What economists and marketers are learning from newly accessible consumer data … Around the world, billions of sales transactions every month, down to a can of Coca-Cola from a local store, are recorded in some way by Nielsen, the measurement and information firm that has been gathering data from retailers and consumers for 90 years. For most of its history, Nielsen shared those data primarily with its retail customers and manufacturing customers under strict agreements that protected customer confidentiality. Academic researchers gained access to some data by negotiating directly and often at length with Nielsen, or by partnering with a corporation and promising the data and results would be for internal use only. … Now Nielsen is sharing three datasets through Booth, with a staggering amount of information. One dataset covers purchases by 40,000–60,000 households in the United States. Another contains sales results from 35,000 stores—grocery stores, drugstores, discount chains, and similar outlets—for the years 2006 through 2011. Those records span up to 3 million bar codes, and the data represent about 33% of the volume at mass merchandisers and about 55% of US retail volume from grocery stores and drugstores. … The information now available is a gold mine for researchers, marketers primarily, but also economists who see the potential to explore longstanding questions about consumer behavior.
Increasingly, digital ad viewers aren’t human. A study done last year in conjunction with the Association of National Advertisers embedded billions of digital ads with code designed to determine who or what was seeing them. Eleven percent of display ads and almost a quarter of video ads were “viewed” by software, not people. According to the ANA study, which was conducted by the security firm White Ops and is titled The Bot Baseline: Fraud In Digital Advertising, fake traffic will cost advertisers $6.3 billion this year. ... Fake traffic has become a commodity. There’s malware for generating it and brokers who sell it. Some companies pay for it intentionally, some accidentally, and some prefer not to ask where their traffic comes from. It’s given rise to an industry of countermeasures, which inspire counter-countermeasures. ... All a budding media mogul—whether a website operator or a traffic supplier—has to do to make money is arbitrage: Buy low, sell high. The art is making the fake traffic look real, often by sprucing up websites with just enough content to make them appear authentic. Programmatic ad-buying systems don’t necessarily differentiate between real users and bots, or between websites with fresh, original work, and Potemkin sites camouflaged with stock photos and cut-and-paste articles.
Here there are rows upon rows of green–some 70,000 lush acres of water-hungry pistachio and almond trees. ... Their oasis has plenty of water, the result of relentless opportunism that has given their orchards access to more water than nearly any other farm during the worst drought on record in California’s history. The Resnicks use at least 120 billion gallons a year, two-thirds on nuts, enough to supply San Francisco’s 852,000 residents for a decade. They own a majority stake in the Kern Water Bank, one of California’s largest underground water storage facilities, which they got fairly but sagely from the government 20 years ago. It is capable of storing 500 billion gallons of water. They have also spent at least $35 million in recent years buying up more water from nearby districts to replenish their supplies. ... their company, renamed Wonderful in June, owns 32,000 acres of California citrus, flower-delivery service Teleflora, POM Wonderful pomegranate juice and Fiji Water, which collectively brought in $3.8 billion in sales last year. ... The Resnicks met in 1970 when Stewart came looking for marketing help for the janitorial business. He led her on, and after several meetings she bluntly asked whether she was going to get the account or not. Also divorced with children, he told her that he wanted to start a relationship instead. They married and in 1979 bought Teleflora, a failing flower-delivery service. ... Stewart bought his first parcel of farmland in California’s central valley in 1978 as a hedge against inflation. Lynda then took the fruits and nuts of their labor and marketed the heck out of them.
