The Weekly Minute - Nov. 18, 2022

The Weekly Minute - Nov. 18, 2022

Three weeks, three posts. Stacking the wins! And I thank you for reading what I have to say.

Away we go for today… 

What I’ve Read This Week

  1. The Human-Likeness Effect (via Psychology of Marketing)

    1. A research paper from 2016 shows us that a print advertisement that features faces or facelike images (versus one that does include those elements):

      1. better captures consumer attention

      2. are more frequently recognized by consumers

      3. increase brand recognition and advertisement preference

And seeing how brands are implementing this insight today has been super fascinating! It all starts with the Human-Likeness Effect...

  1. The Biggest Company in the World (via Andreessen Horowitz)

    • Andreessen Horowitz thinks the biggest company in the world will be a consumer health tech company. Some key quotes:

      • “Our bet is the future’s biggest company, the consumer health giant, won’t be one of today’s big tech or incumbent healthcare companies. It will be a consumer-obsessed, healthcare-native tech company that reimagines what care can look like."

      • "A consumer health company will win by placing consumers first and ruthlessly building for them, while still taking into account the realities of payor and provider incentives.”

      • “We see two paths to a consumer health startup becoming the biggest company in the world: (1) a vertically integrated path of building a “payvidor” (a combined payor and provider) that eventually owns most care, and (2) a horizontal path of building a consumer marketplace or infrastructure layer that enables all other care delivery companies.”

      • "The most exciting thing about consumer healthcare is the amount of whitespace. We’d go so far as to say there is infinite room to improve consumer experience in healthcare—and build massive companies as a result." 

  2. Your Northstar (via Naomi.com) 

    • A common question to ask people when going through a major decision is, “What is your Northstar?”

      • By “Northstar”, Naomi Gleit means: someone’s ideal, ultimate professional destination — basically where you aspire to be in the long-term.

    • Having a clear Northstar for the future makes it easier to make decisions in the present. If you are deciding between different job options, it is important to evaluate each opportunity against your Northstar.

A New Framework

  • Jobs to Be Done, a framework for customer’s needs

    • Framework definition:

      • JOBS-TO-BE-DONE is best defined as a perspective — a lens through which you can observe markets, customers, needs, competitors, and customer segments differently, and by doing so, make innovation far more predictable and profitable. (via JTBD)

      • Video

    • Story - “The Business of Moving Lives” (via Harvard Business Review) — all copy/pasted form the article

      • Bob Moesta, an innovation consultant and a friend of ours, was charged with helping bolster sales of new condominiums for a Detroit-area building company. The company had targeted downsizers—retirees looking to move out of the family home and divorced single parents. Its units were priced to appeal to that segment—$120,000 to $200,000—with high-end touches to give a sense of luxury.

      • The units got lots of traffic, but few visits ended up converting to sales. Maybe bay windows would be better? Focus group participants thought that sounded good. So the architect scrambled to add bay windows (and any other details that the focus group suggested) to a few showcase units. Still sales did not improve.

      • Prospective customers repeatedly told the company they wanted a big living room, a large second bedroom for visitors, and a breakfast bar to make entertaining easy and casual; on the other hand, they didn’t need a formal dining room. And yet, in Moesta’s conversations with actual buyers, the dining room table came up repeatedly.

      • People kept saying, ‘As soon as I figured out what to do with my dining room table, then I was free to move.

      • What was stopping buyers from making the decision to move, he hypothesized, was not a feature that the construction company had failed to offer but rather the anxiety that came with giving up something that had profound meaning.

      • That realization helped Moesta and his team begin to grasp the struggle potential home buyers faced. “I went in thinking we were in the business of new-home construction,” he recalls. “But I realized we were in the business of moving lives.”

    • Good innovations solve problems that formerly had only inadequate solutions—or no solution. Prospective condo buyers were looking for simpler lives without the hassles of home ownership. But to get that, they thought, they had to endure the stress of selling their current homes, wading through exhausting choices about what to keep. Or they could stay where they were, even though that solution would become increasingly imperfect as they aged. It was only when given a third option that addressed all the relevant criteria that shoppers became buyers.

One Quote

  • “Leadership is the art of getting someone else to do something that you want done because he wants to do it, not because your position of power can compel him to do it, or your position of authority.” - Dwight D. Eisenhower

Healthcare Corner

  • Top 10 Healthcare Industry Predictions For 2023 (via Forbes)

    • It’s that time of year when yearly reviews and upcoming predictions hit the airwaves…

  • Amazon launches Amazon Clinic 

Sports Central

  • If you’ve known me for ANY part of my life, you know that I’m a massive fan of the Minnesota Vikings. We’re a team that has had its ups and downs but never won a Super Bowl. This year, however, the Vikes are 8-1 and are coming off a massive win at the Buffalo Bills, the betting favorite to win the Super Bowl this year. Perhaps the mojo is changing? 

    • Can’t Miss Video #1 - Justin Jefferson makes the CATCH OF THE YEAR!

    • Can’t Miss Video #2 - Paul Allen, the Vikings radio play-by-play man, was recorded making some key calls in the closing hour of the game. Ride the highs and lows of the game with his reactions.

  • The World Cup in Qatar kicks off on Nov. 21. The massive, global event only takes place every four years and the USA is back in the competition for the first time since 2014.

    • Go USA, of course! But also rooting for my two European nations, Germany and England. 

2022 Book Report #9 - The Ride of a Lifetime (Robert Iger)

2022 Book Report #9 - The Ride of a Lifetime (Robert Iger)

The Weekly Minute - Nov. 11, 2022

The Weekly Minute - Nov. 11, 2022