of 10 minutes. Feel free to customize the sprint activity to any full-body movement that significantly elevates your heart rate—such as the stair climbing I mentioned earlier in this chapter. Note that the protocol we tested in the lab featured different warm-up and cool-down times. To bring this workout in line with the others in this book, I’ve used a 3-minute warm-up and a 2-minute cool-down.

Numerous lawyers, consultants, and accountants have told me that when a client has treated them badly, they avoid working for them again unless they are desperate, and when they must, they often charge higher rates to make themselves feel better and because assholes consume extra time and emotional energy. A European consultant explained his firm’s evidence-based ‘asshole pricing’ in a comment on my blog: We’ve therefore abandoned the old pricing altogether and simply have a list of difficult customers who get charged more. Before The No Asshole Rule became widely known, we were calling this Asshole Pricing. It isn’t just a tax, a surcharge on the regular price; the entirety of the price quoted is driven by Asshole considerations.

Michael Ward knows. Ward loves railroads. His loves his own railroad company, CSX, which traces its origins to 1827 when the Baltimore & Ohio Railroad was formed as the nation’s first common carrier. He traces his own origins at CSX back thirty-seven years, when he took an analyst job as a newly minted Harvard Business School M.B.A., rising to become chairman, president, and CEO in 2003. And he loves the whole American freight rail industry. “Railroaders are like farmers,” Ward declares. “You heard about the farmer that won the lottery? They said to him, ‘Oh my gosh, you won the lottery; what are you going to do with all that money?’ He said, ‘I’m a farmer and I love farming, and I’m going to farm until every penny of it is gone.’ And I say railroaders are like that. When we make more money, we’re going to invest more back into the infrastructure, so we can strengthen the railroad and grow the business.” Ward may sound like a press release, but that’s exactly how he talks, and why he’s a major industry spokesman. He lavishes praise on industry performance: “While we’ve improved the profitability of the industry, we’ve also cut rates in half of what they were in 1980 for our customers, on an inflation-adjusted basis. We’re providing a more economical product to them, and it’s safer and more reliable. Over the years, as an industry, our train accident rate is down 80 percent; our personal injury rate is down 85 percent; and we’re doing this with about one-third of the workforce we had in 1980.” He calls the industry “the envy of the world.

What’s really worried me over the years is not our stock price, but that we might someday fail to take care of our customers, or that our managers might fail to motivate and take care of our associates. I also was worried that we might lose the team concept, or fail to keep the family concept viable and realistic and meaningful to our folks as we grow. Those challenges are more real than somebody’s theory that we’re headed down the wrong path. As business leaders, we absolutely cannot afford to get all caught up in trying to meet the goals that some retail analyst or financial institution in New York sets for us on a ten-year plan spit out of a computer that somebody set to compound at such-and-such a rate. If we do that, we take our eye off the ball. But if we demonstrate in our sales and our earnings every day, every week, every quarter, that we’re doing our job in a sound way, we will get the growth we are entitled to, and the market will respect us in a way that we deserve.

At the same time, surveillance will change the very nature of insurance. Insurance is an industry, traditionally, that draws on the majority of the community to respond to the needs of an unfortunate minority. In the villages we lived in centuries ago, families, religious groups, and neighbors helped look after each other when fire, accident, or illness struck. In the market economy, we outsource this care to insurance companies, which keep a portion of the money for themselves and call it profit. As insurance companies learn more about us, they’ll be able to pinpoint those who appear to be the riskiest customers and then either drive their rates to the stratosphere or, where legal, deny them coverage. This is a far cry from insurance’s original purpose, which is to help society balance its risk. In a targeted world, we no longer pay the average. Instead, we’re saddled with anticipated costs. Instead of smoothing out life’s bumps, insurance companies will demand payment for those bumps in advance. This undermines the point of insurance, and the hits will fall especially hard on those who can least afford them.

Oh, were we talking about dinner? Well, let me say this: I don’t take it lightly if when I write the word beef someone chooses to read lamb. People talking about a book as if it were just another thing, like a dish, or a product like an electronic device or a pair of shoes, to be rated for consumer satisfaction—that was just the goddamn trouble, you said. Even those aspiring writers your students seemed never to judge a book on how well it fulfilled the author’s intentions but solely on whether it was the kind of book that they liked. And so you got papers stating things like “I hate Joyce, he’s so full of himself,” or “I don’t see why I should have to read about white people problems.” You got customer reviews full of umbrage, suggesting that if a book didn’t affirm what the reader already felt—what they could identify with, what they could relate to—the author had no business writing the book at all. Those hilarious stories that people loved, and loved to share—the book clubber who said, When I read a novel I want someone to die in it; the complaint against Anne Frank’s diary, in which nothing much happens and then the story just breaks off—did not make you laugh.

There is far more to the Islamic way of life than fasting and segregating women, of course. Praying five times a day, avoiding alcohol, the custom of eating with the right hand, leaving the left for ablutions and many health measures associated with Islam, such as ritual washing. Then there is the Qur’an itself and the sonorous power of the Arabic language, with an attractive system of ethics including a focus on alms-giving and the equality of believers. Putting all this together created a powerful religious technology which made its followers more aggressive, confident, united and with a higher birth rate than any competing civilization. [...] People in the West see the traditional culture of the Muslim Middle East as primitive and “backward,” and there are constant calls for modernization. In fact, as had been seen, Islamic culture is anything but backward. Civilization first arose in Egypt, Mesopotamia and the Indus Valley in what is now Pakistan. It is no coincidence that these lands, with the longest experience of civilization, are now strongly and fervently Muslim. Long experience of civilization has bred a high-S genotype and culture which perfectly adapt people to survive and expand their numbers in dense agricultural and urban populations. Such countries tend to be poor (if we leave out the anomalous effects of oil wealth), since their peoples lack the temperament for industrialization. But wealth at that level is of no benefit in the long-term struggle for survival and success. To paraphrase Christian scripture, what does it benefit a civilization if it gains wealth but loses its strength and vigor? The advantages of Islam can be clearly seen in countries with mixed populations. Lebanon once had a Christian majority but is now 54% Muslim. In Communist Yugoslavia the provinces with Muslim populations grew much faster and received tax revenue from the wealthier Christian states. The population of Kosovo, the spiritual homeland of Christian Serbia, grew from 733,000 in 1948 to over two million in 1994, with the Muslim component surging from 68% to 90%, and lately going even higher. Meanwhile, Muslims are migrating into Europe where Christianity is in decline, the birth rate is far below replacement level, and people no longer have much faith in their own culture. Over the next few decades, as the next chapter will indicate, the native peoples of the West will become feebler and fewer. This means that on current trends Europe will become an Islamic continent in a century or so. The 1,400-year struggle between Islam and the West is coming to end. pp. 227 & 229-230

President and Chief Operating Officer (COO), accountable for the overall achievement of the Strategic Objective and reporting to the SHAREHOLDERS who include, on an equal basis, Jack and Murray. • Vice-President/Marketing, accountable for finding customers and finding new ways to provide customers with the satisfactions they derive from widgets, at lower cost, and with greater ease, and reporting to the COO. • Vice-President/Operations, accountable for keeping customers by delivering to them what is promised by Marketing, and for discovering new ways of assembling widgets, at lower cost, and with greater efficiency so as to provide the customer with better service, reporting to the COO. • Vice-President/Finance, accountable for supporting both Marketing and Operations in the fulfillment of their accountabilities by achieving the company’s profitability standards, and by securing capital whenever it’s needed, and at the best rates, also reporting to the COO. • Reporting to the Vice-President/Marketing are two positions: Sales Manager and Advertising/Research Manager. • Reporting to the Vice-President/Operations are three positions: Production Manager, Service Manager, and Facilities Manager. • Reporting to the Vice-President/Finance are two positions: Accounts Receivable Manager and Accounts Payable Manager.

