Blogging today over here about academic credentials and whether they matter or not. Your thoughts and comments welcomed!
Enjoyed it? Please share it!
Get this and other great articles from the source at www.ChristopherSPenn.com
You know what the most amazing moment of PodCamp Philly 3 was?
At the opening, I asked the crowd – 200+ folks – how many people had never been to a PodCamp before.
About 80% of the room raised their hands.
That’s huge. That’s amazing. I have to give huge props to the Philly organizing team for continuing to attract new members to our community. When Chris Brogan and I started PodCamp in 2006, we never imagined that years later, events in cities all over the world would continue to attract lots and lots of new people.
Another interesting curiosity from the weekend – the podcasting sessions were stuffed to the gills, standing room only for many of them. If you’ve read Seth Godin’s The Dip, I think podcasting is on the other side of its dip now. It came out strong in 2004 and 2005, was the shiny darling of the new media world, and then more or less went through massive growing pains. Based on the number of folks I talked to over the weekend, podcasting isn’t the sexy new thing any more – and that’s incredibly good news for people interested in learning about podcasting. The snake oil salesmen have moved on (they’re now selling Twitter expert guides) and the space has technologically matured.
Clay Shirky said best at TED @ State that something like podcasting becomes socially interesting after it becomes technologically uninteresting. The shiny has worn off and now people from all businesses and all areas of focus are looking at podcasting for what it truly is: a delivery mechanism for content that can, if used properly and selectively, give people the information they want in the method best suited to their needs.
Hats off again to the PodCamp Philly team for a great event and for continuing to show that podcasting, far from being dead, is only now starting its march out of the dip and into mainstream usages of all kinds.
Photo credit: Jakob Montrasio
Enjoyed it? Please share it!
Get this and other great articles from the source at www.ChristopherSPenn.com
Profits! Profitability! The holy grail of business. Yet surprisingly, one of the most difficult things to calculate. Companies spend thousands of dollars a year in consulting, technology, software, systems, and accounting firms just to get a vague idea of their profitability. Why?
Here’s an example of how difficult profitability can be even in a very closed, contained, predictable system. Let’s take Farmville, the popular Facebook game. Of all the crops available to early players of the game, which is the most profitable?
A casual look says it should be cotton. That giant 207 coin payout for planting cotton is definitely the biggest number on the page. Of course, that’s only gross profit. Each crop also costs money to plant. Do some quick math to subtract the cost of seeds and suddenly artichokes become more profitable – that’s net profit per crop, profit after costs.
So, should you go plant artichokes willy-nilly? Not necessarily! You forgot tilling costs, which is a fixed, flat 15 coin fee for every plot of land. While this may not change the choices between artichokes and cotton, it drastically alters the profitability of cheaper items like soybeans, which at first glance look like a terrific investment – plant for 15 coins to reap 63 – but becomes plant for 30 coins to reap 63 after the tilling cost.
Finally, take the amount of time you’re willing to invest in Farmville. For me, it’s virtually none. I’ve got better games to play in my free time, like Warcraft, so Farmville is at best a curiosity. If you’ve got a lot of time to invest in the game, then you have to do one final calculation for profitability – how much income per hour each crop reaps. Divide each crop’s net profit after costs and tilling by the number of hours to maturity to get net profit per hour, and suddenly, inexpensive but time intensive raspberries yield the highest overall profit per hour – if you’re willing to babysit them every two hours.
What’s the lesson in all of this? Calculating return on investment and profitability can be very tricky. In the incredibly simple Farmville case, the tilling cost is one people leave out of their calculations more often than not. The example of raspberries also demonstrates that what looks like the biggest number at first (artichokes) isn’t – you might be better served cranking out a smaller margin with high frequency than a big margin very infrequently, particularly if you’re in a business where market conditions shift rapidly.
Now imagine how difficult this is to apply to real businesses, where prices, markets, and conditions change, where costs and profits are not fixed, and where time is not free, and you get a sense of how truly amorphous profitability can be.
This is also why it’s super important to get kids and adults playing games like Farmville and Warcraft, to teach them the powerful economics lessons in their games so that they can dig into understanding business without putting real money on the line.
Have fun farming!
Enjoyed it? Please share it!
