ryan holiday

  • Perennial Seller by Ryan Holiday – Book Review & Summary

    Eternally Saleable

    It is true that each and every individual leaves a mark of his or her existence – in whatever small way – in the world. Whether it is a book written, a work of art, political or academic legacy, an app created, or even working on a project for one’s company, each and every individual should endeavor to make their work and creation eternal.

    However, in today’s times, the constant need and want for something new poses a challenge to ensuring that one’s work is perennial. This fact is true especially in the field of marketing, where creativity is a constant requirement, and the need to thrive and survive is at the forefront. How do company’s, therefore, ensure that they create brands that are everlasting?

    Ryan Holiday’s Perennial Seller (2017) is a guide that shows the way to perennial selling, how to ensure creativity trumps constant newness making products, services, and campaigns last.

    The Hard Graft

    It was earlier touted that the success of any product lies in 80% marketing and 20% creativity. However, this notion has been proved wrong time and again. It is in fact creativity that ensures a long-standing, perennial product. Additionally, creativity needs a lot of hard work and one’s product needs to be outstanding from the word go!

    No one has learned this lesson harder than Microsoft. The failure of their Zune MP3 player and the search engine Bing proves that marketing can never cover the shortcoming of a product. On the other hand, Microsoft Office has constantly improved over time, becoming a 25–year long, perennial success, simply due to the excellent software design.

    However, having a stunner product needs creating a stunner product. One might have the best award-winning ideas, but things will never fly off the shelf if ideas aren’t put into action. Sarah Silverman, the writer and comedian aptly said, “You needn’t wait for someone’s approval to get going: just write!”

    How does on therefore, get into the grind, to combine creativity and hard work and turn that great idea into something concrete?

    Sacrifice And Motivation Lead To Success

    Actual concrete results do not happen with the right kind of motivation. Without that strong sense of purpose no professional football player ever made it to the starry leagues. The same applies to creative work. It needs the push of purpose and motivation to overcome obstacles. If a writer with the purpose of creating change and goodwill in the world doesn’t find success in the books or articles he writes, he wouldn’t simply give up! He would strive to get creative and write better because the drive of his worthwhile agenda will motivate him.

    One’s sense of purpose can be fuelled by certain desperate situations too. A person who has desperate to provide for his family’s survival will be driven with a sense of purpose to work hard. Desperation fuels success, but it needs the willingness to make sacrifices too.

    The professional football player, for example, has the choice of chilling out with friends, partying, and enjoying their time sipping beers, but they choose to sweat it out in the gym and ensure that they keep fit. Similarly, writers and artists sacrifice by shutting themselves out from the world to achieve their creative successes.

    Thus sacrifices are vital to ensuring that hard work pays off.

    How to Be A Successful Artist

    It is a paradoxical fact that there is more to being creative than creativity alone. Writers don’t find success in simply writing a book and shipping it off to a publisher. It needs hard work, and one has to become one’s own CEO.

    Often, creative people leave the marketing, promotion, and editing of their work to others. However, that is possible only when they either have enough money to do it or are already famous for their work.

    The world is an extremely competitive market. For example, considering more than 300,000 books are published in the US yearly; writers have their hard work cut out. They will need to be more than geniuses and become their own CEOs to ensure successful strategies for their work to stand out.

    While the responsibilities of success rest on one’s own shoulders, one also needs a third-party perspective in the form of an editor. This editor should be a professional in the field and be someone who can be trusted with their honesty. For example, musicians can turn to composers and sound engineers, writers can seek assistance from actual editors, and athletes need a coach to guide them to success.

    People often tend to miss this vital step of employing an editor to oversee and critique their work. For example, the book To Kill A Mockingbird, by Harper Lee is considered a timeless classic. However, the book began its journey as an imperfect manuscript in the hands of editor Tay Hohof, a person Lee trusted. Hohof was a brutal critique. She ensured that Lee reworked the text and demanded that it was made more coherent and structured. Her editorial efforts made the book the classic it is today and Lee a renowned name.

    Testing To Perfection

    People tend to relax, as they inch closer to the finish line.  However, in order to ensure the success of the creative work, one has to become almost obsessive with perfecting it. Incorporating surprise quality control methods is one way to do this.

    Max Martin, the producer and composer, who has written songs for personalities like Adele and Celine Dion, developed the LA Car Test over the years. He cruises down the Pacific Coast Highway, playing the song he wishes to test on full blast. This enables him to hear his music like listeners would on the radio. If he likes the song then, he knows that it will work for the public too.