To many of us, QVC is a 1980s relic of grandmas and shut-ins. When QVC (which stands for "Quality, Value, Convenience") first went live in 1986, televised sales pitches were a disruptive idea in retail—bringing products that lived in malls to a growing cable audience in search of things to watch. The network wasn’t first-to-market in its genre—HSN (the Home Shopping Network) had launched a year earlier—but QVC’s impact was immediate. QVC would set the fiscal sales record for a new public company in its first year ($112 million) by avoiding malls, while teenage rock star Tiffany would become a pop icon by performing in them. From day one, QVC’s niche was the unhip. ... But if QVC’s 24/7/364 approach—they go off-air for Christmas—is a fossil, it’s a living one. While U.S. mall popularity peaked in 1990, QVC’s revenue continues to grow. The network now does $8.8 billion in worldwide sales a year, and like every other big company, it is eyeing expansion in China. While the grandma stereotypes are indeed a bit true—QVC’s audience is 90% women, ages 35 to 65—QVC quadrupled its young recruit customers between 2009 and 2013 from 3% to 12%. Maybe more importantly, over the last decade, QVC has been gracefully making the transition from landline caller to smartphone user. Forty-three percent of its U.S. sales now come through e-commerce channels, and 30% of these are through mobile. The television channel has become the fifth largest mobile retailer in the world. Even a hot startup like Kickstarter has learned from QVC: each product must be accompanied by a video interview with its creator. ... Ninety percent of QVC’s customers are repeat customers—the most sought after, profitable type, the same carefully cultivated by companies like Starbucks with Starbucks Rewards and Amazon with Amazon Prime. ... But while Starbucks offers the promise of free caffeine, and Amazon gives us faster shipping and streamable movies, QVC has personalities—27 hosts who are each responsible for selling hundreds of millions of dollars in products a year. They’re middle-aged. Often overweight. Family types—the average American, with better makeup and whiter teeth, each a character in a retail soap opera that viewers at home can follow forever.
Q-tips are one of the most perplexing things for sale in America. Plenty of consumer products are widely used in ways other than their core function — books for leveling tables, newspapers for keeping fires aflame, seltzer for removing stains, coffee tables for resting legs — but these cotton swabs are distinct. Q-tips are one of the only, if not the only, major consumer products whose main purpose is precisely the one the manufacturer explicitly warns against. ... The little padded sticks have long been marketed as household staples, pitched for various kinds of beauty upkeep, arts and crafts, home-cleaning, and baby care. And, for years, they have carried an explicit caution — every box of Q-tips comes with this caveat: "Do not insert inside the ear canal." But everyone — especially those who look into people's ears for a living — know that many, if not most, flat out ignore the warning.
IN THE 2013 offseason -- coming off a year in which Curry had started 78 games and the Warriors had made the Western Conference semis -- Nike owned the first opportunity to keep Curry. It was its privilege as the incumbent with an advantage that extended beyond vast resources. "I was with them for years," Curry says. "It's kind of a weird process being pitched by the company you're already with. There was some familiar faces in there." ... Curry was a Nike athlete long before 2013, though. His godfather, Greg Brink, works for Nike. He wore the shoes growing up, sported the swoosh at Davidson. ... Nike had every advantage when it came to keeping Curry. Incumbency is a massive recruiting edge for a shoe company, as players often express a loyalty to these brands their NBA franchises might envy. And Nike wasn't just any shoe company. It's the shoe company that claims cultural and monetary dominance over the sneaker market. According to Nick DePaula of The Vertical, Nike has signed 68 percent of NBA players, more than 74 percent if you include Nike's Jordan Brand subsidiary. ... According to Forbes, Nike accounted for 95.5 percent of the basketball sneaker market in 2014. In short, its grip on the NBA universe is reflective of a corporation claiming Michael Jordan heritage and a $100 billion market cap -- all advantages that might explain why Nike's pitch to Curry evoked something hastily thrown together by a hungover college student. ... A PowerPoint slide featured Kevin Durant's name, presumably left on by accident, presumably residue from repurposed materials. "I stopped paying attention after that," Dell says.
Inside the company that provides fake paparazzi, pretend campaign supporters, and counterfeit protesters ... Adam believed a niche service providing crowds might appeal to campaign directors. But once he launched the service, he found that he was asked to wield his crowds in a way he hadn’t anticipated — not only to support a candidate but to protest a candidate. A candidate might muster 500 supporters to a speech on a college campus, but if Adam sent just five recruits to demonstrate outside the auditorium, he discovered that the media would give equal coverage to both the rally and the demonstration. ... Crowds on Demand, he says, serves several clients a week, sometimes a day — most in L.A., San Francisco, and New York but an increasing number in smaller cities like Nashville, Charlotte, and Minneapolis. When people inquire about a potential event, Adam guides them through the possibilities and the approximate costs: $600 for fake paparazzi at a birthday dinner; $3,000 for a flash mob dancing, chanting, and handing out fliers as a PR stunt; $10,000 for a weeklong political demonstration; $25,000 to $50,000 for a prolonged campaign of protests. According to Adam, protests have become the company’s growth sector, and just as with advertising, repeat impressions are key. ... Hired crowds have a long history. The Roman emperor Nero required that 5,000 of his soldiers show up for his performances and respond with enthusiasm. The 16th-century French poet Jean Daurat bought tickets to his own plays and gave them away to anyone who promised to respond favorably.