Get this and other great articles from the source at www.ChristopherSPenn.com
I read quite a bit of feedback and writing on a daily basis, from moderating forums to emails to blogs, and there are two word misuses that top my list of minor annoyances:
1. Ironic.
2. Tragedy.
Just as quick review, in case your mom wasn’t as diligent about English as mine was…
1. Ironic is the opposite of what was intended. For some reason, folks use it as a synonym for coincidence. As George Carlin pointed out, a diabetic getting hit by a truck is an accident. A diabetic getting hit by a sugar truck is poetic coincidence. A diabetic getting hit by an insulin truck – now that’s irony!
2. Tragedy isn’t something sorrowful or disastrous. We have words for that – sorrowful and disastrous. In its original form, tragedy is a specific calamity that’s the direct result of a character flaw, usually hubris. A death isn’t tragic unless the person brought it on themselves through a character flaw that led them to die. An airplane crash isn’t tragic unless the pilot, in his hubris, was saying in the cockpit, “I’m such a good pilot I can fly blindfolded! See?
Does anyone care about the misuse of these terms? Besides standup comedians (we miss you, Mr. Carlin), probably not. However, when I’m reading (particularly blogs and web sites of prospective future employees or other folks who I’m asked to evaluate), you certainly accrue bonus points if you’re using the language well.
Enjoyed it? Please share it!
Get this and other great articles from the source at www.ChristopherSPenn.com
Ever heard of the marketing problem known as museum syndrome? Probably not since I just made that up. Museum syndrome is simply this: an individual masterpiece in an art museum is a wonder to behold. When you place a masterpiece against a wall with dozens of other masterpieces, your ability to appreciate that one piece becomes more difficult. Consumers have a finite amount of attention they can spend at any one time and place, and if you’re fortunate enough to be the recipient of that attention (fleeting thought it is), you need to help the consumer appreciate what’s in front of them.
One of the biggest mistakes marketers make – myself included – is the error of putting a buffet in front of someone who wants a snack. The sheer amount of choice can be staggering, but more importantly, every offering is diminished, no matter how good it is. Every offering is diminished because that finite amount of time and attention is divided among the number of offerings.
That’s why sites like Woot.com, for example, are incredibly popular. Instead of asking consumers for their attention at a million different products at once, Woot slaps one product up and says, here, pay attention to this only. It’s the equivalent of a museum curator locking the rest of the museum up and placing one masterpiece on a podium in the lobby with a spotlight on it only.
Marketers face this problem writ incredibly large in the digital age, when media is so available and abundant that the consumer’s attention is always being split. There’s the DVR in the living room, the iPod on your hip, the smart phone in your pocket, the endless depths of the Web on a browser near you, social media conversations flying by, books both analog and digital piled up on the nightstand – media everywhere, all begging for a slice of your attention. How, as a marketer, can you present what you’ve got in such a way that you beat museum syndrome? How, as a marketer, can you create that masterpiece experience for your product or service?
I’ve been thinking about this a great deal as I get ready to revamp the FAFSA application guide site I run, FAFSAonline.com. This topic, more than any other in the world of financial aid, is bewildering to consumers and especially to those who don’t have a good head for numbers. More students lose financial aid each year from issues and errors on the FAFSA than pretty much anything else except not bothering to apply for scholarships. So my challenge in the next few months as I get ready for the 2010 FAFSA season to start is to figure out how to beat museum syndrome in the world of financial aid.
Why? Here’s what’s at stake: if I can beat museum syndrome on this topic, it may mean that thousands of kids will go to college that in previous years would have been defeated by the FAFSA process. Big stakes, big chance to make a difference.
How will we make this happen? I’m looking around constantly for more examples of ways people have beaten museum syndrome. Woot.com is one. Another that’s been working is the way I have the homepage of the Financial Aid Podcast set up, with a single video that introduces the user to the site, focusing attention and eyeballs on the visually compelling cue of a video.
What ways are you beating museum syndrome in your marketing?
Enjoyed it? Please share it!
Get this and other great articles from the source at www.ChristopherSPenn.com
A great TED talk that’s worth your 18 minutes. Let it inspire you and make you laugh!
Enjoyed it? Please share it!
Get this and other great articles from the source at www.ChristopherSPenn.com
“I would do this for free, but I make you pay so that you understand the value of what you are getting.” – Mike Lipkin via Mitch Joel
C.C. Chapman had a great podcast the other day about valuing yourself and your time as an influencer, particularly in social media. I wanted to build off his conversation by giving you a benchmark for how to calculate your value.