    One can use another method, called the One Sentence, One Paragraph, One Page method.  In this, one should compare the product in hand with the original idea and check how close the product is to what was originally imagined or decided. To do this, one can write down exactly what the project is about in one sentence. Next, describe the same thing in one paragraph and next, describe it on one page. This exercise helps in ascertaining the coherency of the project.

    For example, if a writer has written an autobiography that has some fictional content, it will be difficult to describe the book using the one sentence, one paragraph, one-page method. This will help the writer refine the content of the autobiography.

    Thus being able to describe one’s work in a convincing and concise manner is vital to ascertain whether the creation or product is perfect. Until then, one needs to keep improvising, enhancing, and testing.

    Marketing One’s Own Creation

    In every creative field, competition is rife. Therefore ensuring that one’s own work stands out and gets noticed by the audience needs serious marketing efforts. While many reach out to marketing professionals, they need to be fully invested in the marketing efforts of their creative work themselves. 

    While professionals will put in some effort because they are paid to do it, the person who has created the work will be most invested in pushing their work, and ensuring that their product or creation has been represented in the best way possible.

    Being the marketer of ones own product is extremely crucial, because one will care about it, as much the creator will.

    Additionally, the virtue of humility is vital to market one’s own product. For example, one of the author’s clients had the opportunity to advertise a new product on many successful podcasts. However, the client wanted to finish his bit in one single conference call, rather than go on each podcast. The author reminded his client that such opportunities are one in a million and that humility is an important virtue, especially if he wants others to value his new product. The client agreed, and the result was a successful marketing coup.

    The Importance Of Word-Of-Mouth

    Every creation or product begins at the point where the audience has no idea about its existence. However, there are many strategies to get the audience talking about the creation. There are no hard and fast rules to which strategies one wishes to employ to market their product or creation.

    Steven Pressfield’s 2011 ‘The Warrior Ethos’ was entirely self-published and marketed. Pressfield used a unique marketing strategy. He made a special military edition and distributed about 18,000 copies among army contacts and friends. Even though it took a whale of an effort to publish, distribute, and deliver the books, the efforts were worth it. The following months saw the sales figures shoot through the roof, with about 13,000 copies being sold even today!

    It was word-of-mouth that worked its wonders in making the book popular.

    According to the consulting firm McKinsey, about 20% to 50% of purchase decisions of consumers are based on word-of-mouth. Recommendations from friends and family amount to marketing magic! For example, people are more likely to make a purchase if the product is recommended by a close friend than if it is mentioned in passing by an acquaintance. Additionally, word-of-mouth ensures long-term sales.

    With word-of-mouth being a marketing magic wand, social media is Hogwarts!!!

    Creating A Platform

    Achieving creative excellence and/ or product success should not be one-time, flash-in-the-pan. Neither should it be the only career-defining achievement. Continued success requires a platform wherein one can nurture their persona as a creator and combine connections, communications, and skills, and link them with the audience and followers.

     Such a platform is a necessity especially when the going gets tough. His rivals for example, despite having a successful political career early on, put Winston Churchill on the back burner from 1931 to 1939 due to his radicalized stances on the independence of India. However, Churchill had a second platform ready. He spent his downtime writing articles and books, and even made radio appearances, keeping his influence alive and ensuring the people did not forget him during his time of exile. 

    Having a platform also ensures having success independent of others and truly owning it. The filmmaker Casey Neistat had a promising film career with two premiers at Cannes. However, he decided to have his own independent platform on YouTube. By cutting out the middleman, he not only ensured making and owning his own profits but also has his own audience and gets to decide what to broadcast. He created his own artistic freedom.

    The Importance Of Mailing Lists

    Imagine if suddenly an artist wakes up to find that the media is no longer interested in his work, his marketing tactics are failing and he is losing the ability to garner more followers.

    While earlier, this would have simply qualified as a sheer nightmare, today; artists have a ray of hope in the event of such a thing happening – a mailing list!

    A mailing list is a direct mode of communication with those who are interested in the work of the artist, know the value of his artwork, and are supportive in some way or the other. It, however, takes time to build such a database of fans and followers. Thus it is essential that the artists start building these mailing lists as early as possible perhaps even before the product or the artwork being ready.

    The heavy-metal band Iron Maiden used their mailing lists extremely well at a time when heavy metal was giving way to grunge music. Their mailing lists have kept them in touch with their fans, leading to sold-out concerts even today!