Five years ago, after growing Fossil into a $2 billion accessories behemoth, Kartsotis hatched Shinola, a high-end watch brand famous, mostly, for being manufactured in Detroit. ... This is just the latest postmodern layer Kartsotis has baked into Shinola, which is no longer an experiment in manufacturing authenticity, but a fast-growing business. "The coolest brand in America"--as recently ordained by Adweek--can now be found in boutiques from Paris to Singapore. Shinola retail stores have surfaced in more than a dozen cities; plans are to almost triple that by late 2017. The brand isn't slowing down for anyone--not even the Federal Trade Commission. In November, the government agency went after Shinola's "Built in Detroit" tagline, accusing the company of embellishing its made-in-America claims. ... Kartsotis has spent his career finding creative ways to boost the value of ordinary products. Born to a Greek American family, he dropped out of Texas A&M, discovering his entrepreneurial flair as a ticket scalper. In his early 20s, he ventured to Asia with a plan to import cheap toys, until he was tipped off that the market for moderately priced Asian-made watches was growing. With $200,000 that he'd earned scalping, Kartsotis opened Overseas Products International, an importer of watches from Hong Kong. But it wasn't until Kartsotis came across Life and Look magazines from the 1950s that Overseas morphed into the brand called Fossil.
When Papadellis first arrived at Ocean Spray, prices had hit rock bottom because of a massive surplus of cranberries on the market. It was nearly impossible for a farmer to turn a profit, and hatchet men from Bain & Company and Merrill Lynch had advised company brass to trim the fat and dump the brand while it was still worth selling. Papadellis had a different vision. He set out to bring the juice giant back from the brink, and by 2005 had discovered a company-saving cash cow: Craisins, those addictive little treats that are a whole lot like raisins—sweet enough to soothe a tyrannical toddler’s afternoon tantrum yet packed with enough fiber to kick-start a senior citizen’s GI tract. With boundless consumer appeal, the shriveled hulls of cranberries reduced the industry-wide glut of fruit and blossomed nearly overnight into a bite-size blockbuster that resurrected the cranberry business. ... In reality, though, Craisins were both a savior and a scourge: They hoisted profits, but the more Ocean Spray produced, the more cranberry-juice concentrate it was left holding. As a result, when Craisins sales skyrocketed, millions of gallons of viscous, bitter concentrate flooded Ocean Spray’s storage freezers. With bottled-cranberry-juice sales remaining stagnant, Papadellis worried that this excess of concentrate would soon drown the farmers, saturate the market, and send everyone back to the poorhouse. ... Two harvests after his speech at Disney, the price for a 100-pound barrel of cranberries on the open market plunged from $70 to $18. Since then, the market has continued to flounder, and today much of the cranberry industry is still sputtering in a glut of concentrate while growers increasingly face bankruptcy.
2015 was, by all accounts, not a great year for GoPro. The company, famous for wearable cameras targeted toward surfers, mountain climbers, and anyone else living on the edge, shipped more cameras than ever, but its revenue dropped 31 percent between the fourth quarters of 2014 and 2015. ... Over the last three years, GoPro has been building a software team from scratch, cobbling together acquisitions and a few key hires into what is now a 100-plus employee division that makes up about one-tenth of the company. Woodman acknowledges that the trend of middling sales figures will likely hold until GoPro releases a set of new devices at the end of this year, including the Hero 5, GoPro’s first drone, and a spherical camera made for general consumers. Meanwhile the new software team, and what it’s building, will herald in a new era at the company, inspire investors, and eventually attract new customers. ... In the last four months, GoPro bought, rebranded, and relaunched two powerful mobile editing apps called Replay and Splice — opening up GoPro to users who don’t own any of its cameras. And in the second half of 2016, GoPro will release a desktop editing experience that will rival iMovie and a cloud backend that will tie everything — devices, files, and the overall GoPro experience — together into a single ecosystem. ... Woodman is clear-eyed on the fact that the hardware-first chapter of GoPro is coming to an end. Cameras will still be important, because Woodman believes that vertical integration gives GoPro an advantage over software-focused competitors. ... "We’ve sold a great promise to people but we haven’t followed through on it…. We solved the capture side of it, but then we sort of left them hanging with the whole hassle of the post-production."