The monetary value of your social media influence starts with your current pay. After all, it’s the fairest price estimate of what the market is willing to pay for you. Here’s how to calculate that on an hourly basis. If you’re salaried, take the total sum of salary and benefits and divide by 2080. (52 weeks x 40 hours per week) This gives you your hourly rate. If you’re an independent contractor, self employed, or hourly worker, calculate the same way – use your 2008 taxes and expenses to judge the total cost of your self-provided health insurance, income, etc.
Once you know your hourly rate, whatever it is, you understand your current market value. If a company sends you a product for review on your blog and it takes you an hour to review it, its value had better exceed your hourly rate or you’re losing value. You’re giving away more value than you’re receiving, because theoretically, you could be working for your current employer at the same rate.
When a corporation approaches you about helping them with their campaign, you must know your hourly rate as a baseline to judge whether or not something is worth doing. As C.C. said in his show, sometimes you’ll work for no monetary compensation in lieu of exposure, reputation, or other non-monetary currencies. That’s fine. You don’t have to charge your friends, but you must know the value of what you are giving them, especially if they’re representing a company in their request. For example, if Scott Monty asked me to put up a blog post about an automobile, he may know me as a friend, but he’s asking on behalf of a commercial account, and whatever comes with the request had better be valued at my hourly rate or I’m losing value.
Think about what value your personal web site provides. Check out similar sites with similar PageRanks, traffic, and reputation, especially commercial sites, and determine what an ad costs to place on those sites. If a commercial entity comes to you and asks you to display a badge on your blog, know what they’d pay on other similar sites (use Google Ad Planner and Compete.com, for example) and judge whether you’re getting that value from the company in exchange for your efforts.
The reason we have so much trouble with social media ROI begins with not having any idea what our value is. Use some of the points in this post to start assessing your own value, and you’ll have the beginnings of understanding what the ROI of your social media influence is.
How much money are you leaving behind?
Enjoyed it? Please share it!
Get this and other great articles from the source at www.ChristopherSPenn.com
Ever see someone try to copy a successful person? Not in the literal copy/paste sense, but in the “I’m going to be just like him/her!” I can’t begin to enumerate the number of times that I’ve seen this, in business, in martial arts, in gaming, in everything. I read Twitter and see people aspiring to be just like Robert Scoble or Chris Brogan or Steve Rubel. I go to martial arts seminars and see people aspiring to be just like Masaaki Hatsumi or Stephen K. Hayes. I listen to chatter in World of Warcraft where hundreds of people daily talk about joining the top raiding guilds like Ensidia, Premonition, Halcyon, and so forth.
None of these people will succeed. Not one of them.
Why can’t you copy these people? Why can’t you achieve the same success they have if you do the same things they do, or use the same gear they do?
You’re not them. That’s why.
So what if you want to achieve their levels of success? How do you do that if you can’t be them? You have to decide instead to model their outcomes. Here’s an example. Instead of saying that I want to be just like Stephen K. Hayes in martial skill, it’s more productive for me to say that I want to achieve the same outcomes as him on both a macro and micro scale. I’ll look not necessarily just at what he does in a technique to make it work, but also at what the outcomes are on his training partner – loss of balance, inability to counterattack, a fall at a certain angle.
What’s the difference? By focusing on outcomes, I know what capabilities and skills I have that can generate those same or similar outcomes. See, I don’t have Stephen K. Hayes’ skills or abilities, so for me to just try to mimic and copy him will only result in failures for me, or sporadic successes at best. By focusing on the results I want to copy, I have a better chance of making them happen because I know what my capabilities are with my own skills and abilities, and I know what combinations of my skills and abilities can create those outcomes.
For example, Stephen K. Hayes may be able to unbalance someone simply by virtue of his position relative to them. My level of skill in positioning isn’t nearly as good, but I know I can achieve a similar effect by punching someone in the face in a certain way. The techniques and minutiae are different, but the outcome – a person falling backwards in a certain direction – is the same, and if the technique’s success is contingent on that person falling backwards just so, we’ll both achieve success. Mine requires more compensation for skills I don’t yet have, but the outcome is the same. The success is the same.