    The author, similarly, ensured big sales of his first book. He kept a ready mailing list of persons who would be interested in reading his book before he published it. He did this by creating a monthly newsletter with reviews of books. This way he ensured that he not only gets his mailing contacts but also a ready platform for publishing his own book and gathering followers.

    Conclusion

    Keeping one’s creative work or product alive and kicking, one needs to combine creativity and hard work, be ready to make sacrifices, be obsessive about finding perfection in their artwork, and to that effect, keep testing. 

    Additionally, ensuring that they have a perennial seller at hand, creative should be at the forefront when it comes to marketing their own work, use effective strategies such as word of mouth and mailing lists, and most importantly, create a platform wherein they have a back-up strategy to keep themselves and their product in the limelight!

  • Growth Hacker Marketing by Ryan Holiday – Book Summary or Review

    How To Achieve Rapid Marketing Success

    Technology and advancement have completely changed the face of marketing today. While marketers are jumping on to the latest bandwagon of new marketing strategies such as big data, social media, and virality, most seem to have forgotten the crux of marketing – that is to expand their customer base and keep the incoming of new customers rolling! 

    Moreover, while these companies have understood the ‘need to have an Internet presence and go viral’, they still resort to traditional, old-school marketing strategies and concepts, without realizing that to really keep up with the new market and its trends, they have to revamp not only marketing strategies but their entire company itself.

    Growth Hacker Marketing by Ryan Holiday shows marketers the way forward, combining relevant strategies of smart product design and user data to effectively tap into consumer markets. With examples from successes like Instagram, Dropbox, Groupon, and Twitter, it charts out a path for companies to effectively and economically use the concept of growth-hacker marketing to pool in more customers.

    Rapid Growth At A Low Budget

    Today, Twitter and Dropbox have become household names. Within lesser than a decade, these companies have seen exponential growth in users. 

    While these companies have been asking the same traditional marketing questions to get answers, what has made their marketing strategies different?

    They found their answers in growth-hacker marketing, a concept that uses technology to find answers to the same questions that traditional marketing asks. They relied on tracking user behaviour to tweak products to align with what customers want. This has led them to essentially blur the lines between their product development and marketing divisions, thus redefining marketing altogether.

    The emergence of small start-ups has made gunning for big budgets virtually redundant. Instead, smaller start-ups focus on becoming the ‘next big thing’ within a small budget. Relying on a small budget means that massive media marketing campaigns are often out of reach, and getting that big customer base needs creativity.

    While traditional marketing strategies focus on creating a ‘buzz’ before the product is launched, growth-hacker marketing aims at rapid growth by constantly introducing improvements in their products after the products are already out in the markets. This strategy required marketers to measure statistics based on user data – right from Facebook ‘likes’ to website click rates – and then applying their learning to improving products and aiming to optimize them over time.

    What People Want 

    Traditionally, marketers’ weren’t fixated on creating customer-centric products. They relied on clever campaigns to sell an existing product.

    However, the growth-hacker technique focuses on a product-market fit – meaning, creating a product that fits to satisfy the needs of the consumer. This technique bypasses the need for heavy, expensive advertising tools by converting users into evangelists for their products, thus advertising the product for free!

    Instagram for example, was at first a social networking platform where users had photo options. They later realized that their users were exclusively interested in their enhanced filter options. In order to achieve the product-market fit, they focused on this filter-enhanced feature, propelling their business to success.

    They used relevant questions such as, ‘How does the product fulfill consumer needs? Do they find it useful? Does it add value to the lives of the customers?’ in order to determine their product-market fit.

    While the concept of finding a product-market fit seems elusive, it is easy as long as the marketing strategy focuses on the customers. For example, some authors use blogs to gain an understanding of what their readers are interested in. Additionally, they even ask readers for online feedback for titles and covers, to be able to deliver exactly what readers want.

    Targeting The Right Customers

    Ensuring that the product reaches the right customers is one of the most vital requirements for growth hacking to be successful. Even the best product in the market won’t be a success if consumers don’t know it exists!

    Before Aaron Swartz co-founded Reddit, he had founded 2 websites, a collaborative encyclopedia, much like Wikipedia, and Watchdog.net similar to Change.org. However, due to a lack of user attention, neither of the websites worked.

    While both, traditional and growth hackers focus on reaching customers, growth hackers get a little more creative. For example, when Dropbox launched, it was an ‘invite-only membership. This exclusivity led customers to flock waiting lists that grew from 5000 to 75000. While anyone can get Dropbox today, this creativity has led to a whopping 300-million customer base.

    Additionally, rather than simply targeting everyone, they chose to target a select few, essentially the right customers, thus avoiding a waste of time, money, and resources. 