Her mission was modest: to make a decent pair of running shorts that didn’t make a fit woman look three months pregnant—was that too much to ask? She’d grown the company patiently, intelligently, considering all the brand “touch points” (hang tags, packing tape), choosing her fabrics with care. ... It is tough to overestimate how influential Nike is in the sport of track and field. The company, which made $31 billion last year, has been the official sponsor of USATF’s national team since 1991 and will continue to be until 2040. With the exception of shoes, sunglasses, and watches, national-team runners must wear Nike, and Nike only, at all international events. ... Oiselle did $10 million in revenue in 2015. It’s targeting $15 million for 2016, still tiny compared with Lululemon ($2 billion) and Athleta (part of Gap’s $16 billion empire). Oiselle is not yet profitable, either. But even so, Bergesen has managed to shape it into a small company with huge, like-minded pros. ... professional track athletes on the whole are surprisingly broke. According to an analysis by the USATF Foundation, an affiliated nonprofit that promotes athlete development, more than 50 percent of American track and field competitors who rank in the top ten in the U.S. in their events earn less than $15,000 a year from their sport.
It’s OK if you haven’t heard of it. The very concept of a blowout isn’t familiar to all women, and it’s largely foreign to men. ... Since opening its first salon in 2010, Drybar has become to blowouts what Starbucks is to coffee. It didn’t invent the blowout but has played a singular role in making them a thing. Like America’s biggest coffee chain, it has obsessed over everything from music to its shelf displays and maintained the kind of fine-grained control over its outlets that is only possible by owning most of them — only about 20% of Drybars are run by franchisees. The result is a carefully honed experience for customers, one that more and more women are willing to pay generously for. ... Drybar has grown fast: The company said it will make more than $100 million in sales in 2016 and will end the year with 75 salons in tony metropolitan markets, up from 61 today. About a quarter of its revenue will come from selling branded hair-care tools and products ... While the company envisions 300 to 400 Drybars in the U.S. in the long run, an escalating number of competitors believe they can do exactly what it is doing — perhaps even better. Canada’s Blo operates 50 salons and plans to end the year with 70 using an all-franchise model. ... Others pepper the nation, from small chains like Rachel Zoe’s DreamDry and Halo in the San Francisco Bay Area, to stand-alones with cutesy names like Haute Air, Pouf, and Hairports.
Over the past decade, Americans have done something that would have once seemed downright un-American: They've given up soda. And when you’re craving a can of pop, LaCroix is a decent substitute. Unlike tap water, it has carbonation and a little flavor. Unlike a countertop SodaStream, it's cheap, readily available, and portable. Close your eyes, wrap your hand around the perspiring aluminum can, and you could be holding a Coca-Cola. LaCroix is succeeding as methadone for the soda addict. ... LaCroix isn’t the only brand to benefit from the sparkling water boom. But it’s the one that’s risen to the coveted status of lifestyle brand, not just generating loyalty but becoming part of how we define ourselves. The secret behind LaCroix’s rise is a mix of old-fashioned business strategy and cutting-edge social marketing. When Americans wanted carbonated water, LaCroix was positioned to give them them fizzy water. Then, sometimes by accident, LaCroix developed fans among mommy bloggers, Paleo eaters, and Los Angeles writers who together pushed LaCroix into the zeitgeist.
