Nails Marketing Quotes

Short a bear market, go long in a bull market, either play, you do it on a hunch, harbor a whole lot of hope, then sit back and try not to bite your nails. Because no one knows anything for sure. Foresight is a hunch. Everyone is making it up as best they can, and life’s winners are those who smile at the truth of it and can cut a wake through a Sargasso of ego, guesswork, bullshit and chance.

Thomas Sowell nailed it when he said: “No government of the left has done as much for the poor as capitalism has. Even when it comes to the redistribution of income, the left talks the talk but the free market walks the walk.

Even though men have very little interest in wearing women’s clothes, this has not prevented a gigantic industry from arising, dedicated to satisfying women’s desires in fashion. Industries which provide makeup, hair styling, nail polish, hair removal, and weight loss services are similarly “biased” in the direction of females: they disproportionately serve women. These phenomena would be very difficult to understand on the feminist model that female wants are ignored or deprecated in the male’s favor.

The cotton gin meant bigger cotton yields and the iron tools to harvest it, iron horseshoes for the horses tugging the wagons with iron rims and parts that took it to market. More slaves and the iron to hold them. The crop birthed communities, requiring nails and braces for houses, the tools to build the houses, roads to connect them, and more iron to keep it all running. Let his father keep his disdain and his spirit, too. The two men were parts of the same system, serving a nation rising to its destiny.

But in the end we found it impossible to ignore the impassioned pleas of the Lost City of White Male Privilege, a controversial municipality whose very existence is often denied by many (mostly privileged white males). Others state categorically that the walls of the locale have been irreparably breached by hip-hop and Roberto Bolaño’s prose. That the popularity of the spicy tuna roll and a black American president were to white male domination what the smallpox blankets were to Native American existence. Those inclined to believe in free will and the free market argue that the Lost City of White Male Privilege was responsible for its own demise, that the constant stream of contradictory religious and secular edicts from on high confused the highly impressionable white male. Reduced him to a state of such severe social and psychic anxiety that he stopped fucking. Stopped voting. Stopped reading. And, most important, stopped thinking that he was the end-all, be-all, or at least knew enough to pretend not to be so in public. But in any case, it became impossible to walk the streets of the Lost City of White Male Privilege, feeding your ego by reciting mythological truisms like “We built this country!” when all around you brown men were constantly hammering and nailing, cooking world-class French meals, and repairing your cars. You couldn’t shout “America, love it or leave it!” when deep down inside you longed to live in Toronto.

He was shaking his head as he read some of the words that were written in the pie sections of the wheel; Meat Snatch, Gash and Stitch, Jaws of Life, Tongue Twister, Enema of Horror, Nailed, Dissection, Musical Hair Patches, Eye Deflation, Intestinal Jump Rope, Cooked Until Dripping, Spoon of Pain, Needle Works, Ball Squats, Cut and Rip, Two Headed Cock, Bone Collector, Joint Screws, Fused, Human Tesla Coil, Barbed Wired, Shit Faced, Root and Rod, Colon Blow, Skin Deep, Boiling Nuts, Sewn, Muscle Stimulator, Urethra Tug-o-war, Crack a Cap, Tendon Rubber Bands, Weenie Roast, Musical Extremities, Root Canal, Needle Mania, Tattooed Wall Art, Rod and Prod, Slice and Dice, Sex Change and Torched Beyond Recognition. I

Last year, I was conversing by e-mail with an acquaintance who was investigating the black market in cadaver parts. She came into possession of a sales list for a company that provides organs and tissues for research. On the list was “vagina with clitoris.” She did not believe that there could be a legitimate research purpose for cadaver genitalia. She assumed the researcher had procured the part to have sex with it. I replied that physiologists and people who study sexual dysfunction still have plenty to learn about female arousal and orgasm, and that I could, with little trouble, imagine someone needing such a thing. Besides, I said to this woman, if the guy wanted to nail the thing, do you honestly think he’d have bothered with the clitoris?