    This ‘just right ‘ customer base is often found in the early adopters or customers who are willing to try out new trends and technologies. Once these early adopters become fans, they eventually become loyal spokespersons, recommending the products to friends and family. Such organic referrals are the key to growth.

    Uber gave free rides during the South by Southwest event in 2013, with the aim of reaching early adopters. They resorted to conventional advertising almost a year later.

    Achieving Virality

    Every marketer is talking about virality these days. However, unlike everyone else, growth hackers understand the fact that achieving virality isn’t an arbitrary phenomenon, nor is it magic. They know that in order to achieve virality that has to, once again, ask the right questions.

    Is my product worth talking about? Why would customers share this? Would it be easy to share?

    These are just a few questions that lead to the answer – customers will share, refer and recommend a product only if it is really worth sharing. Making one’s product share-worthy is a simple two-step process. 

    Firstly, focus on making the product share-worthy, and second encourage sharing! For example, Groupon devised a ‘refer a friend’ campaign, where they credited users with $10 when their referral made their first purchase. Thus they rewarded customers for sharing.

    Marketers can use publicity to encourage sharing too. According to John Berger, the virality specialist, ideas and products become popular, and thus viral when they are noticed. Spotify, for example, used the massive user base of Facebook when they integrated. Once users saw that their friends were using Spotify, everyone wanted to jump on the popular wagon!

    Similarly, when Apple manufactured their iPod cables in white rather than the usual black color, they made their cables stand out in the crowd, thus ensuring that their customers become free, walking advertisements for their product.

    Improving Products to Retain Customers

    Many marketers get simply satisfied once they have got their customers and stop paying attention to existing customers. However, the ball doesn’t stop rolling there. Growth hacking places importance on being attentive to the needs of the customers even after they have purchased the product to retain them.

    Thus, to execute this, growth hackers employ the right metric to measure the performance of their product. There are many tools available to marketers to measure conversion rates. In order to figure out and improve conversion rate, marketers have to first understand how to define their conversion rate, which essentially differs for each business.

    Twitter, for example, hired growth hackers who realized that conversion rates improved when users had the option to manually select 10 accounts to follow, as opposed to their earlier list of 20 default accounts available to users. By finding a way to improve their service with this small tweak, they were able to convert inactive users.

    Ensuring that customers stick around ensures maximization of return on investments, because it is cheaper to retain customers with product improvements than to attract new ones altogether. Market Metrics, the research firm, places profits from existing customer sales at 60-70%, as opposed to the 20% profits marketers get from new customers.

    How Growth-Hacker Marketing Actually Works

    Ryan Holiday actually practiced what he preaches. He used the concept of growth-hacker marketing to launch and market this book – Growth-Hacker Marketing!

    He began his ‘testing’ by writing an article about growth-hacker marketing for Fast Company, the business magazine. Soon Penguin Books showed interest in the article and created a short eBook based on the article. This move was cheaper and allowed them to understand the audience’s response. Once Holiday saw a positive response to the eBook, he expanded it and launched it as a paperback.

    His next growth-hacker move was to reach the right audience. To do this, he converted lessons from the book into articles, published them on sites such as The Huffington Post, MarketWatch, etc. for free to reach his audience.

    He connected with and rewarded the existing fans by giving them an opportunity to sign-up for free for his newsletter. With about 10% of his readership signing up, he was able to build an email list to notify them that his extended, hard-copy version of the book was available for purchase.

    Holiday actually reaped benefits from his employ of growth-hacker marketing technique. A simple, low-cost technique that can enable marketers anywhere to achieve truly rapid marketing success!

  • Ego is the Enemy (2016) by Ryan Holiday

    Egotism, especially at the workplace is an extremely harmful trait. Whether it is a manager, junior-level executive, or even an organization leader, having an inflated ego at any point can have severe consequences. 

    Ryan Holiday’s Ego is the Enemy (2016) shows the dangerous consequences of egotism and charts out strategies for those in the corporate world to stay grounded, rein it in, and keep the ego in check.

    Ego isn’t all that bad; having a healthy ego is good to a certain extent. A little bit of ego is needed to compete, to surpass our own achievements, and to even convince others of our abilities. Yet there is a very thin line between an inflated ego and the healthy one. A line that is too easy to cross.

    Ego Vs. Ambition

    Ego thrives on fame, recognition, and success. The desire to achieve these is so strong that one tries to get them by any means, without deserving it.