Steinway, one of the world’s most prestigious musical instrument brands, is looking to China to breathe new life into lackluster sales. To succeed, the company will need more than smart marketing. It will need to fine-tune a cultural mind-set in a country that once dismissed pianos as bourgeois luxuries. ... Steinway dealers have to convince their wealthier clientele that the instruments make good investments, avoiding the overly aggressive sales tactics that tripped up some early efforts. They have to educate parents about the potential payoff of buying a piano that can cost as much as an apartment. And they need to woo music students who are increasingly turning to lower-cost keyboards and so-called smart pianos, which use lights, iPads and other technical tools to teach basic skills. ... The company, known for its painstaking craftsmanship, has grudgingly entered the digital game. ... Founded in 1853 in a Manhattan loft by a German immigrant, Steinway flourished for generations by selling high-end pianos, each crafted by hand from materials like Sitka spruce and cast iron, in the United States and Europe. But the company has suffered as piano playing wanes in the West. Music schools and concert halls have cut back on orders. Piano stores have closed. ... By some estimates, the country has as many as 40 million piano students, compared with six million in the United States. ... As it pushes to remake the country into a cultural superpower, the Chinese government has encouraged students to take up the piano by building concert halls and investing in music education. Among the country’s wealthiest families, the arts have become a source of spiritual fulfillment and a status symbol. In rich coastal cities, real estate scions and technology executives are buying Steinway pianos — some outfitted with diamonds and wood from Africa and India — to complement collections of Porsches and Picassos.
From political power brokers to the entire island of Manhattan, a varied cast of taunting insiders has inadvertently driven Donald Trump’s lifelong revenge march toward the White House. This is what it’s like to be one of them. ... Trump was referring to a profile I’d written two years earlier in which I chronicled a couple of days spent inside the billionaire’s bubble and confidently concluded that his long-stated presidential aspirations were a sham. He had tweeted about me frequently in the weeks following its publication — often at odd hours, sometimes multiple times a day — denouncing me as a “dishonest slob” and “true garbage with no credibility.” ... Trump’s performative character assassination led to plenty of teasing from friends and colleagues about how I had inadvertently goaded Trump into running. But as his campaign gained traction, the tone started to curdle into something more…hostile. Once, after discussing Trump’s latest outrage on cable news, the host grumbled to me, “Won’t it be great when Donald Trump becomes president because you wrote a f***ing BuzzFeed article daring him to run? I mean, won’t that be f***ing fantastic?” ... I had landed on a long and esteemed list of haters and losers — spanning decades, stretching from Wharton to Wall Street to the Oval Office — who have ridiculed him, rejected him, dismissed him, mocked him, sneered at him, humiliated him — and, now, propelled him all the way to the Republican presidential nomination, with just one hater left standing between him and the nuclear launch codes. ... In the fall of 2010, with the national tea party wave cresting, Trump decided it was time for a rebrand. His marketing instincts had been the driving force behind a lifetime of political promiscuity, including stints as a Republican, a Democrat, an independent, and a member of Ross Perot’s Reform Party. Though he wasn’t one to read Hayek or quote Jefferson, Trump could tell there was something about this new conservative movement that was resonating with his core fanbase, and he wanted in. For guidance, Trump turned to conservative super-activist and Citizens United president David Bossie. ... “Half of the story here is the dismissiveness that the political operative class had toward him.”
- Also: The Atlantic - Donald Trump and the Backlash Against Political Correctness < 5min
- Also: The New Yorker - Donald Trump’s Ghostwriter Tells All 5-15min
- Also: Huffington Post - Sad! 5-15min
- Also: The New York Times - Donald Trump’s Deals Rely on Being Creative With the Truth < 5min
- Also: Bloomberg - What Kind of Man Spends Millions to Elect Ted Cruz? 5-15min
American Apparel launched in 1988 as a T-shirt business that founder and former CEO Dov Charney ran out of his dorm room at Tufts University. After Charney opened his first retail store, on Los Angeles’s Sunset Boulevard in 2003, the brand quickly became a phenomenon, famous for its local, sweatshop-free manufacturing and notorious for its sexually charged advertising. ... As it became a public company in 2007 (through a reverse merger), American Apparel had 143 stores in 11 countries and was valued at nearly a billion dollars. ... It wasn’t just the merchandise that set the company apart. From the beginning, American Apparel eschewed fast fashion (the practice of copying new runway trends immediately and cheaply) in favor of generating its own iconoclastic staples. Instead of outsourcing manufacturing to low-wage overseas workers, it produced almost everything it sold for wholesale and retail in its own factory in Los Angeles ... Production and design now follow a strict calendar, set by Schneider. "You have to have your raw materials where they’re supposed to be, your bundling down, your product cut up and ready to sew—there are a thousand steps that go into making this run smoothly," Schneider says. "And it’s more complicated [at American Apparel] because you’re knitting your own yarn, you’re dyeing your own fabric, and you’re manufacturing everything here and shipping everything yourself." In part, as a result, niche items that fall outside of American Apparel’s knit-production expertise—sweaters, denim—are now being outsourced to other factories around Los Angeles.