What happens when you fully staff sales and marketing and you haven’t nailed who your customers are and why they should buy your product? Sales starts missing its numbers. The board gets concerned. The VP of Sales comes to a board meeting, still optimistic, and provides a set of reasonable explanations. The board raises a collective eyebrow. The VP goes back to the field and exhorts the troops to work harder.

Most cleantech companies crashed because they neglected one or more of the seven questions that every business must answer: 1. The Engineering Question Can you create breakthrough technology instead of incremental improvements? 2. The Timing Question Is now the right time to start your particular business? 3. The Monopoly Question Are you starting with a big share of a small market? 4. The People Question Do you have the right team? 5. The Distribution Question Do you have a way to not just create but deliver your product? 6. The Durability Question Will your market position be defensible 10 and 20 years into the future? 7. The Secret Question Have you identified a unique opportunity that others don’t see? We’ve discussed these elements before. Whatever your industry, any great business plan must address every one of them. If you don’t have good answers to these questions, you’ll run into lots of “bad luck” and your business will fail. If you nail all seven, you’ll master fortune and succeed. Even getting five or six correct might work.

The economist Paul Romer distinguishes between complacent optimism, the feeling of a child waiting for presents on Christmas morning, and conditional optimism, the feeling of a child who wants a treehouse and realizes that if he gets some wood and nails and persuades other kids to help him, he can build one.108 We cannot be complacently optimistic about climate change, but we can be conditionally optimistic. We have some practicable ways to prevent the harms and we have the means to learn more. Problems are solvable. That does not mean that they will solve themselves, but it does mean that we can solve them if we sustain the benevolent forces of modernity that have allowed us to solve problems so far, including societal prosperity, wisely regulated markets, international governance, and investments in science and technology.

The very triumphs of his foes, it means, he used for their defeat. He compelled their dark achievements to subserve his ends not theirs. They nailed him to a tree, not knowing that by that very act they were bringing the world to his feet. They gave him a cross, not guessing that he would make it a throne. They flung him outside the city gates to die, not knowing that in that very moment they were lifting up the gates of the universe, to let the king come in. They thought to root out his doctrines, not understanding that they were implanting imperishably in the hearts of men the very name they intended to destroy. They thought they had God with his back to the wall, pinned helpless and defeated: they did not know that it was God himself who had tracked them down. He did not conquer in spite of the dark mystery of evil. He conquered through it.

There’s a story about legendary copywriter Gary Halbert, who once asked a room of aspiring writers, “Imagine you’re opening a hamburger stand on the beach—what do you need most to succeed?” Answers included, “secret sauce,” and “great location” and “quality meat.” Halbert replied, “You missed the most important thing—A STARVING CROWD.” Your job is to find that “starving crowd” who can’t live without what it is you have to offer. What we want to do in terms of targeting is to find good, prospective customers for our business that can be reached affordably, that are likely to buy, that are able to buy, and preferably who already know of us, or are likely to trust us. Once you get this down, and you nail exactly who your slam-dunk customer truly is—the person you absolutely want to do business with over and again—then you’ll be able to make your marketing “magnetic” because you’ll be using words and phrases that’ll attract your target audience. This makes your job much easier, because you can talk to them using language they relate to about what it is they really want.