More than anything, we have lost the cultural customs and traditions that bring extended families together, linking adults and children in caring relationships, that give the adult friends of parents a place in their children's lives. It is the role of culture to cultivate connections between the dependent and the dependable and to prevent attachment voids from occurring. Among the many reasons that culture is failing us, two bear mentioning. The first is the jarringly rapid rate of change in twentieth-century industrial societies. It requires time to develop customs and traditions that serve attachment needs, hundreds of years to create a working culture that serves a particular social and geographical environment. Our society has been changing much too rapidly for culture to evolve accordingly. There is now more change in a decade than previously in a century. When circumstances change more quickly than our culture can adapt to, customs and traditions disintegrate. It is not surprising that today's culture is failing its traditional function of supporting adult-child attachments. Part of the rapid change has been the electronic transmission of culture, allowing commercially blended and packaged culture to be broadcast into our homes and into the very minds of our children. Instant culture has replaced what used to be passed down through custom and tradition and from one generation to another. “Almost every day I find myself fighting the bubble-gum culture my children are exposed to,” said a frustrated father interviewed for this book. Not only is the content often alien to the culture of the parents but the process of transmission has taken grandparents out of the loop and made them seem sadly out of touch. Games, too, have become electronic. They have always been an instrument of culture to connect people to people, especially children to adults. Now games have become a solitary activity, watched in parallel on television sports-casts or engaged in in isolation on the computer. The most significant change in recent times has been the technology of communication — first the phone and then the Internet through e-mail and instant messaging. We are enamored of communication technology without being aware that one of its primary functions is to facilitate attachments. We have unwittingly put it into the hands of children who, of course, are using it to connect with their peers. Because of their strong attachment needs, the contact is highly addictive, often becoming a major preoccupation. Our culture has not been able to evolve the customs and traditions to contain this development, and so again we are all left to our own devices. This wonderful new technology would be a powerfully positive instrument if used to facilitate child-adult connections — as it does, for example, when it enables easy communication between students living away from home, and their parents. Left unchecked, it promotes peer orientation.

We had little money but didn’t think of ourselves as poor. Our vision, if I can call it that, was not materialistic. If we had a concept about ourselves, it was egalitarian, although we would not have known what that word meant. We spoke French entirely. There was a bond between Cajuns and people of color. Cajuns didn’t travel, because they believed they lived in the best place on earth. But somehow the worst in us, or outside of us, asserted itself and prevailed and replaced everything that was good in our lives. We traded away our language, our customs, our stands of cypress, our sugarcane acreage, our identity, and our pride. Outsiders ridiculed us and thought us stupid; teachers forbade our children to speak French on the school grounds. Our barrier islands were dredged to extinction. Our coastline was cut with eight thousand miles of industrial channels, destroying the root systems of the sawgrass and the swamps. The bottom of the state continues to wash away in the flume of the Mississippi at a rate of sixteen square miles a year. Much of this we did to ourselves in the same way that a drunk like me will destroy a gift, one that is irreplaceable and extended by a divine hand. Our roadsides are littered with trash, our rain ditches layered with it, our waterways dumping grounds for automobile tires and couches and building material. While we trivialize the implications of our drive-through daiquiri windows and the seediness of our politicians and recite our self-congratulatory mantra, laissez les bons temps rouler, the southern rim of the state hovers on the edge of oblivion, a diminishing, heartbreaking strip of green lace that eventually will be available only in photographs.

All of us sit here at this conference and feel secure in our belief that we live in an era beyond this kind of…authoritarian regime change; but what sort of political climate do you think could potentially break apart our current stasis and deliver us back in time, so to speak? Thank you, I am gratified there has been so much interest in our little project. Gilead Studies languished for many years, I suppose those who had lived through those times did not want them resurrected for various reasons including what might have been done to them and what they themselves might have done. But at this distance, we can allow ourselves some perspective. It’s fortunate that is the last question as my voice is giving out. As to your question, in times of peace and plenty, it is hard to remember the conditions that have led to authoritarian regime changes in the past. And it is even harder to suppose that we ourselves would ever make such choices or allow them to be made. But when there is a perfect storm and collapse of the established order is in the works precipitated by environmental stresses that lead to food shortages, economic factors such as unrest due to unemployment, a social structure that is top heavy with too much wealth being concentrated among too few, then scapegoats are sought and blamed, fear is rampant, and there is pressure to trade what we think of as liberty for what we think of as safety. And, when the birth rate of any society is low enough to create an aging shrinking population, then commercial and military authorities will become alarmed. Their customer base and their recruitment base will be in jeopardy and there will be extreme pressure on women of childbearing age to make up the population deficit, thus our handmaid and her tale.

The fragility of the US economy had nearly destroyed him. It wasn't enough that Citadel's walls were as strong and impenetrable as the name implied; the economy itself needed to be just as solid. Over the next decade, he endeavored to place Citadel at the center of the equity markets, using his company's superiority in math and technology to tie trading to information flow. Citadel Securities, the trading and market-making division of his company, which he'd founded back in 2003, grew by leaps and bounds as he took advantage of his 'algorithmic'-driven abilities to read 'ahead of the market.' Because he could predict where trades were heading faster and better than anyone else, he could outcompete larger banks for trading volume, offering better rates while still capturing immense profits on the spreads between buys and sells. In 2005, the SEC had passed regulations that forced brokers to seek out middlemen like Citadel who could provide the most savings to their customers; in part because of this move by the SEC, Ken's outfit was able to grow into the most effective, and thus dominant, middleman for trading — and especially for retail traders, who were proliferating in tune to the numerous online brokerages sprouting up in the decade after 2008. Citadel Securities reached scale before the bigger banks even knew what had hit them; and once Citadel was at scale, it became impossible for anyone else to compete. Citadel's efficiency, and its ability to make billions off the minute spreads between bids and asks — multiplied by millions upon millions of trades — made companies like Robinhood, with its zero fees, possible. Citadel could profit by being the most efficient and cheapest market maker on the Street. Robinhood could profit by offering zero fees to its users. And the retail traders, on their couches and in their kitchens and in their dorm rooms, profited because they could now trade stocks with the same tools as their Wall Street counterparts.

Hey, can I help you—whoa!” As he wheeled around and settled into his attack stance, the black human salesperson jumped back and put his palms up. “Forgive me,” Xcor muttered. At least he hadn’t outed one of his weapons. “No problem.” The handsome, well-dressed man smiled. “You looking for something specific?” Xcor glanced around, and nearly walked back to that fancy stairwell. “I require a new shirt.” “Oh, cool, you got a hot date?” “And pants. And socks.” Come to think of it, he never wore underwear. “And undergarments. And a jacket.” The salesman smiled and raised a hand as if he were going to clap his customer on the shoulder—but then caught himself as he clearly rethought the contact. “What kind of look are you going for?” he asked instead. “Clothed.” The guy paused like he wasn’t sure whether that was a joke. “Ah . . . okay, I can work with non-naked. Plus it’s legal. Come on with me.” Xcor followed, because he didn’t know what else to do—he’d gotten this ball rolling; there was no reason not to follow through. The man stopped in front of a display of shirts. “So I’m going to go with the it’s-a-date thing, unless you tell me otherwise. Casual? You didn’t mention a suit.” “Casual. Yes. But I want to look. . . .” Well, not like himself, at any rate. “Presentable.” “Then I think what you’re going to want is a button-down.” “A button-down.” The guy regarded him steadily. “You’re not from here, are you.” “No, I’m not.” “I can tell by the accent.” The salesman passed a hand over the dizzying array of folded-up squares with collars. “These are our traditional cuts. I can tell without measuring you that the European stuff isn’t going to do you right—you’re too muscled in the shoulders. Even if we could get the neck and arm size right, you’d bust out of them. Do you like any of these colors?” “I don’t know what to like.” “Here.” The man picked up a blue one that reminded Xcor of the backdrop on his phone. “This is good with your eyes. Not that I go that way—but you gotta work with what you got. Do you have any idea of your size?” “XXXL.” “We need to be a little more exact.