Right now, the global bottled water industry is in one of those strange and energetic boom phases where every week, it seems, a new product finds its way on to the shelves. Not just another bland still or sparkling, but some entirely new definition of the element. It is a case of capitalism at its most hyperactive and brazenly inventive: take a freely available substance, dress it up in countless different costumes and then sell it as something new and capable of transforming body, mind, soul. Water is no longer simply water – it has become a commercial blank slate, a word on to which any possible ingredient or fantastical, life-enhancing promise can be attached. ... The global market was valued at $157bn in 2013, and is expected to reach $280bn by 2020. Last year, in the UK alone, consumption of water drinks grew by 8.2%, equating to a retail value of more than £2.5bn. Sales of water are 100 times higher than in 1980. Of water: a substance that, in developed countries, can be drunk for free from a tap without fear of contracting cholera. What is going on? ... There now seems to be no limit on what a water can be, or what consumers are willing to buy. It is no longer enough for water to simply be water: it must have special powers. ... At some point, surely, we will reach “peak” water. Perhaps it will be the moment consumers lose faith in the cellulite-eradicating powers of Buddha water or wonder if it’s really worth paying over the odds for birch sap.
For years, enlightened restaurant-goers, shocked and horrified by Fast Food Nation, pink slime, and the evils of Big Food, have felt an almost religious pull to Chipotle’s "Food With Integrity" mission ... When a listeria outbreak caused by Dole’s packaged salads was linked to four deaths last year, the public outcry was not nearly as intense or sustained (despite an ongoing federal investigation). When Tesla reported its first driver fatality while using its Autopilot feature last June, it didn’t affect the company’s stock price at all. Why were these deaths only blips for Dole’s and Tesla’s reputations? By contrast, Chipotle spent a year in hell even though no one died—and more than 265,000 Americans get sick annually from illnesses linked to E. coli. ... Chipotle has had no choice but to grapple with the reality that its prestige status has evaporated. And there is no obvious road map for gaining it back. ... what’s ailing Chipotle is more pervasive and insidious than any foodborne illness. For Chipotle to win back all it has lost will require a soul-cleansing broader than perhaps even Ells and Moran realize. ... As Chipotle has grown, its operation has evolved to be anything but simple. The company purchases 185 million pounds of what it considers responsibly raised beef, pork, and chicken annually. ... Chipotle goes through more than 200,000 pounds of avocados daily ... The kitchen theatrics that Ells has deftly used to promote his food’s freshness to customers—the sizzling plancha, the tortilla grill—obscured that it was less safe than conventional fast food. The company had disclosed this fact to investors long before the crisis. ... Chipotle’s future hinges less on hourly audits or triple-washed lettuce or rewards programs than a reimagining of what Food With Integrity means for the next 20 years.