Wall Street: I’d start carrying guns if I were you.      Your annual reports are worse fiction than the screenplay for Dude, Where’s My Car?, which you further inflate by downsizing and laying off the very people whose life savings you’re pillaging. How long do you think you can do that to people? There are consequences. Maybe not today. Or tomorrow. But inevitably. Just ask the Romanovs. They had a nice little setup, too, until that knock at the door.      Second, Congress: We’re on to your act.      In the middle of the meltdown, CSPAN showed you pacing the Capitol floor yapping about “under God” staying in the Pledge of Allegiance and attacking the producers of Sesame Street for introducing an HIV-positive Muppet. Then you passed some mealy-mouthed reforms and crowded to get inside the crop marks at the photo op like a frat-house phone-booth stunt.      News flash: We out here in the Heartland care infinitely more about God-and-Country issues because we have internal moral-guidance systems that make you guys look like a squadron of gooney birds landing facedown on an icecap and tumbling ass over kettle. But unlike you, we have to earn a living and can’t just chuck our job responsibilities to march around the office ranting all day that the less-righteous offend us. Jeez, you’re like autistic schoolchildren who keep getting up from your desks and wandering to the window to see if there’s a new demagoguery jungle gym out on the playground. So sit back down, face forward and pay attention!      In summary, what’s the answer?      The reforms laws were so toothless they were like me saying that I passed some laws, and the president and vice president have forgotten more about insider trading than Martha Stewart will ever know.      Yet the powers that be say they’re doing everything they can. But they’re conveniently forgetting a little constitutional sitcom from the nineties that showed us what the government can really do when it wants to go Starr Chamber. That’s with two rs.      Does it make any sense to pursue Wall Street miscreants any less vigorously than Ken Starr sniffed down Clinton’s sex life? And remember, a sitting president actually got impeached over that—something incredibly icky but in the end free of charge to taxpayers, except for the $40 million the independent posse spent dragging citizens into motel rooms and staring at jism through magnifying glasses. But where’s that kind of government excess now? Where’s a coffee-cranked little prosecutor when you really need him?      I say, bring back the independent counsel. And when we finally nail you stock-market cheats, it’s off to a real prison, not the rich guys’ jail. Then, in a few years, when the first of you start walking back out the gates with that new look in your eyes, the rest of the herd will get the message pretty fast.

For want of a nail, the shoe was lost; for want of a shoe the horse was lost; and for want of a horse the rider was lost, being overtaken and slain by the enemy, all for want of care about a horseshoe nail.” The excuse for the profound economic crisis that provoked the collapse of a superpower was the fall of oil prices in the mid-1980s, which for all its significance is incommensurate with the consequences. Developments on the oil market were, for the Soviet economy, not the reason but the excuse for its collapse.

You can change “words” in a marketing program, but heaven help you if you try to change a

Aflac, the company that brought us the duck. In the year 2000, the company had a name recognition of 12 percent. Today it’s 94 percent. And sales have gone up just as dramatically. Aflac sales in the American market went up 29 percent the first year after the duck arrived. And 28 percent the second year. And 18 percent the third year.

Page 207 In the inner cities of all the major metropolitan areas across the United States, ethnic Koreans represent an increasingly glaring market-dominant minority vis-à-vis the relatively economically depressed African-American majorities around them. In New York City, Koreans, less than .1 percent of the city’s population, own 85 percent of produce stands, 70 percent of grocery stores, 80 percent of nail salons, and 60 percent of dry cleaners. In portions of downtown Los Angeles, Koreans own 40 percent of the real estate but constitute only 10 percent of the residents. Korean-American businesses in Los Angeles County number roughly 25,000, with gross sales of $4.5 billion. Nationwide, Korean entrepreneurs have in the last decade come to control 80 percent of the $2.5 billion African-American beauty business, which—“like preaching and burying people”—historically was always a “black” business and a source of pride, income, and jobs for African-Americans. “They’ve come in and taken away a market that’s not rightfully theirs,” is the common, angry view among inner-city blacks. Page 208 At a December 31, 1994, rally, Norman “Grand Dad” Reide, vice president of Al Sharpton’s National Action Network, accused Koreans of “reaping a financial harvest at the expense of black people” and recommended that “we boycott the bloodsucking Koreans.” More recently, in November 2000, African-Americans firebombed a Korean-owned grocery store in northeast Washington, D.C. The spray-painted message on the charred walls: “Burn them down, Shut them down, Black Power!

As it stands right now, the top 1 percent already pay 90 percent of the money generated through federal tax, while the lower 10 percent pay basically nothing—yet still we’re told the rich need to pay more. And if the rich must pay more, then how much more—and for how long? Answers on a postcard please. Why not increase the rate annually until they’re eventually paying 100 percent tax? That’ll really teach them not to be greedy. This anticapitalist approach does little to encourage entrepreneurialism and most likely does the opposite. Once again, Thomas Sowell nailed it when he said: ‘No government of the left has done as much for the poor as capitalism has. Even when it comes to the redistribution of income, the left talks the talk but the free market walks the walk’.