Manhattan Prep started out as one lone tutor in a Starbucks coffee shop. Less than ten years later, it was a leading national education and publishing business that employed over one hundred people and was acquired by a public company for millions of dollars. How did that happen? We delivered a service that customers liked more than what was otherwise available. They sought us out and rewarded us with their business. We hired more people, grew, and kept improving. This process—a new company filling a need and flourishing as a result—is an example of value creation. It’s the fuel of economic growth, and what our country has been seeking a formula for. It’s the process that leads to new businesses and jobs. Value creation has a polar opposite: rent-seeking. In the 1980s, economists began noticing that countries with ample natural resources experienced lower economic growth rates than others. From 1965 to 1998 in the OPEC (oil-producing) countries, gross domestic product per capita decreased on average by 1.3 percent, while in the rest of the developed world, per capita growth increased by 2.2 percent (for an overall difference of 3.5 percent). This was a surprise—if you had lots of oil in the ground, wouldn’t that give you more wealth to invest and thus spur more rapid growth? Economists cited a number of factors to explain this “resource curse,” including internal and external conflict, corruption, lower monitoring of government, lack of diversification, and being subject to higher price volatility. One other possible explanation on offer was that a country’s smart people will wind up going to work in whatever industry is throwing off money (like the oil industry in Saudi Arabia). Thus fewer talented people are innovating in other industries, dragging down the growth rate over time. This makes sense—it’s a lot easier for a gifted Saudi to plug into the Ministry of Petroleum and Mineral Resources and extract economic value than to come up with a new business or industry. Does this sort of thing happen in the United States? Yes, you can make money through rent-seeking as opposed to value or wealth creation.

Success comes with an inevitable problem: market saturation. New products initially grow just by adding more customers—to grow a network, add more nodes. Eventually this stops working because nearly everyone in the target market has joined the network, and there are not enough potential customers left. From here, the focus has to shift from adding new customers to layering on more services and revenue opportunities with existing ones. eBay had this problem in its early years, and had to figure its way out. My colleague at a16z, Jeff Jordan, experienced this himself, and would often write and speak about his first month as the general manager of eBay’s US business. It was in 2000, and for the first time ever, eBay’s US business failed to grow on a month-over-month basis. This was critical for eBay because nearly all the revenue and profit for the company came from the US unit—without growth in the United States, the entire business would stagnate. Something had to be done quickly. It’s tempting to just optimize the core business. After all, increasing a big revenue base even a little bit often looks more appealing than starting at zero. Bolder bets are risky. Yet because of the dynamics of market saturation, a product’s growth tends to slow down and not speed up. There’s no way around maintaining a high growth rate besides continuing to innovate. Jeff shared what the team did to find the next phase of growth for the company: eBay.com at the time enabled the community to buy and sell solely through online auctions. But auctions intimidated many prospective users who expressed preference for the ease and simplicity of fixed price formats. Interestingly, our research suggested that our online auction users were biased towards men, who relished the competitive aspect of the auction. So the first major innovation we pursued was to implement the (revolutionary!) concept of offering items for a fixed price on ebay.com, which we termed “buy-it-now.” Buy-it-now was surprisingly controversial to many in both the eBay community and in eBay headquarters. But we swallowed hard, took the risk and launched the feature . . . and it paid off big. These days, the buy-it-now format represents over $40 billion of annual Gross Merchandise Volume for eBay, 62% of their total.65

Cultivating loyalty is a tricky business. It requires maintaining a rigorous level of consistency while constantly adding newness and a little surprise—freshening the guest experience without changing its core identity.” Lifetime Network Value Concerns about brand fickleness in the new generation of customers can be troubling partly because the idea of lifetime customer value has been such a cornerstone of business for so long. But while you’re fretting over the occasional straying of a customer due to how easy it is to switch brands today, don’t overlook a more important positive change in today’s landscape: the extent to which social media and Internet reviews have amplified the reach of customers’ word-of-mouth. Never before have customers enjoyed such powerful platforms to share and broadcast their opinions of products and services. This is true today of every generation—even some Silent Generation customers share on Facebook and post reviews on TripAdvisor and Amazon. But millennials, thanks to their lifetime of technology use and their growing buying power, perhaps make the best, most active spokespeople a company can have. Boston Consulting Group, with grand understatement, says that “the vast majority” of millennials report socially sharing and promoting their brand preferences. Millennials are talking about your business when they’re considering making a purchase, awaiting assistance, trying something on, paying for it and when they get home. If, for example, you own a restaurant, the value of a single guest today goes further than the amount of the check. The added value comes from a process that Chef O’Connell calls competitive dining, the phenomenon of guests “comparing and rating dishes, photographing everything they eat, and tweeting and emailing the details of all their dining adventures.” It’s easy to underestimate the commercial power that today’s younger customers have, particularly when the network value of these buyers doesn’t immediately translate into sales. Be careful not to sell their potential short and let that assumption drive you headlong into a self-fulfilling prophecy. Remember that younger customers are experimenting right now as they begin to form preferences they may keep for a lifetime. And whether their proverbial Winstons will taste good to them in the future depends on what they taste like presently.

It is the custom in Germany for students to pass from one university to another during the course of their studies—a custom, incidentally, which no other country has. But it would be false to assume that this variety in instruction is a safeguard afainst uniformity of outlook, for although the professors of the various universities fight among themselves, they are all, fundamentally and at heart, in complete agreement. I came to realise this clearly through my contacts with the economists. This must have been about 1929. At that time we published a paper on certain aspects of the economic problem. Immediately a whole company of national economists of all sorts, and from a variety of universities, joined forces and signed a circular in which they unaminously condemned our economic proposals. I made one attempt to have a serious discussion with one of the most renowned of them, and one who was regarded by his colleagues as a revolutionary in economic thought Zwiedineck. The results were disastrous! At the time the State had floated a loan of two million seven hundred thousand marks for the construction of a road. I told Zwiedineck that I regarded this way of financing a project as foolish in the extreme. The life of the road in question would be some fifteen years ; but the amortisation of the capital involved would continue for eighty years. What the Government was really doing was to evade an immediate financial obligation by transferring the charges to the men of the next generation and, indeed, of the generation after. I insisted that nothing could be more unsound, and that what the Government should really do was to take radical steps to reduce the rate of interest and thus to render capital more fluid. I next argued that the gold standard, the fixing of rates of exchange and so forth were shibboleths which I had never regarded and never would regard as weighty and immutable principles of economy. Money, to me, was simply a token of exchange for work done, and its value depended absolutely on the value of the work accomplished. Where money did not represent services rendered, I insisted, it had no value at all. Zwiedineck was horrified and very excited. Such ideas, he declared, would upset the accepted economic principles of the entire world, and the putting of them into practice would cause a breakdown of the world's political economy. When, later, after our assumption of power, I put my theories into practice, the economists were not in the least discountenanced, but calmly set to work to prove by scientific argument that my theories were, indeed, sound economy !