For eight days each year, Basel becomes the centre of the watch universe. The fair’s organisers claimed 150,000 paying visitors and 1,800 brands spread over 141,000 square metres of exhibition space. Admission cost 60 Swiss francs a day (almost £50) ... The show was a celebration of our mastery of timekeeping, and of the refinement and years of training that go into making objects of beauty and accuracy. But it was also a celebration of excess and superfluousness, of watches that exist merely because they can, like animal acts at a circus. ... These days, no one requires a Swiss watch to tell the time – or a watch from any country. The time displayed on our mobile phones and other digital devices will always be more accurate than the time displayed on even the most skilfully engineered mechanical watch, yet the industry has a visual presence in our lives like few others. The storefronts of the world’s big-money boulevards glow with the lustre of Rolex and Omega; newspapers and magazines appear to be kept in business largely by watch adverts; airports would be empty shells without them. The export value of the Swiss watch trade fell by 3.3% last year, due primarily to a downfall in demand from the east Asia. But it is up 62.9% compared with six years ago. In 2015 the world bought 28.1m Swiss watches valued at 21.5 billion Swiss francs. ... the most complicated limited-edition watches sell for £1m or more. These watches have a waiting list, as the world only contains so many squinting master craftsmen who can make them, and even they haven’t found a way to extend the day beyond 24 hours. ... Exclusivity is a key to desirability. ... In 2014, the Swiss exported 29m watches. This was only 1.7% of all watches bought globally, but 58% of their value. ... To classify as Swiss Made, a watch must a) have a Swiss movement (that is, the basic mechanism consisting of cogs and springs that make the watch tick) b) have this movement incorporated in a case that is made within Switzerland and c) be checked and certified in Switzerland.
Since 2014, the PGA, the world’s most prominent golf association, has run PGA Tour China Series, a professional league that gives promising young players a shot at graduating to higher competition in the U.S. It’s analogous to Double A minor league baseball in America: Players can put in a couple of years in China and—if they perform well enough—earn an automatic berth into another league that’s one rung below the PGA Tour. The China Tour, in turn, offers golf something it desperately needs: better access to the enormous and growing middle class that makes the country a huge growth opportunity for the sport. ... In a country of 1.4 billion, the potential for the sport is certainly as vast as anyone’s imagination. Estimates of the number of Chinese golfers fall around 1 million, a small fraction of the 24 million who play in the U.S. If just 2% of China’s population played, up from less than 0.1% today, China could become a $2-billion-a-year market for golf products. That would be a godsend for an industry whose growth has sputtered in the U.S. and Europe, where manufacturers like Nike and Adidas are getting out of the golf-equipment business, and courses are closing. ... the country has only about 600 courses (the U.S. has 15,000). Virtually none are the type of cheap, municipal links that cater to beginners. Almost every course is a private club located far outside the city center, behind closed gates manned by security guards. A round during the weekend pushes $200 or more, four or five times the norm in the U.S.—in a country where the typical urbanite has only about $5,000 a year in disposable income.
In 1997, during his final year as a doctoral student, Fogg spoke at a conference in Atlanta on the topic of how computers might be used to influence the behaviour of their users. He noted that “interactive technologies” were no longer just tools for work, but had become part of people’s everyday lives: used to manage finances, study and stay healthy. Yet technologists were still focused on the machines they were making rather than on the humans using those machines. ... Fogg called for a new field, sitting at the intersection of computer science and psychology, and proposed a name for it: “captology” (Computers as Persuasive Technologies). Captology later became behaviour design, which is now embedded into the invisible operating system of our everyday lives. The emails that induce you to buy right away, the apps and games that rivet your attention, the online forms that nudge you towards one decision over another: all are designed to hack the human brain and capitalise on its instincts, quirks and flaws. The techniques they use are often crude and blatantly manipulative, but they are getting steadily more refined, and, as they do so, less noticeable. ... The human brain releases pleasurable, habit-forming chemicals in response to social interactions, even to mere simulacra of them, and the hottest triggers are other people: you and your friends or followers are constantly prompting each other to use the service for longer. ... the internet’s potential to inform and enlighten was at loggerheads with the commercial imperative to seize and hold the attention of users by any means possible.
I could go on about the innovations at Domino’s, but Doyle’s most important lessons are about the mindset required for organizations to do big things in tough fields. Two of the great ills of executive life are what he calls, borrowing from behavioral economics, “omission bias” and “loss aversion.” Omission bias is the tendency to worry more about doing something than not doing something, because everyone sees the results of a move gone bad, and few see the costs of moves not made. Loss aversion describes the tendency to play not to lose rather than play to win. “The pain of loss is double the pleasure of winning,” he argues, so the natural inclination is to be cautious, even in situations that demand creativity. ... Leaders who want to shake things up have to be comfortable with the idea that “failure is an option,” Doyle concludes. In a world of hyper-competition and nonstop disruption, playing it safe is the riskiest course of all. That’s a recipe for reinvention that makes for good pizza and big change.