Positioning Story: From database to data warehouse Early in my career I worked at a startup founded by a group of folks with PhDs in database technology. Our product was a special kind of database that could quickly find something in a very large collection of data, much faster than the popular databases on the market at the time. We never questioned the way we thought about that product — we were database people and we had built a new kind of database — what else could it be? The problem, of course, was that at that time the world didn’t know it needed a fancy new database. When we met with potential customers and started with “Hi, we’d love to show you our database...,

Your target market is the customers who buy quickly, rarely ask for discounts and tell their friends about your offerings.

A few thousand miles away, Nine Inch Nails' rock star Trent Reznor sauntered off a concert stage as the crowd roared. Security guards rushed to his side. Screaming groupies pushed backstage. Trent nodded and waved, heading back through the crowd. He didn't have time for this. There were more important things waiting. He stepped onto his tour bus, forsaking the drugs, the beer, the women, for the computer awaiting him. It was time again for Doom. Scenes like these had spread around the world since the game crashed the University of Wisconsin's network on December 10. With out an ad campaign, without marketing or advance hype from the mainstream media, Doom became an overnight phenomenon

The only case where a company might want to position a new product in a known category is when the category itself is defined and understood by buyers, but a strong leader has not yet been established. In technology we see this in new and emerging market categories. For example, “smart glasses” for consumers have been on the market for years and many people understand the basic functionality of smart glasses as being a sort of wearable display and/or camera. Some folks can name a handful of vendors that sell them (Epson or North might come to mind), but most people would be hard-pressed to name a “leader” in this market. In this case, North doesn’t need to create an entirely new category from scratch (although it certainly has the opportunity to shape the details of what customers expect from products within it), and it can position itself to be the leader of the entire market, since no clear leader exists yet. The

In the workshops I run, I set aside the first hour to go over positioning concepts and definitions with the team. At a minimum, the team needs to be on the same page regarding: What positioning means and why it is important Which components make up a position and how we define each of those How market maturity and competitive landscape impact the style of positioning you choose for a product

Great positioning takes into account all of the following: The customer’s point of view on the problem you solve and the alternative ways of solving that problem. The ways you are uniquely different from those alternatives and why that’s meaningful for customers. The characteristics of a potential customer that really values what you can uniquely deliver. The best market context for your product that makes your unique value obvious to those customers who are best suited to your product. Positioning can be a big and somewhat complex concept. But don’t worry, we can make it easier by first breaking it down into its components and then working through each of those in a systematic way.

we can either compete to win the entire market or position our product to win a slice of it. The “style” of positioning you choose will depend on a set of factors including the competitive landscape and your business goals.

The point of working through the sales story is that everyone in the discussion can agree on how the positioning translates into a “pitch.” To do that, the team needs to agree on how to define the problem, current solutions, the gap and the key purchase criteria that a customer should have when looking for a solution in your market.

market. I want to leave you with some key takeaways: Any product can be positioned in multiple markets. Your product is not doomed to languish in a market where nobody understands how awesome it is. Great positioning rarely comes by default. If you want to succeed, you have to determine the best way to position your product. Deliberate, try, fail, test and try again. Understanding what your best customers see as true alternatives to your solution will lead you to your differentiators. Position yourself in a market that makes your strengths obvious to the folks you want to sell to. Use trends to make your product more interesting to customers right now, but be very cautious. Don’t layer on a trend just for the sake of being trendy—it’s better to be successful and boring, rather than fashionable and bewildering. Knowing how to do something is not the same as understanding how to teach someone else how to do it. As leaders, we often become very good at doing things that we have a very hard time explaining to the teams that work with us. This book is my attempt to codify and teach one of the most complicated processes I’ve learned to do in my career. I sincerely hope it offers you a shortcut to better position your products to succeed.

The repositioning didn’t stop with marketing and sales — it changed the way we viewed ourselves. We looked at the features we were planning to build in the future and adjusted them to fit our vision of a warehousing platform.