Beginning in 2011, SpaceX won a series of contracts from NASA to develop rockets that could take humans to the International Space Station, a task made crucial by the retirement of the Space Shuttle. To fulfill that mission, it needed to add to its facilities at Cape Canaveral’s Pad 40, and Musk set his sights on leasing the most storied launch facility there, Pad 39A. Pad 39A had been center stage for America’s Space Age dreams, burned into the memories of a television generation that held its collective breath when the countdowns got to “Ten, nine, eight…” Neil Armstrong’s mission to the moon that Bezos watched as a kid blasted off from Pad 39A in 1969, as did the last manned moon mission, in 1972. So did the first Space Shuttle mission, in 1981, and the last, in 2011. But by 2013, with the Shuttle program grounded and America’s half-century of space aspirations ending with bangs and whimpers, Pad 39A was rusting away and vines were sprouting through its flame trench. NASA was eager to lease it. The obvious customer was Musk, whose Falcon 9 rockets had already launched on cargo missions from the nearby Pad 40, where Obama had visited. But when the lease was put out for bids, Jeff Bezos—for both sentimental and practical reasons—decided to compete for it. When NASA ended up awarding the lease to SpaceX, Bezos sued. Musk was furious, declaring that it was ridiculous for Blue Origin to contest the lease “when they haven’t even gotten so much as a toothpick to orbit.” He ridiculed Bezos’s rockets, pointing out that they were capable only of popping up to the edge of space and then falling back; they lacked the far greater thrust necessary to break the Earth’s gravity and go into orbit. “If they do somehow show up in the next five years with a vehicle qualified to NASA’s human rating standards that can dock with the Space Station, which is what Pad 39A is meant to do, we will gladly accommodate their needs,” Musk said. “Frankly, I think we are more likely to discover unicorns dancing in the flame duct.” The battle of the sci-fi barons had blasted off. One SpaceX employee bought dozens of inflatable toy unicorns and photographed them in the pad’s flame duct. Bezos was eventually able to lease a nearby launch complex at Cape Canaveral, Pad 36, which had been the origin of missions to Mars and Venus. So the competition of the boyish billionaires was set to continue. The transfer of these hallowed pads represented, both symbolically and in practice, John F. Kennedy’s torch of space exploration being passed from government to the private sector—from a once-glorious but now sclerotic NASA to a new breed of mission-driven pioneers.

The Ten Ways to Evaluate a Market provide a back-of-the-napkin method you can use to identify the attractiveness of any potential market. Rate each of the ten factors below on a scale of 0 to 10, where 0 is terrible and 10 fantastic. When in doubt, be conservative in your estimate: Urgency. How badly do people want or need this right now? (Renting an old movie is low urgency; seeing the first showing of a new movie on opening night is high urgency, since it only happens once.) Market Size. How many people are purchasing things like this? (The market for underwater basket-weaving courses is very small; the market for cancer cures is massive.) Pricing Potential. What is the highest price a typical purchaser would be willing to spend for a solution? (Lollipops sell for $0.05; aircraft carriers sell for billions.) Cost of Customer Acquisition. How easy is it to acquire a new customer? On average, how much will it cost to generate a sale, in both money and effort? (Restaurants built on high-traffic interstate highways spend little to bring in new customers. Government contractors can spend millions landing major procurement deals.) Cost of Value Delivery. How much will it cost to create and deliver the value offered, in both money and effort? (Delivering files via the internet is almost free; inventing a product and building a factory costs millions.) Uniqueness of Offer. How unique is your offer versus competing offerings in the market, and how easy is it for potential competitors to copy you? (There are many hair salons but very few companies that offer private space travel.) Speed to Market. How soon can you create something to sell? (You can offer to mow a neighbor’s lawn in minutes; opening a bank can take years.) Up-front Investment. How much will you have to invest before you’re ready to sell? (To be a housekeeper, all you need is a set of inexpensive cleaning products. To mine for gold, you need millions to purchase land and excavating equipment.) Upsell Potential. Are there related secondary offers that you could also present to purchasing customers? (Customers who purchase razors need shaving cream and extra blades as well; buy a Frisbee and you won’t need another unless you lose it.) Evergreen Potential. Once the initial offer has been created, how much additional work will you have to put in in order to continue selling? (Business consulting requires ongoing work to get paid; a book can be produced once and then sold over and over as is.) When you’re done with your assessment, add up the score. If the score is 50 or below, move on to another idea—there are better places to invest your energy and resources. If the score is 75 or above, you have a very promising idea—full speed ahead. Anything between 50 and 75 has the potential to pay the bills but won’t be a home run without a huge investment of energy and resources.

Unconditional blame is the tendency to explain all difficulties exclusively as the consequence of forces beyond your influence, to see yourself as an absolute victim of external circumstances. Every person suffers the impact of factors beyond his control, so we are all, in a sense, victims. We are not, however, absolute victims. We have the ability to respond to our circumstances and influence how they affect us. In contrast, the unconditional blamer defines his victim-identity by his helplessness, disowning any power to manage his life and assigning causality only to that which is beyond his control. Unconditional blamers believe that their problems are always someone else’s fault, and that there’s nothing they could have done to prevent them. Consequently, they believe that there’s nothing they should do to address them. Unconditional blamers feel innocent, unfairly burdened by others who do things they “shouldn’t” do because of maliciousness or stupidity. According to the unconditional blamer, these others “ought” to fix the problems they created. Blamers live in a state of self-righteous indignation, trying to control people around them with their accusations and angry demands. What the unconditional blamer does not see is that in order to claim innocence, he has to relinquish his power. If he is not part of the problem, he cannot be part of the solution. In fact, rather than being the main character of his life, the blamer is a spectator. Watching his own suffering from the sidelines, he feels “safe” because his misery is always somebody else’s fault. Blame is a tranquilizer. It soothes the blamer, sheltering him from accountability for his life. But like any drug, its soothing effect quickly turns sour, miring him in resignation and resentment. In order to avoid anxiety and guilt, the blamer must disown his freedom and power and see himself as a plaything of others. The blamer feels victimized at work. His job is fraught with letdowns, betrayals, disappointments, and resentments. He feels that he is expected to fix problems he didn’t create, yet his efforts are never recognized. So he shields himself with justifications. Breakdowns are never his fault, nor are solutions his responsibility. He is not accountable because it is always other people who failed to do what they should have done. Managers don’t give him direction as they should, employees don’t support him as they should, colleagues don’t cooperate with him as they should, customers demand much more than they should, suppliers don’t respond as they should, senior executives don’t lead the organization as they should, administration systems don’t work as they should—the whole company is a mess. In addition, the economy is weak, the job market tough, the taxes confiscatory, the regulations crippling, the interest rates exorbitant, and the competition fierce (especially because of those evil foreigners who pay unfairly low wages). And if it weren’t difficult enough to survive in this environment, everybody demands extraordinary results. The blamer never tires of reciting his tune, “Life is not fair!

I am speaking of the evenings when the sun sets early, of the fathers under the streetlamps in the back streets returning home carrying plastic bags. Of the old Bosphorus ferries moored to deserted stations in the middle of winter, where sleepy sailors scrub the decks, pail in hand and one eye on the black-and-white television in the distance; of the old booksellers who lurch from one ϧnancial crisis to the next and then wait shivering all day for a customer to appear; of the barbers who complain that men don’t shave as much after an economic crisis; of the children who play ball between the cars on cobblestoned streets; of the covered women who stand at remote bus stops clutching plastic shopping bags and speak to no one as they wait for the bus that never arrives; of the empty boathouses of the old Bosphorus villas; of the teahouses packed to the rafters with unemployed men; of the patient pimps striding up and down the city’s greatest square on summer evenings in search of one last drunken tourist; of the broken seesaws in empty parks; of ship horns booming through the fog; of the wooden buildings whose every board creaked even when they were pashas’ mansions, all the more now that they have become municipal headquarters; of the women peeking through their curtains as they wait for husbands who never manage to come home in the evening; of the old men selling thin religious treatises, prayer beads, and pilgrimage oils in the courtyards of mosques; of the tens of thousands of identical apartment house entrances, their facades discolored by dirt, rust, soot, and dust; of the crowds rushing to catch ferries on winter evenings; of the city walls, ruins since the end of the Byzantine Empire; of the markets that empty in the evenings; of the dervish lodges, the tekkes, that have crumbled; of the seagulls perched on rusty barges caked with moss and mussels, unϩinching under the pelting rain; of the tiny ribbons of smoke rising from the single chimney of a hundred-yearold mansion on the coldest day of the year; of the crowds of men ϧshing from the sides of the Galata Bridge; of the cold reading rooms of libraries; of the street photographers; of the smell of exhaled breath in the movie theaters, once glittering aϱairs with gilded ceilings, now porn cinemas frequented by shamefaced men; of the avenues where you never see a woman alone after sunset; of the crowds gathering around the doors of the state-controlled brothels on one of those hot blustery days when the wind is coming from the south; of the young girls who queue at the doors of establishments selling cut-rate meat; of the holy messages spelled out in lights between the minarets of mosques on holidays that are missing letters where the bulbs have burned out; of the walls covered with frayed and blackened posters; of the tired old dolmuşes, ϧfties Chevrolets that would be museum pieces in any western city but serve here as shared taxis, huϫng and puϫng up the city’s narrow alleys and dirty thoroughfares; of the buses packed with passengers; of the mosques whose lead plates and rain gutters are forever being stolen; of the city cemeteries, which seem like gateways to a second world, and of their cypress trees; of the dim lights that you see of an evening on the boats crossing from Kadıköy to Karaköy; of the little children in the streets who try to sell the same packet of tissues to every passerby; of the clock towers no one ever notices; of the history books in which children read about the victories of the Ottoman Empire and of the beatings these same children receive at home; of the days when everyone has to stay home so the electoral roll can be compiled or the census can be taken; of the days when a sudden curfew is announced to facilitate the search for terrorists and everyone sits at home fearfully awaiting “the oϫcials”; CONTINUED IN SECOND PART OF THE QUOTE