There are thousands, perhaps tens of thousands, of influencers making a living this way. Some make a lot more than a living. The most successful demand $10,000 and up for a single Instagram shot. Long-term endorsement deals with well-known Instagrammers, such as Kristina Bazan, who signed with L’Oréal last year, can be worth $1 million or more. Big retailers use influencers, as do fashion brands, food and beverage companies, and media conglomerates. Condé Nast, publisher of the New Yorker and Vogue, recently announced that it would ask IBM’s artificial intelligence service, Watson, to take a break from finding cancer treatments to identify potential influencers. ... The ultimate goal: to persuade someone, somewhere, to pay me cash money for my influence. ... “You sell part of your soul. Because no matter what beautiful moment you enjoy in your life, you’re going to want to take a photo and share it. Distinguishing between when is it my life and when am I creating content is a really big burden.” ... Instagram doesn’t explicitly ban bots, but its terms of service do prohibit sending spam, which, when viewed in a certain light, is exactly what I was doing. On the other hand, except for a single user who somehow had me pegged and accused me of being a bot, nobody with whom I interacted seemed to mind the extra likes or comments. ... I was already verging into “micro-influencer” territory, a hot new field within influencer marketing where, rather than hiring one or two big-time influencers, an ad agency will simply give out free merchandise to 50 small-timers.
Pettis had begun his ascent in 2006, producing weekly videos for MAKE magazine—the maker movement’s Bible—that featured him navigating goofy tasks such as powering a light bulb with a modified hamster wheel. In 2008, he cofounded the NYC Resistor hackerspace in Brooklyn. By then, Pettis was a star. A year later, he launched a Brooklyn-based startup with friends Adam Mayer and Zach Smith (also a NYC Resistor cofounder) called MakerBot. ... By 2015, Pettis, Mayer, and Smith had all moved on. A new CEO and management team has taken the helm since then, and three rounds of layoffs cut the employee head count from a high of around 600 to about half that. This year a Taiwanese competitor nabbed MakerBot’s spot as the most popular desktop 3D printer maker. ... How did MakerBot, the darling of the 3D printing industry, fall so hard and seemingly so fast?
Why do people like what they like? It is one of the oldest questions of philosophy and aesthetics. Ancient thinkers inclined to mysticism proposed that a “golden ratio”—about 1.62 to 1, as in, for instance, the dimensions of a rectangle—could explain the visual perfection of objects like sunflowers and Greek temples. Other thinkers were deeply skeptical: David Hume, the 18th-century philosopher, considered the search for formulas to be absurd, because the perception of beauty was purely subjective, residing in individuals, not in the fabric of the universe. “To seek the real beauty, or real deformity,” he said, “is as fruitless an enquiry, as to pretend to ascertain the real sweet or real bitter.” ... Over time, science took up the mystery. In the 1960s, the psychologist Robert Zajonc conducted a series of experiments where he showed subjects nonsense words, random shapes, and Chinese-like characters and asked them which they preferred. In study after study, people reliably gravitated toward the words and shapes they’d seen the most. Their preference was for familiarity. ... This discovery was known as the “mere-exposure effect,” and it is one of the sturdiest findings in modern psychology. ... People get tired of even their favorite songs and movies. They develop deep skepticism about overfamiliar buzzwords. ... A surprise seems to work best when it contains some element of familiarity. ... On the one hand, Hekkert told me, humans seek familiarity, because it makes them feel safe. On the other hand, people are charged by the thrill of a challenge, powered by a pioneer lust. This battle between familiarity and discovery affects us “on every level,” Hekkert says—not just our preferences for pictures and songs, but also our preferences for ideas and even people. ... The power of these eureka moments isn’t bound to arts and culture. It’s a force in the academic world as well. Scientists and philosophers are exquisitely sensitive to the advantage of ideas that already enjoy broad familiarity.