The common failure in both of these traps is not deliberately positioning the product. We stick with a “default” positioning, even when the product changes or the market changes. I believe this happens because we haven’t been taught that every product can be positioned in multiple ways and often the best position for a product is not the default. We have never been taught that positioning is a deliberate business choice that requires time, attention and, importantly, a systematic process.

I was marketing a database called DB2. DB2 was best known as the leading database platform on a mainframe (that’s what we used to call giant, powerful computers back in the olden days).

Each component has a relationship to the others. Attributes of your product are only “unique” when compared with competitive alternatives. Those attributes drive the value, which determines who the best target customers are, which in turn highlights which market frame of reference is the best one to highlight your value. Trends must be relevant to your target customers, and can be used in combination with your market category to make your product more relevant to your buyers right now.

Positioning is a business strategy exercise—the person who owns the business strategy needs to fully support the positioning, or it’s unlikely to be adopted. In startups, the head is the CEO and/or the founders. In larger companies, the head is usually the division or business unit leader and occasionally the head of marketing or head of product.

In general, your website, your sales and marketing materials, your pricing and even your immediate product roadmap will be designed to serve customers, and therefore should reflect your customer positioning not your investor positioning. Investors will understand that and will also understand that the story in your investor pitch deck may look dramatically different from the story in your sales deck.

Market categories help customers understand what your offering is all about and why they should care. Trends help buyers understand why this product is important to them right now. Trends can help business buyers understand how a product aligns with overall company priorities, making it a more strategic and urgent purchase. Trends are important because, as customers, we want to learn about new, interesting and potentially disruptive technologies or approaches.

In the work I’ve done with startups, I’ve determined that it’s critical to start with understanding what the customer sees as a competitive alternative, and then working through the rest of the components—attributes, value, characteristics, market category, relevant trends—from there.

The customer’s point of view on the problem you solve and the alternative ways of solving that problem. The ways you are uniquely different from those alternatives and why that’s meaningful for customers. The characteristics of a potential customer that really values what you can uniquely deliver. The best market context for your product that makes your unique value obvious to those customers who are best suited to your product.

These are the Five (Plus One) Components of Effective Positioning: Competitive alternatives. What customers would do if your solution didn’t exist. Unique attributes. The features and capabilities that you have and the alternatives lack. Value (and proof). The benefit that those features enable for customers. Target market characteristics. The characteristics of a group of buyers that lead them to really care a lot about the value you deliver. Market category. The market you describe yourself as being part of, to help customers understand your value. (Bonus) Relevant trends. Trends that your target customers understand and/or are interested in that can help make your product more relevant right now.

Think of your product as a fishing net. You have a theory that your net is good for catching grouper, but you haven’t fished with it yet so you aren’t certain what you might catch. At first, you’ll want to go where there are lots of different fish and see what you pull up. If you notice over time you’re pulling in a lot of tuna, not grouper, you can move to the tuna spot and do the same amount of work to get a lot more fish. If you had positioned your tuna net as a grouper net in the beginning, you might never have figured out your best positioning. Positioning your net broadly as a “fish net” when you have little market experience is the best way to keep your options open until you have enough customer experience to start seeing patterns.

Your target market is the customers who buy quickly, rarely ask for discounts and tell their friends about your offerings. For businesses, big-picture characteristics include things like industry, location and company size, but those are rarely enough to identify a customer who is a great fit for your product. You might sell a solution for small business that greatly reduces the time and complexity of invoicing. Any small business could use your product, but the ones that send a significant number of invoices every month will love you the most.

If we fail at positioning, we fail at marketing and sales. If we fail at marketing and sales, the entire business fails.

