Customers Come Cheap in Digital World
Seth Godin takes marketers to task over their failure to adjust to the internet revolution which has seen the cost of cost of a new customer plunge, in some cases to close to zero.
What's the Latest Development?
In business, they say a bird in the hand is worth two in the bush. As Seth Godin reminds us, it's important to know how much it costs to get one new customer and, on average, what they're worth during your relationship with them. So what are we to make of the fact that for Facebook and Twitter, for example, the cost of a new customer is almost zero?
What's the Big Idea?
Godin says that when you can get people into a relationship for nothing, "you don't need to make much on each one to be delighted with the outcome." So what does that mean for marketers? "Dates, not singles bars. Subscriptions, not vegomatics," says Godin. For instance, don't go investing a lot of hype to get strangers to notice you once then put everything into a one shot transaction which few people engage in.
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In his final years, Martin Luther King, Jr. become increasingly focused on the problem of poverty in America.
- Despite being widely known for his leadership role in the American civil rights movement, Martin Luther King, Jr. also played a central role in organizing the Poor People's Campaign of 1968.
- The campaign was one of the first to demand a guaranteed income for all poor families in America.
- Today, the idea of a universal basic income is increasingly popular, and King's arguments in support of the policy still make a good case some 50 years later.
10 of the most sandbagging, red-herring, and effective logical fallacies.
- Many an otherwise-worthwhile argument has been derailed by logical fallacies.
- Sometimes these fallacies are deliberate tricks, and sometimes just bad reasoning.
- Avoiding these traps makes disgreeing so much better.
For Damien Echols, tattoos are part of his existential armor.
- In prison Damien Echols was known by his number SK931, not his name, and had his hair sheared off. Stripped of his identity, the only thing he had left was his skin.
- This is why he began tattooing things that are meaningful to him — to carry a "suit of armor" made up the images of the people and objects that have significance to him, from his friends to talismans.
- Echols believes that all places are imbued with divinity: "If you interact with New York City as if there's an intelligence behind... then it will behave towards you the same way."
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