ADDRESSING DIVERSITY The way to reach the sheer diversity of the city is through new churches. New churches are the single best way to reach (1) new generations, (2) new residents, and (3) new people groups. Young adults have always been disproportionately located in newer congregations. Long-established congregations develop traditions (such as time of worship, length of service, emotional responsiveness, sermon topics, leadership styles, emotional atmosphere, and dozens of other tiny customs and mores) that reflect the sensibilities of longtime leaders who have the influence and resources to control the church life. These sensibilities often do not reach the younger generations. THE 1 PERCENT RULE Lyle Schaller talks about the 1 percent rule: “Each year any association of churches should plant new congregations at the rate of 1 percent of their existing total; otherwise, that association is in maintenance and decline. If an association wants to grow 50 percent plus [in a generation], it must plant 2 to 3 percent per year.”6 In addition, new residents are typically better reached by new churches. In older congregations, it may require years of tenure in the city before a person is allowed into a place of influence, but in a new church, new residents tend to have equal power with longtime area residents. Finally, new sociocultural groups in a community are generally better reached by new congregations. For example, if white-collar commuters move into an area where the older residents were farmers, a new church will probably be more receptive to the multiple needs of the new residents, while older churches will continue to be oriented to the original social group. And a new church that is intentionally multiethnic from the start will best reach new racial groups in a community. For example, if an all-Anglo neighborhood becomes 33 percent Hispanic, a new, deliberately biracial church will be far more likely to create “cultural space” for newcomers than will an older church in town. Brand-new immigrant groups can normally only be reached by churches ministering in their own languages. If we wait until a new group is sufficiently assimilated into American culture to come to our church, we will wait for years without reaching out to them. Remember that a new congregation for a new people group can often be planted within the overall structure of an existing church — perhaps through a new Sunday service at another time or a new network of house churches connected to a larger existing congregation. Though it may technically not be a new independent congregation, it serves the same function.

No Some Yes G. Overall Performance Objective Is the performance objective: ___ ___ ___ 1. Clear (you/others can construct an assessment to test learners)? ___ ___ ___ 2. Feasible in the learning and performance contexts (time, resources, etc)? ___ ___ ___ 3. Meaningful in relation to goal and purpose for instruction (not insignificant)? H. (Other) ___ ___ ___ 1. Your complete list of performance objectives becomes the foundation for the next phase of the design process, developing criterion-referenced test items for each objective. The required information and procedures are described in Chapter 7. Judge the completeness of given performance objectives. Read each of the following objectives and judge whether it includes conditions, behaviors, and a criterion. If any element is missing, choose the part(s) omitted. 1. Given a list of activities carried on by the early settlers of North America, understand what goods they produced, what product resources they used, and what trading they did. a. important conditions and criterion b. observable behavior and important conditions c. observable behavior and criterion d. nothing 2. Given a mimeographed list of states and capitals, match at least 35 of the 50 states with their capitals without the use of maps, charts, or lists. a. observable response b. important conditions c. criterion performance d. nothing 3. During daily business transactions with customers, know company policies for delivering friendly, courteous service. a. observable behavior b. important conditions c. criterion performance d. a and b e. a and c 4. Students will be able to play the piano. a. important conditions b. important conditions and criterion performance c. observable behavior and criterion performance d. nothing 5. Given daily access to music in the office, choose to listen to classical music at least half the time. a. important conditions b. observable behavior c. criterion performance d. nothing Convert instructional goals and subordinate skills into terminal and subordinate objectives. It is important to remember that objectives are derived from the instructional goal and subordinate skills analyses. The following instructional goal and subordinate skills were taken from the writing composition goal in Appendix E. Demonstrate conversion of the goal and subordinate skills in the goal analysis by doing the following: 6. Create a terminal objective from the instructional goal: In written composition, (1) use a variety of sentence types and accompanying punctuation based on the purpose and mood of the sentence, and (2) use a variety of sentence types and accompanying punctuation based on the complexity or structure of the sentence. 7. Write performance objectives for the following subordinate skills: 5.6 State the purpose of a declarative sentence: to convey information 5.7 Classify a complete sentence as a declarative sentence 5.11 Write declarative sentences with correct closing punctuation. Evaluate performance objectives. Use the rubric as an aid to developing and evaluating your own objectives. 8. Indicate your perceptions of the quality of your objectives by inserting the number of the objective in either the Yes or No column of the checklist to reflect your judgment. Examine those objectives receiving No ratings and plan ways the objectives should be revised. Based on your analysis, revise your objectives to correct ambiguities and omissions. P

In some parts of Sweden it was “a dream porridge,” in others a pancake, that was made in silence and heavily salted. The custom was that the girl would eat this salty food and then go to sleep without drinking anything. As she slept, her future husband would come to her in a dream and give her water to quench her thirst. No data are available on the success rate of Swedish girls using this system to find a mate.

The delightful part about digital is that if done right, it actually gets people to tell us who they are and what they’re looking for. Organizations can get an actual understanding of what their needs or aspirations are, enabling every business to be much more relevant in their engagement with customers. When that starts to happen, people get excited because you actually see the people you’re trying to reach and serve as they are. And it makes a huge difference. But for this to happen, the rate and pace of the adoption of digital for everyone has to happen quickly and in the right way to act on and harness this new power. Principally, most organizations have a skills and mindset gap with the amount of process change, tooling, and data that is being put into place. I’m convinced that the future of digital is going to change so many things. And we can’t wait. Most people are just as anxious as I am to get to that future.” —Jon Iwata, senior vice president, marketing and communications, IBM

In contrast, those countries with extremely high rates of organ donation asked citizens to opt out by checking a box if they do not want to be an organ donor. One of my clients used this concept to grow their average sale. Here’s what they did. Instead of allowing buyers to choose the product options they wanted, they set up standard product packages and allowed buyers to customize (remove) the options they did not want. This simple change increased revenue and helped the company provide solutions that better met the needs of their customers.

Some of the information customers want directly from you, the marketer of the product, includes Comparison Charts, Decision Guides, Product Specs, Tutorials, Manuals, User Guides (not the same as manuals), Training Courses, identification of the most informed infomediaries, and information on finding ratings and reviews. As we’ve seen, customers don’t want certain information directly from you, particularly in areas where you are likely to be biased, don’t know local conditions, don’t know about specialized uses—in short, areas where truth and relevance are subject to interpretation and bias. So, you’ll have to point them to independent sources—in other words, word-of-mouth sources.