Case #6 Sandy and Bob Bob is a successful dentist in his community. In the 15 years since he established his own practice, he has established a reliable base of patients and has built a thriving business in a great location. A couple years ago, he brought his wife, Sandy, a business expert with an MBA, on board to help him oversee the business end of the dental practice. She had recently left her job at a financial services firm, and Bob knew that Sandy’s business acumen would be helpful in getting his administrative house in order. She brought on new employees, developed effective new processes, and enhanced the office’s marketing efforts. Within a few months, Sandy’s improvements had managed to make the dental practice a well-oiled machine. Now she could turn her attention to their real estate portfolio. Bob and Sandy owned three small apartment buildings around town, as well as one small commercial center that was home to a nail salon, a chiropractor’s office, a coffee house and a wine shop. Fortunately, Bob’s dental practice was a success and their investments earned a nice passive income for them. Unfortunately, because Bob earned on average $250,000 per year, the couple couldn’t use passive loss, which in their case came to about $100,000, from their investments to offset his high earned income. Eventually, they would be earning sheltered profits—when the mortgages on their properties were paid off and the rentals made pure profit, or if they were to sell a property. When those things eventually happened, they could use their losses to shelter those profits. But until that time, the losses were going unused. Sandy made an appointment with their CPA to discuss the situation and see how they might improve their tax situation. The CPA asked, “What about becoming a real estate professional?” He explained to Sandy that if she spent 750 hours per year, or about 15 hours a week, on the couple’s real estate investments, she would be considered a real estate professional by the IRS. This would enable the couple to write off 100 percent of their passive losses against Bob’s high income, which would bring his taxable income down to $100,000. This $100,000 deduction brought Bob and Sandy into a lower tax bracket, saving them roughly $31,000 in taxes. Sandy already devoted a large percentage of her time to overseeing their investments, and when she saw the tax advantages, her decision became clear: She would file the Section 469(c)(7) and become a real estate professional.

great positioning is more than just articulating your assumptions around your target market and value proposition

Last Star Standing (Feb. 18, 2021) It's set in the near future - 2094 - and follows an alien invasion - so it HAS to be marketed as science fiction - but it's really about the narrator's tough, terrifying, but ultimately life-affirming personal journey. The book hit me, about three years ago, when I was meditating. This is something I do very badly! - but I have had amazing experiences - swirling colours, images - and, in this case, a character. I found myself looking down, from the Earth's surface, about a hundred metres, down a metallic shaft, at a young man imprisoned in a metal chair. It was Aiden, my narrator, and - from that bizarre introduction - he wouldn't leave me alone. With sinking heart I realised that I was being asked to write - at least technically - science fiction, of which I'd read exactly three - 1984, Ishiguro's Never Let Me Go and The Handmaid's Tale. The idea was crazy and I fought it tooth and nail. But Aiden fought back. He wanted his book to happen. He wanted to BE. And - long story short - he won! It's jst been published. If you read it, I hope you enjoy it. If you enjoy it, I hope you review it. And I very, VERY much hope, in these tough times, it really does offer a little escape! Spaulding Taylor

Example #1: Even if you have a bad offer and are bad at persuasion, you’re going to make money if you’re in a great market. If you’re on the corner hocking hot dogs when the bars close up at 2am, with mobs of starving drunk folks, you’re gonna sell out your hotdogs. Example #2 (most of us): If you are in a normal market and have a Grand Slam Offer (great), you can make tons of money even if you’re bad at persuasion.  This is most people reading this book. That’s why I wrote it — to help you maximize your success by learning to really build a Grand Slam Offer. Example #3: Let’s say you’re in a normal market and have a normal offer. In order to be massively successful, you would have to be exceptionally good at persuasion. Then and only then will you succeed, with your persuasive skills serving as the fulcrum of your success. Heck, many empires have been built by exceptional persuaders. It’s just the hardest path to follow and requires the most effort and learning. Nailing your offer helps you shortcut this path to success. Otherwise, you will just have a normal business that takes exceptional skill to be successful (nothing wrong with that, but probably not what you signed up for).

Great positioning takes into account all of the following: The customer’s point of view on the problem you solve and the alternative ways of solving that problem. The ways you are uniquely different from those alternatives and why that’s meaningful for customers. The characteristics of a potential customer that really values what you can uniquely deliver. The best market context for your product that makes your unique value obvious to those customers who are best suited to your product.

Now a silent rule had been broken. The possibility of a real conversation loomed—the unspoken envy and resentment that had simmered all these years, the fact that yes, every morning since she had fallen ill, Ma had asked for Natalie, and they were forced to lie, to say that she had gone out to the market and would be back in a few hours, just to calm Ma until she forgot again. The sisters looked at one another, examined their nails, then finally met Natalie's gaze. "No," they said. "She doesn't talk about you" (Heng 261).