    Former US President Ulysses Grant is a good example. He ran for president after Abraham Lincoln’s second term was nearing the end. Being a reputed general in the US Army, he was popular, but he was also new to the world of politics. His desire to hold the highest office in the country without experience was egotism.

    On the other hand, William Tecumseh Sherman, Grant’s colleague and a general in the army as well, was ambitious, but not egotistic. During many talks with Lincoln himself, Sherman showed no desire to run for president. His priority was to excel in his own field – military leadership. He focused on bettering himself in his field and knew that his expertise and recognition in the Army would not suffice for Presidency.

    Ambition differs from ego. Egotists desire recognition and fame, whereas the ambitious set their sights on excelling in their field.

    Ego Vs Learning

    Ego considers itself very clever. An egotist tends to have the belief that he or she knows everything and that there isn’t anything new that they can learn. Such people do not have the humility to accept that they might not know it all and that someone could have more knowledge than they do.

    It is easy for your ego to get the better of you if you are good at anything. The trick is for us to think that we have much to learn and that there are others who are better than us.

    The guitarist Kirk Hammet had the chance to be part of the world-famous rock band Metallica. Instead of joining them, he chose to study under Joe Satriani, the famous guitar virtuoso, and better his skills. He knew that with Metallica, he would never learn as much he did had he become just a member of the band. He had chosen to rein in his ego and learn more.

    Another way to suppress the ego is to pass on the learning. Those who are good at a skill should pick a mentor to learn under as well as choose a novice to mentor. There was never a better equalizer than teaching.

    Ego Vs Self-Improvement

    Once we taste success, we tend to bask in the laurels for longer than we should. Would we have had iPhones today had Steve Jobs been content with his Apple II computer?

    While pride and ego have different meanings, they go hand-in-hand. Ego is justified by one’s sense of pride. When we are proud of achieving something, we tend to sit back, relax, and bask in the limelight. Both pride and the resulting ego thwart one’s ability to try something new, to better oneself, and to push harder to do greater things.

    Pride and ego play a part in deafening us to warnings and make us defensive to critics. People’s ego tells them that they are the best and can even get aggressive if someone tells them otherwise. Pride and ego will a person to fight anything that can seem like a conflict.

    One way to rein in pride is to consider how a more humble person would perceive the criticisms given.

    Ego Vs Delegation

    In the corporate world, there are many cases where a manager is unable to delegate work to the team. They find it tough to trust other team members and co-workers. Especially for those who find success and step up the designation ladder due to individual successes, delegation seems difficult because they are unable to see that others might be able to do a better job than them. They often fail to see that delegation of work gives them more time to better themselves and aim for higher goals.

    John Delorean left his job at General Motors because he thought he was better at car manufacturing, and more knowledgeable than his bosses there. However, when he started his own venture, he became more dictatorial in his management style, with his ego getting the better of him. Discarding the stable management style that was used in GM, he needed to sign off on every decision. His company eventually failed and he went bankrupt.

    Ego Vs Humility

    No one works in isolation. Our successes are always attributed to the hard work and contribution of those working with or around us. Often, people let their success and accomplishments go to their heads and think that their success is theirs, and theirs alone.

    If we look at the examples of Kobe Bryant and Shaquille O’Neal, world-class basketball players with the LA Lakers, we can see how they both let their success of winning three championships back-to-back from 2000 to 2002 go to their heads.

    Without realizing that it was their combination that worked seamlessly to win, both would constantly complain about each other to the media and to the teams. Finally, Bryant refused to sign-on another season with the Lakers if they didn’t trade-off O’Neal to another team, ending their successful streak.

    Humility is an important virtue. One must have cognizance of the fact that their successes can never be attributed to themselves alone. Giving others the recognition they deserve helps form better workplace relationships. It is a pre-requisite for success in an environment that puts so much emphasis on optimism and going for more and bigger results.

    Ego Vs Improvement

    There are times when people find themselves underappreciated for the work they have done. For example, you might find that you get rejected for a job that you feel is made for you; one of your best ideas gets rejected by the manager, or even gets passed off for that much-deserved promotion.

    In such times, it is natural that the ego gets hurt and we start resenting the people or the circumstances that lead to the result. However, unexpected undesirable results should be perceived as opportunities for improvement.

    We should be honest with ourselves and consider the possibility that our work was not up to the mark and try to understand what went wrong. That way, one can rein in the ego and work harder to perform better than the best.

    Our egos are part of our personalities. While we cannot do away with them completely, we can strive to ensure that they don’t spiral out of control and become detrimental to our success, affecting relationships and thereby our careers.