It’s natural for us to rate the difficulty of tasks relative to how hard it is for us humans to perform them, as in figure 2.1. But this can give a misleading picture of how hard they are for computers. It feels much harder to multiply 314,159 by 271,828 than to recognize a friend in a photo, yet computers creamed us at arithmetic long before I was born, while human-level image recognition has only recently become possible. This fact that low-level sensorimotor tasks seem easy despite requiring enormous computational resources is known as Moravec’s paradox, and is explained by the fact that our brain makes such tasks feel easy by dedicating massive amounts of customized hardware to them—more than a quarter of our brains, in fact.

By contrast, one company that clearly understands the stakes is Uber. In the last several years, few companies have captured the media’s attention like Uber. In my opinion, Uber has been successful because it’s perfectly nailed a Job to Be Done. Yes, Uber can often offer a nice car to take you from point A to point B, but that’s not where it’s built its competitive advantage. The experiences that come with hiring Uber to solve customers’ Jobs to Be Done are better than the existing alternatives. That’s the secret to its success. Everything about the experience of being a customer—including the emotional and social dimensions—has been thought through. Who wants to have to outmaneuver other poor schlubs on the same street corner who are trying to hail a cab? You don’t want to either pay for a car service to wait outside your meeting or be at its mercy when you’re finally ready to call it to come back and get you. With Uber, you simply push a few buttons on your mobile phone and you know that in three minutes or seven minutes a specific driver will arrive to pick you up. Now you can relax and just wait. You don’t have to worry if you have enough cash in your wallet or fear that if you swipe your credit card in that taxi machine, you’ll get a call from your bank wondering if you’ve recently made purchases in some state you’ve never even been to. Calling an Uber has even more potential to ease your anxieties about getting into a cab alone. With Uber there’s a record of your request, you know specifically who is picking you up, and you know from the driver’s ratings that he or she is reliable.

The equivalent to AWS on the hardware side is China. Hardware start-ups are able to manage infrastructure limitations and scale much more quickly by tapping into Chinese manufacturing capabilities, either directly or by working with companies like the custom manufacturing design firm PCH. The smart thermostat maker Nest, for example, had only 130 employees when it was acquired by Google for $ 3 billion, largely because it had outsourced all of its manufacturing to China. In contrast, Tesla Motors has seen its growth held back by infrastructure limitations. Due to the complexities of its manufacturing process, Tesla’s production rates have lagged behind those of other automakers, the result being that its award-winning vehicles are almost always sold out, with back orders measured in months and even years. Demand generation is not a problem for Tesla; meeting that demand is.

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Maruti also changed the system of making payments to vendors. The supply contract with component manufacturers contained the usual provision of thirty-day credit for the buyer. However, after a few years of operation, Maruti offered to make payments in fifteen days, with a 0.5 per cent discount for early payment. The vendors were delighted, as most of their customers rarely paid them even within thirty days, and they were constantly facing cash flow problems. Working capital could not be easily obtained from banks, and interest rates were high. Money from private moneylenders was very expensive. So, getting paid in fifteen days, and by a manufacturer who was buying a large part of their output, was a boon.

Mobile Virtual Network Operators (MVNOs) have been around in the telecom world since the dawn of the 21st century. However, since their inception, their role has kept on changing. From broadly voice-based service providers to 3G purveyors, MVNOs have evolved in their services with time. Nowadays, in this world of intense competition, the success of MVNO completely depends on their ability to think out of the box. It is their ingenuity in creating customer-driven plans that decides their fate in today’s heavily saturated telecom market. The present-day MVNO subscribers are finicky, moody and disloyal. It is an MVNO’s task to inspire confidence in them, attract them towards their services and ensure that they stay loyal. The Challenge Faced by Different MVNOs Evoking customer trust and then ensuring that it is maintained is probably the toughest challenge faced by an MVNO in telecom. Especially in the competitive world of today that demands a differentiation in service along with an attractive pricing model. Based on their infrastructural capabilities, MVNOs can be divided into: 1. Skinny MVNOs: Equipped with their own voice mail, content applications, SMSC, prepaid and VAS. 2. Thin MVNOs: Apart from the infrastructure above, they also have AUC, EIR, HLR, and IN. 3. Thick MVNOs: Along with infrastructure of a thin MVNO, thick MVNOs also have a VLR and MSC. Regardless of the kind of MVNO that you are running, there are some major challenges that you need to overcome. While a skinny MVNO does not have to worry too much about the infrastructure, he cannot scale his operations as well as a thin or thick MVNO. On the other hand, a thick MVNO may be able to scale his operations well, but he might get too involved in managing the infrastructure with very little time for branding and marketing. The Importance of MVNE/MVNA Partnership for Overcoming Challenges As MVNOs are considerably smaller than a full-fledged MNO (Mobile Network Operator), they need support from MVNEs (Mobile Virtual Network Enablers) to get their job done. A capable MVNE with a comprehensive MVNO software solution like Telgoo5 can provide the following benefits to an MVNO: 1. Better billing – Billing is probably the toughest task for an MVNO to undertake all by itself. Any mistake or inefficiency in billing tasks can have a major bearing on MVNO subscribers. But when you partner with an MVNE like Vcare, you get access to a cutting-edge MVNO billing software solution. With a convergent billing solution by your side, you can create itemized bills with details of all types of services used by your subscribers. 2. Profitable deals with MNOs – Partnership with a competent MVNE/MVNA can help you get better-priced deals with an MNO. This will allow you to deliver the services at a lower rate to your MVNO subscribers while still making a profit. 3. Avoid red tape – Running a successful MVNO operation requires you to get into contracts with different carriers and vendors. By partnering with a competent MVNE like Vcare (who already has fully-licensed platforms and contracts with vendors), you are able to bypass the process of signing new deals, thereby saving considerable time and effort.

If you want to increase your success rate, double your failure rate. Thomas J. Watson, Former Chairman and CEO of IBM

State Farm combines skills scores with drivers’ biometric data (indicating emotional states), captured from a variety of sensors and cameras. Its data analytics lets the company customize its rates to more closely match actual risk and driver safety levels.

Even more interesting, SAP has used the social currency supply to stimulate its developer economy in the same way as the Federal Reserve uses the money supply to stimulate the U.S. economy. When SAP introduced a new customer relationship management (CRM) product, it offered double points on any answer, code, or white paper relating to CRM. During the two-month duration of this “monetary expansion” policy, developers found gaps in the software and devised new features at a vastly higher rate.43 Used as a money supply, the increased flow of social currency caused overall economic output to rise. In effect, SAP employed an expansionary monetary policy to stimulate growth—and it worked.

the New York Times gave clitorectomies its tacit approval. In January 2008, it painted a rosy picture of the ritual in a piece that never mentioned the pain, bleeding, and infections that often result from it. Female genital mutilation is not the only horrific Islamic custom that is coming West; the number of honor killings is skyrocketing in Europe and America. But genital mutilation is spreading at an alarming rate. It has been reported that thousands of girls in the United Kingdom have been mutilated and the authorities can’t (or won’t)

Enrolling card holders gives a retailer the chance to find out more about its customer base (where they live, family composition, family income). By integrating this information with known purchasing behaviour, retailers are able to target direct marketing activities with a precision and success rate well above that of manufacturers. This gives retailers an information advantage that they have not had since the dawn of modern retailing.

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As discussed in Chapter 2, data gathered from A/B tests by Ronny Kohavi, who directed Amazon’s Data Mining and Personalization group before joining Microsoft as General Manager of its Experimentation Platform, reveal that 60%–90% of ideas do not improve the metric they were intended to improve. Thus if we’re not running experiments to test the value of new ideas before completely developing them, the chances are that about 2/3 of the work we are doing is of either zero or negative value to our customers — and certainly of negative value to our organization, since this work costs us in three ways. In addition to the cost of developing the features, there is an opportunity cost associated with more valuable work we could have done instead, and the cost of the new complexity they add to our systems (which manifests itself as the cost of maintaining the code, a drag on the rate at which we can develop new functionality, and often, reduced operational stability and performance).