That’s why, when it comes to generating business ideas, customers come first. Before the product or service. Even before the idea. To build a business, you need someone to sell to. I can’t tell you how many times someone has emailed me saying, “What do you think of this business idea?” My auto-reply? “Have you asked what the customer thinks?” Steve Jobs said, “You have to start with the customer experience and work backwards.” Jeff Bezos, too, insists everyone at Amazon use a Customer First Approach to generate ideas and decide which to develop. The first of his sixteen Leadership Principles—Customer Obsession—starts by saying, “Leaders start with the customer and work backwards.” Working backwards prioritizes access to a group of customers (a group you probably belong to) and focuses on an aspect of a customer’s life that doesn’t work. If you do it this way, you’re assured of nailing the three Ws of business right from the start: Who you are selling to What problem you’re solving Where they are Your goals in this chapter are to use the Customer First Approach, to narrow in on three markets that you’ll target, to use your knowledge and experience of these markets to generate lots of ideas, and then to choose the three you think are the most likely to succeed. It’s the first step in the three-part Million Dollar Weekend process, in which you’ll learn to sell ideas to a small early adopter group before you’ve built the product (or spent a cent) in order to validate that there is a market that will pay. Repeat, fast and cheap, until it hits. Experiment, experiment, experiment—BOOM!

An important event occurred at that time. The Fed began paying interest to banks on their required reserves. All of the cash that banks were required to leave at the Fed could earn interest. The new rate was called Interest On Reserves (IOR) and the change made a lot of sense. Had it ended there, this would be a much different chapter. However, the Fed went one step further and offered to pay interest on any excess reserves that banks deposited at the Fed. That became known as the Interest On Excess Reserves (IOER) and it was effectively the final nail in the coffin of the fed funds market. For banks with excess cash, depositing at the Fed was a no-brainer. Why give your cash to another bank when you can give it to the risk-free Federal Reserve? And, on top of that, the Fed paid higher than market rates. A layup. So, it’s no surprise that cash began to move out of the fed funds market. Pre-Financial Crisis, in 2007, the size of the funds market was around $200 billion, and it peaked at $400 billion in 2009 during the crisis. Since then, it’s declined just about every year since.

On Fridays, my mother used to get her nails done and would come home complaining about the smell of the nail polish. On Saturdays, she used to go to the street market and would come home complaining about the smell of the fish. On Tuesdays, she used to go to the supermarket and would come home complaining about the price of things. Sometimes I would go with her to the manicurist and the manicurist would paint my nails pink. I didn’t complain about the smell of the nail polish. After my mother died, I wondered if all these places would save her a space for a while. The space that she would have occupied in the queue at the supermarket. The lettuce or the potatoes that she would have bought at the street market. The potential brushstrokes of nail polish in the bottle. I wondered if the space that a person occupies in the world survives the person themself. If the stage remains set for a while, the props ready, the cue repeated several times, waiting for the person to come on again. And if the connections are only undone slowly, the threads breaking, the lights switching off, the person dying slowly for the world after they have died for themself. If there are two deaths, one intimate and individual, the other public and collective, two deaths that happen at different paces.

