What I’m Watching: When Advertising Isn’t Enough
*Announcement* I launched a newsletter, Curious Expeditions, to share my thoughts on the content I create and consume. My goal is to help you look around corners, explore new ideas, and inspire you to dive deep on your own expedition. Topics will range from business, philosophy, empathy, sports, mental models, and more. I primarily explore ideas through fireside chats, books, articles, podcasts, and videos.
Join the community and subscribe: https://curiousexpeditions.substack.com/
— — — — — — — — —
Revenue diversification focused on the customer experience is key. Connie Chan (a16z) does a nice job showing how companies can be inspired by how China is innovating content consumption and business models (e.g. books, podcast, video, music).
A few (top level) points I found intriguing:
- WeChat Moments (Tencent) caps the number of ads to 2 per day = better customer experience.
- Do not sleep on the power of tipping/gifting.
- Giving customers more information up front and then giving the choice to abandon or pay for the content is always a good idea.
- Turn average fans into superfans by giving access and opportunities to win big (e.g. raffle, etc.).
- If my Uber/Lyft ride was subsidized due to me watching an ad (especially a relevant and/or educational ad), I would always choose that option.
Connie did a detailed write-up on the topic as well — Outgrowing Advertising: Multimodal Business Models as a Product Strategy