Chrome and Firefox users were 19% less likely to be absent from work, had higher sales, and received better customer satisfaction ratings. The non-default browser indicated the willingness to challenge the status quo and seek something better, and it translated into greater job performance. We

Like his colleague Thomas, he viewed prejudice as a form of instinct, but where Thomas set it down to a reaction to the Other’s physical appearance, Park saw in it a manifestation of competition: Race prejudice may be regarded as a spontaneous, more or less instinctive defense-reaction, the practical effect of which is to restrict free competition between races. Its importance as a social function is due to the fact that free competition, particularly between people with different standards of living, seems to be, if not the original source, at least the stimulus to which race prejudice is the response.48 Park’s reference to free competition hinted at the strains being placed on society in a postwar context in which massive foreign (and particularly Asian) immigration had resumed. He argued that where fundamental racial interests are not yet controlled by law, custom, or other arrangement between the groups in question, racial prejudice will inexorably develop. It may, however, be deflected by ‘the extension of the machinery of cooperation and social control’ – in the U.S. case, the caste system and slavery: we may regard caste, or even slavery, as one of those accommodations through which the race problem found a natural solution. Caste, by relegating the subject race to an inferior status, gives to each race at any rate a monopoly of its own tasks. When this status is accepted by the subject people, as in the case where the caste or slavery systems become fully established, racial competition ceases and racial animosity tends to disappear ... Each race being in its place, no obstacle to racial cooperation exists.49 This paper shows that Park’s thought in 1917 was not free of obfuscation and bias. One finds him maintaining that while ‘caste and the limitation of free competition is economically unsound,’ it is nonetheless ‘politically desirable’50 because

The key element, which had escaped Wright but not Insull, was load factor. All customers used their equipment only a fraction of the time, but not all of them at exactly the same time. Given that fact, a single investment in plant could supply many users, any two of whom could always be supplied more cheaply than one alone. It also followed that two competing stations could not serve these same customers as cheaply as one station because of the higher investment cost. Competition would create higher costs in areas of heavy usage and most likely no service in other areas that lacked enough business to pay. Put another way, monopoly was the surest road to driving down costs and rates.34

Chasing tax cheats using normal procedures was not an option. It would take decades just to identify anything like the majority of them and centuries to prosecute them successfully; the more we caught, the more clogged up the judicial system would become. We needed a different approach. Once Danis was on board a couple of days later, together we thought of one: we would extract historical and real-time data from the banks on all transfers taking place within Greece as well as in and out of the country and commission software to compare the money flows associated with each tax file number with the tax returns of that same file number. The algorithm would be designed to flag up any instance where declared income seemed to be substantially lower than actual income. Having identified the most likely offenders in this way, we would make them an offer they could not refuse. The plan was to convene a press conference at which I would make it clear that anyone caught by the new system would be subject to 45 per cent tax, large penalties on 100 per cent of their undeclared income and criminal prosecution. But as our government sought to establish a new relationship of trust between state and citizenry, there would be an opportunity to make amends anonymously and at minimum cost. I would announce that for the next fortnight a new portal would be open on the ministry’s website on which anyone could register any previously undeclared income for the period 2000–14. Only 15 per cent of this sum would be required in tax arrears, payable via web banking or debit card. In return for payment, the taxpayer would receive an electronic receipt guaranteeing immunity from prosecution for previous non-disclosure.17 Alongside this I resolved to propose a simple deal to the finance minister of Switzerland, where so many of Greece’s tax cheats kept their untaxed money.18 In a rare example of the raw power of the European Union being used as a force for good, Switzerland had recently been forced to disclose all banking information pertaining to EU citizens by 2017. Naturally, the Swiss feared that large EU-domiciled depositors who did not want their bank balances to be reported to their country’s tax authorities might shift their money before the revelation deadline to some other jurisdiction, such as the Cayman Islands, Singapore or Panama. My proposals were thus very much in the Swiss finance minister’s interests: a 15 per cent tax rate was a relatively small price to pay for legalizing a stash and allowing it to remain in safe, conveniently located Switzerland. I would pass a law through Greece’s parliament that would allow for the taxation of money in Swiss bank accounts at this exceptionally low rate, and in return the Swiss finance minister would require all his country’s banks to send their Greek customers a friendly letter informing them that, unless they produced the electronic receipt and immunity certificate provided by my ministry’s web page, their bank account would be closed within weeks. To my great surprise and delight, my Swiss counterpart agreed to the proposal.19

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If you get an OKR from your reports that looks like this: O: New self-serve help area KR: Better search KR: New FAQ KR: Forums You can push and ask questions until it becomes this: O: The company helps our customers succeed when they are struggling. KR: “Did this help” rating rises 15% KR: “Problem resolved” rating on FAQ improves 30% KR: Peer-to-peer help forum has DAU of 2K (down from 10K) Do the hard work of coaching people until you see that your reports are thinking in outcomes not projects.

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More sophisticated methods exist, of course. A potentially more powerful method is collaborative filtering. It gathers data about what users have bought in the past and uses AI to predict what people are likely to buy in the future. These methods can use both explicit information, like a customer’s ratings of the options, and implicit information, like whether or not they finished a specific program on Netflix. Most famously, perhaps, collaborative filtering is used by Amazon in generating “People who bought this also bought . . .” listings. Collaborative filtering requires a large set of past user behavior to make predictions. This is the heart of suggestions made by Apple Music, “who to follow” suggestions on Twitter, and matches on Tinder. Yes, Tinder apparently changes the people it will show you based on your swipes. Swiping right will change who you see in the future. It’s important to realize that, in its pure form, collaborative filtering doesn’t use in-depth information about the options themselves. When Apple Music recommends a tune, it knows nothing about the song’s tempo, beat, lyrics, or instrumentation. It simply knows that people who are like you like that song too.

There’s another familiar lesson in this graph: output metrics—the data we graphed above—are far poorer indicators of trend causes than input metrics. It turned out in this case that the cause of our decelerating growth was a reduction in the rate of acquiring new customers—but nothing in these graphs gives any clue to that cause. With a sizable existing business, if you only pay attention to the output metric “revenue,” you typically won’t see the effects of new customer deceleration for quite some time. However, if you look at input metrics instead—things like “new customers,” “new customer revenue,” and “existing customer revenue”—you will detect the signal much earlier, and with a much clearer call to action.

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Private capital is the new Big Finance. And with interest rates still low and parts of Wall Street firmly out of the spaces that private equity firms want to grow further in, the industry has room to be creative and grow its share of retirees’ balance sheets by managing even larger slices of pension fund money. This is active investing on a huge scale. Not market tracking, not index following. Private equity firms are always raising capital for one strategy or another, always deploying investors’ money with one hand and returning cash back with the other. Their customers tend to commit to more than one fund and are increasingly sticky, usually returning for more. They have built high-growth businesses that are getting better every day. They’re always winning.

Part of the process that we’ve used to help us eliminate unnecessary meetings and unnecessary attendance is a rigorous dogma to ‘codify and communicate.’ That means we really limit who are the ‘Need to Be-ers’ that truly must be in the meetings to make the decisions, and then we consistently practice reducing our decisions to concise writing that is then e-mailed out to the ‘Need to Know-ers.’ There may be ninety people who ‘need to know’ but only three people who ‘need to be’ [in the meeting]. So we get the three people in a room, discuss the issues, make a decision and then communicate—in written form—the decisions that were made to all of the people that really need to know. Think how much time that saves to focus on serving our customers! Not to mention the rate at which having fewer people in the room speeds up our decisions. The decision-making process slows down dramatically proportionate to the number of people in the room.