But as Airbnb became huge, with lots of hosts and travelers, it became increasingly common to have to make multiple attempts to nail down a reservation. Meanwhile, Airbnb’s main competitors were no longer other small Internet businesses, but giant hotel corporations such as Hilton, Marriott, and Best Western. And one huge advantage these huge hotel chains offer to travelers is speedy confirmation. Their transactions are fast: by phone or on the Web, you can quickly find out whether rooms are still available and book one for the night you want. That’s because all the rooms in, say, a Hilton are managed by a central computer system, so one call lets you check all the rooms at the same time. Imagine instead if you had to call Hilton to inquire about each room individually. On any given call, the only thing the reservation clerk could tell you was whether, say, room 1226 at the San Francisco Hilton was available for the night you wanted. If not, you had to make another call to find out about room 1227, then another for room 1228. Booking a room with an Airbnb host was a little like that. So Airbnb had to figure out how a market with many hosts offering one room at a time could compete more effectively with hotels. Price was obviously important. But it was the spread of smartphones that helped Airbnb close the speed gap, and that may have mattered even more than price. Today, as hosts manage their reservations on their smartphones, they don’t have to wait until they return home to confirm a booking—they just check their phones. They can also, as soon as the room is booked, immediately update their Airbnb listing to remove its availability. That in turn makes it easier for a traveler searching for a room to find one that’s available, even though he or she still has to query one room at a time. Thus smartphones make the home hosting market work better not just because hosts can respond faster but also because they can update their bookings, which makes them more informative. This, too, reduces congestion (fewer rooms appear to be available, and a room that looks available is more likely to actually be so), and as a result helps travelers search more efficiently, with fewer time-wasting false leads.

discover a minimally awesome product : limited in features but one that nails the customer’s problem. • They continually experiment with the right business model to take their solution to market. At FORBES we challenge ourselves every day, thinking like a 97-year-old startup.

The most remarkable thing is that even in Adam Smith’s examples of fish and nails and tobacco being used as money, the same sort of thing was happening. In the years following the appearance of the Wealth of Nations, scholars checked into most of these examples and discovered that in just about every case, the people involved were quite familiar with the use of money, and in fact, were using money- as a unit of account. Take the example of dried cod, supposedly used as money in Newfoundland. As the British diplomat A. Mitchell pointed out almost a century ago, what Smith describes was really an illusion, created by a simple credit arrangement: In the early days of the Newfoundland fishing industry, there was no permanent European population, the fishers went there for the fishing season only, and those who were not fishers were traders who bought the dried fish and sold to the fishers their daily supplies. The latter sold their catch to the traders at the market price in pounds, shilling and pence, and obtained in return a credit on their books, which they paid for the supplies. Balances due by the traders were paid for by drafts on England or France. It was quite the same in the Scottish village. It’s not as if anyone actually walked into the local pub, plunked down a roofing nail, and asked for a pint of beer. Employers in Smith’s day often lacked coin to pay their workers; wages could be delayed by a year or more; in the meantime, it was considered acceptable for employees to carry off either some of their own products or leftover work materials, lumber, fabric, cord, and so on. The nails were de facto interest on what their employers owed to them. So they went to the pub, ran up a tab, and when occasion permitted, brought in a bag of nails to charge off against the debt. The law making tobacco legal tender in Virginia seems to have been an attempt by planters to oblige local merchants to accept their products as a credit around harvest time. In effect, the law forced all merchants in Virginia to become middlemen in tobacco business, whether they liked it or not; just as all West Indian merchants were obliged to become sugar dealers, since that’s what all their wealthier customers brought in to write off against their debt. The primary examples, then, were ones in which people were improvising credit systems, because actual money- gold and silver coinage- was in short supply.

The Hermit’s Cave became nationally known, spreading from its local origin through the syndication of its Detroit version to many large markets. “The Mummers” co-titled their show “The Little Theater of the Air,” a rather literary moniker for such a blood-and-thunder spook show. The framework is memorable almost sixty years later: howling winds and the rusty-as-nails voice of the Hermit. Ghhhhhoooooosssssstttttt shories! … Weeeeeiiiiirrrrrddddd stories! …and murders, too! The Hermit knows of them all! Turn out your lights! TURN THEM OUT! … The show had a reputation for network quality and grisly sound effects. G. A. Richards, who owned WJR, later initiated the separate broadcast at his West Coast facility, KMPC. This was a training ground of sorts for young actors with network aspirations (William Conrad was 22; John Dehner 28): Mel Johnson, who was playing the ancient Hermit when the show was at its peak in 1942, was only 24 years old.

Positioning is the act of deliberately defining how you are the best at something that a defined market cares a lot about.

researchers who examined the semiconductor industry found that firms in growing markets were much more successful than firms in mature or emerging markets.

Criteria for selling into strength and nailing down a decent