A Lesson From Taco Bell: What Makes Freebies Valuable?

Recently, Taco Bell offered it’s 6 million Facebook fans a free taco redeemable with no strings attached at any participating location.  Interestingly, only 3% of fans took up the offer.  So, what is it that makes a freebie valuable?  What made Taco Bell’s offer so unappealing to its Facebook fans?

For starters, a 99 cent taco lacks the perceived (and real) value that gets a person excited about receiving a prize.  While its great to win anything, 99 cents is easily replaced.

This blog thinks a lack of exclusitivity is what made the promotion fail.  Though it may be true that a promotion corresponding with a new product launch may have increased the perceived value of the giveaway, I do not believe it was the number one deterrant to it’s success.

So what was? 

In my opinion, it was the effort required to redeem the prize that was the biggest problem.  When you think about successful promotions like Tim Horton’s Roll Up the Rim to Win campaign, customers can redeem prizes instantly.  Taco Bell put too many barriers in place for customers to the point that, even if they wanted the free taco, it wasn’t worth the effort.  When it comes to promotions, instancy is the name of the game. 

Though the online landscape has opened doors to interaction between brands and customers online, instant access to physical products has been a barrier to the success of numerous campaigns.  Brands must figure out a new approach to these types of giveaways if they wish to make them worthwhile going forward.

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Mobile Publishing: Mygazines

In an increasingly mobile world, the need for content on Smart Phones and tablet devices can’t be ignored.  But how much should companies be investing to stay on the cutting edge?   With mobile applications still in their infancy and the cost of app development seemingly unmanageable for most small companies, the search for reasonable alternatives begins.   

Mygazines offers a great option for anyone from a freelance writer to a large publishing company looking to make their content mobile-ready, at a reasonable cost.  The service has some impressive marketing functionality as well, with options for content sharing, social media integration, built in RSS feeds and video integration.  The only catch is that the services requires a browser to launch; which takes most e-readers off the market.

Today, the need for app development may be dependent on a number of factors including; industry specific requirements, the types of content being displayed and the price customers are willing to pay to get what they want.   For everyone else, there’s solutions like Mygazines to meet customer needs without breaking the bank.

Want to be the Best in the World?

I recently had a debate with several colleagues about the following question; would you rather be the best in the world at one specific task or a jack of all trades? Viewpoints on the question were mixed.

On one hand, being the best in the world makes you an authority on whatever it is you are the best at. A jack of all trades may have a wide range of talents, but is unlikely to be called upon for knowledge on one particular subject.

On the other hand people that are the best at what they do spend endless hours perfecting their craft, but are often one dimensional. What does a professional athlete do after his or her career is finished? Malcolm Gladwell’s title “Outliers” suggests that it takes 10,000 hours for someone to master their craft. That’s over five years (based on a 37.5 hour work week) of working on only one specific task.

Product Management is one career path where it’s viewed as beneficial to have expertise in a number of areas. As the link between a number of organizational functions including technology, marketing and sales – having broad knowledge is important for developing the trust and support of the stakeholders Product Managers work with on a daily basis. A Software Product Manager without technical expertise may have difficulty communicating customer needs to the internal technology team. An effective product manager though, must also be able to communication benefits to the product’s end user in a way they’ll understand.

In Product Management, being the best in the world is not a matter of mastering one particular task. What are the key factors to perfecting your craft?

Where Do You WANT to Be Five Years From Now

The Harvard Business Review published this article last week discussing a question we’ve all undoubtedly asked ourselves, “where will I be five years from now?”.

To me though, the more important question is “where do I want to be five years from now?”.   Whether you’re a student, an entrepreneur or the CEO of a fortune 500 company, your goals are only as good as the plan you put in place to achieve them. 

Over time circumstances will change and what you once believed would be you “five years from now” may not become your reality.  Where you are five years from now will depend on the path you take to get there and the critical decisions you make along the way.  As they say, you miss 100% of the shots you never take.  It’s easy to dream big, but it take guts to make it your mission to achieve them.

Web Evolution – A History of Web Design Over the Past 20 Years

Below is a graphic developed by KISSmetrics outlining the evolution of web design since the world’s first website was launched  in 1991.

In only 20 years the definition of a “web presence” has evolved to the point that today, many argue that traditional websites are becoming obsolete.  When discussing the promotion of his new book, Guy Kawasaki recently suggested that he didn’t need a website to reach his target customers, but a Facebook page instead.

Static websites are a thing of the past and concepts like collaboration and crowd sourcing are becoming web standards.  Of course, the evolution will continue and even these concepts will become old news (probably even faster than traditional web pages).  The infographic below is a great reflection of where we’ve been in such a short period of time.  One can only speculate what this chart will look like 20 years from today.

Where Do You Post-It?

If you’ve seen 3M’s latest efforts to sell Post-It Notes, you might be puzzled by what seems a non-traditional approach.  Post-It Notes’ current marketing campaign has targeted what was once a secondary customer group; the at home user.

In an increasingly paperless world Post-It Note usage in office environments will undoubtedly continue to decrease forcing 3M to proactively consider what other potential customers will contribute to revenue going forward.  While it may be some time before Post-It Notes are considered completely obsolete, the brand is smart to push for market growth in alternative customer segments.

Facing similar problems to the publishing industry, 3M is clearly attempting to make the most of it’s traditional business model while it searches for new revenue streams to fill the void that will one day exist in it’s office product line.  Innovative publishers must take a similar approach as they search for new opportunities in the digital space.

Aflac Looks for New Voice

Known for it’s strong social media presence, Aflac (and its trademark duck) recently entered some unfamiliar waters… hot water.

After making a number of insensitive cracks about the recent disaster in Japan, the voice of the Aflac duck was relieved of his duties.  As a result, the insurance company was in need of a new voice to represent its brand through the various social media platforms that it has been active on over the last several years.  However; what could have been a public relations disaster has been parlayed into a creative social campaign designed to find the next voice of the Aflac duck.

Aflac’s quick response to the situation distanced the brand from the opinions of  the its former spokesperson.  While incidents like these are unfortunate, the company’s deep involvement in social media allowed it to reach customers quickly to involve them in a search for a new voice.  This involvement has not only helped people forget about the recent comments, but will also undoubtedly lead to a voice that customers can resonate with.