Site Speed I’ll be brutal here. There’s absolutely no excuse why your web pages should be loading in more than 5 seconds. Google users will simply vote with their ‘back’ button. They have no loyalty to your site over the nine other organic options on the first page and they couldn’t give a rat’s ass about your entrepreneurial aspirations. If a web page is slow, they’ll bounce off that website quicker than said rat up a drainpipe. And you remember what we said about RankBrain monitoring your site’s bounce rate? And the ramifications of it being poor? “No Bueno” my friend. As you may be able to tell, I get very worked up about site speed. I think making your website lightning fast is one of the most undervalued marketing tactics you can perform on the Internet; not just for your SEO, but for increasing website conversions. People don’t realise how strict the correlation between site load speed times and customer sales really is. it’s often the case that website owners don’t realise they behave online in exactly the same way their potential customers will. Do you yourself wait for a website to load for ages, or do you just skip to the next option? Precisely.

J.D. Power, which measures customer satisfaction: JDPower.com (look at the “Awards & Ratings” dropdown menu), and •​AM Best Company, which rates insurance companies on financial strength: AMBest.com.

And while seeking out the opinions and perspectives of people like ourselves may lead to a more personal and familiar buying experience, what’s even more amazing is the impact those trusted sources have on conversion rates. B2B sales cycle data from Salesforce demonstrates that, when it comes to lead conversion, the interest that originates from customer and employee referrals converts to deals at rates fifty times higher than email campaigns!9 Furthermore, data from marketing automation giant Marketo indicates that leads originating from referrals convert to opportunities at rates of four times the average, and similar to the next three highest-converting lead sources combined (those being partner, inbound, and marketing-generated).10 My personal experience over the years greatly corroborates these statistics. For example, when I started my own sales practice, Cerebral Selling, I needed to have a logo designed. Around the same time, my friend had recently had a nice logo designed for his business. I asked him who he used, he told me, and I just did the same. No further research or investigation required. A short time later, I wanted to head out of town with my wife for an overnight trip to the beautiful Niagara wine region of Ontario to celebrate our anniversary. I didn’t know where to stay or which restaurant to go to, so instead of sifting through pages of online content and reviews, I asked a friend who runs a vineyard in the region. When he gave me his recommendations, I simply booked the places he told me. No questions asked. Were there better places to stay and eat? Potentially. Were there other creative design shops that could have generated equally if not more spectacular logos? More than likely. Do I care? Absolutely not! I love my logo and had a great anniversary outing, and feel secure in my decisions around both because of the feeling I received by selecting recommendations from people I trust. Both experiences are perfect examples of the prescriptive-led sales cycle we spoke about in chapter 2. This means that when it comes to your selling motion, one of the most unobtrusive, empathetic, and authentic ways to convert prospective buyers is simply to surround them with like-minded customers who love you.

In a traditional camera store, cameras typically are not ranked number one versus number ten. But online retailers make it easy to list products in rank order by customer ratings, or to filter results to include only products with every conceivable desirable feature. Products with lower rankings or only nine out of ten desirable features receive disproportionately lower sales from even small differences in quality, convenience, or pricing performance.

In early 2001, a fintech startup offered the following idea.2 Instead of individual corporations querying various banks to get the best rate, why not have an electronic system match the buyers and sellers directly at an agreed upon price and no spread? Indeed, the bank could offer this service to its own customers and collect a modest fee (compared with the spread). Furthermore, given that some customers deal with multiple banks, it would be possible to connect customers at all banks participating in the peer-to-peer network. You can imagine the reception.

Wine, like a progressive tax rate, is the industry's way of price discriminating among its customers.

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Marketing for “Lead Generation” and “Lead Development” Market development rep (MDR) doing research and responding to inbound leads Sales development rep (SDR) generating leads via outbound prospecting techniques Account executive (AE) getting initial customer commitment Onboarder (ONB) to guide the customer to first value sits with a sales engineer Customer success manager (CSM) orchestrating the customer’s ongoing experience Account manager (AM) helping the customer grow the business When executed well, job specialization can increase sales velocity and improve effectiveness. Organizations need to ensure that specialization is paired with a well-defined, cross-functional process and job training for each role. Without a well-defined process, customers and win rates will suffer from poor handoffs between functions. We have seen it again and again: Without a well-defined onboarding and coaching program, the reps will fail.

It's also important for tech product managers to have a broad understanding of the types of analytics that are important to your product. Many have too narrow of a view. Here is the core set for most tech products: User behavior analytics (click paths, engagement) Business analytics (active users, conversion rate, lifetime value, retention) Financial analytics (ASP, billings, time to close) Performance (load time, uptime) Operational costs (storage, hosting) Go‐to‐market costs (acquisition costs, cost of sales, programs) Sentiment (NPS, customer satisfaction, surveys)

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In working to achieve a profit, an investor is really making a prediction about the future—the desirability of owning a particular asset (stock, bond, house, currency, etc.) in the future, based on the likely future performance of the asset. Will the company attract new customers or invent a desired product? Will the economy at the time the investment is realized be strong or weak? Will interest rates be higher? Will climate change affect the value of assets?

Under a stakeholder economic model, businesses are not rewarded primarily based on economic metrics such as profit, loss, customer satisfaction, or the quality of a company’s products and services. Instead, businesses are rated based on their commitment to social and environmental causes chosen by the elites themselves, often to their own benefit.

where a = accumulated future value, p = principal or present value, r = rate of return in percentage terms, and n = number of compounding periods. All too often, management teams focus on the r variable in this equation. They seek instant gratification, with high profit margins and high growth in reported earnings per share (EPS) in the near term, as opposed to initiatives that would lead to a much more valuable business many years down the line. This causes many management teams to pass on investments that would create long-term value but would cause “accounting numbers” to look bad in the short term. Pressure from analysts can inadvertently incentivize companies to make as much money as possible off their present customers to report good quarterly numbers, instead of offering a fair price that creates enduring goodwill and a long-term win–win relationship for all stakeholders. The businesses that buy commodities and sell brands and have strong pricing power (typically depicted by high gross margins) should always remember that possessing pricing power is like having access to a large amount of credit. You may have it in abundance, but you must use it sparingly. Having pricing power doesn’t mean you exercise it right away. Consumer surplus is a great strategy, especially for subscription-based business models in which management should primarily focus on habit formation and making renewals a no-brainer. Most businesses fail to appreciate this delicate trade-off between high short-term profitability and the longevity accorded to the business through disciplined pricing and offering great customer value. The few businesses that do understand this trade-off always display “pain today, gain tomorrow” thinking in their daily decisions.

Starting with just eleven beds and three doctors, Aravind has become the world’s largest provider of eye care in the world, performing about 300,000 surgeries a year, at least two-thirds of them for free. Aravind has an extraordinary value proposition. Correction: it has two value propositions. One is aimed at affluent customers who want the best eye care money can buy. These customers want to be seen by state-of-the-art doctors in state-of-the-art facilities, and they are willing to pay the going market rate for such advanced medical care. That’s one value proposition. The second is for those who can’t afford to pay and who would otherwise become blind. Aravind offers them sight, and the independence that goes with it. The medical care is identical to that provided to the paying patients—same doctors, same operating rooms. The hotel function (room and board) is vastly stripped down. But the price is stripped down even further, all the way to zero.

Thirdly, German bankers drooled over the large difference between the interest rate they could charge to German customers and the going interest rate in places like Greece. The chasm between the two was a direct repercussion of the trade imbalances. A large trade surplus means that cars and washing machines flow from the surplus to the deficit country, with cash flowing the opposite way. The surplus country becomes awash with “liquidity,” with cash accumulating in proportion to the net exports pouring into its trading partners. As the supply of cash increases within the surplus nation’s banks, in Frankfurt to be precise, it becomes more readily available and therefore cheaper to borrow. In other words, its price drops. And what is the price of money? The interest rate! Thus interest rates in Germany were remaining much lower than in Greece, Spain and their equivalents, where the outflow of cash (as the Greeks and the Spanish purchased more and more Volkswagens) maintained the price of euros in Europe’s south above its equivalent in Germany.3