It’s important to keep in mind that some results I won’t be able to get to with my current skill set, no matter what, in the same way that my general understanding of physics will not, no matter how creative I am with my skills, get me to a point where I can create a particle accelerator in my backyard next week. I can, however, figure out what results are part of the pathway to that end result that are within reach now and start working on those.
Think about this in your own quest for success, and when you encounter a roadblock, rather than try to merely copy the person who has achieved the success you want, look at their outcomes and which outcomes you can achieve with your own tools, abilities, skills, networks, and power.
Enjoyed it? Please share it!
Get this and other great articles from the source at www.ChristopherSPenn.com
4:03 PM. Second story of the parking garage outside of Student Loan Network headquarters. Dark and stormy night… wait, no, wrong story. Anyway, it’s Friday, the weekend is here, I’m ready to relax and head to the Boston Martial Arts Center for an evening of training when I get to my car and notice…
Yep. My rear passenger window has been shattered, blown into a thousand pieces by some blunt force. My first reaction, of course, is more than a bit of profanity, followed by my checking out the car to see if anything inside is missing. I’m carrying my laptop, DSLR, video camera, lenses, iPods, etc. on my person so I know they can’t be missing. (yes, when I go to work, I look like a digital sherpa) The car’s GPS is built into the frame, so it’s not like you can just reach in and take it.
What in the world made someone want to bust into my car, when there was nothing obvious to take?
Then I notice something really odd. I’m standing in glass. A lot of glass.
This makes no sense to me. Why is there glass all over the concrete, when smashing in the window should put the glass all inside the car, or mostly inside the car?
I wait for a bit while building security investigate, records the incident, and notify the local police. Incidentally, the police dispatch said, “We’re really kind of busy now. We’ll take the information but we don’t have any officers to spare…”
So I look around a bit and then notice what is missing from my car. In fact, it’s missing from the car, but not by much. 10 feet away, next to another car, is my gym bag.
Suddenly it makes sense. Smash in the window, grab the bag, and as you pull it out, it pulls the rest of the window out, spewing glass all over the concrete like crystalline vomit.
By now I’m more intrigued than anything. Everything valuable is on me, and being the overly cautious financial sort (working in financial aid does that to you), I know insurance will cover everything with no deductible. So I wander over to my bag, noticing that my workout clothes are strewn about on the parking lot concrete.
Whoever broke the window and took the bag was looking for something in it. A Rolex? Jewelry? Drugs? Who knows? I have none of those things because again, I’m a nerd and all my valued possessions are devices which are usually on me.
After all is said and done, I end up laughing most of the way home, the mental image of a petty crook doing a furtive smash & grab, frantically crouched down between vehicles, rifling through workout clothes, possibly holding their nose the entire time, only to come away with lingering gym bag odor and not much else. Sucker!
There is an important lesson here, of course, and that is even the perception of valuables is enough to motivate a desperate thief. I’d guess he or she has had enough success in the past with the same tactic that it was a risk worth taking in our parking garage. For the future, I’ll keep my workout bag in the trunk, and if you find yourself in similar circumstances, you might want to do the same. The economy’s continued pressures on everyone means that desperation will only increase.
Enjoyed it? Please share it!
Get this and other great articles from the source at www.ChristopherSPenn.com
What makes someone a success?
Is it luck?
Opportunity?
Hard work?
Maybe. Maybe to all of the above. Maybe to a little of this, a little of that. I envision success as a combination of factors. For example, there are some who argue that circumstances, the family you’re born into, even the generation you’re born into create an immoveable destiny from which you can never unlock yourself. You are born into a station in life, and that’s where you’ll live and die. That’s partially true.
There are others who argue that you can do anything, that the only thing holding you back is yourself, and that the world is your oyster, if only you’re willing to work hard and persevere. That’s partially true as well.
Imagine for a moment that you’re an archer standing in front of a gallery where the targets whip by incredibly fast. Every so often, a bulls eye sails by and you have to fire an arrow at it and nail the target. That’s our metaphor for success, nailing that target.
For the folks who argue that success is only about hard work and nothing else, that’s like saying you practice your archery relentlessly, perfecting your abilities. When that target cruises by, you nail it.
For the folks who argue that success is predetermined by your station in life that you’re born into, that’s like saying that because of luck, the gallery is filled with targets, and as long as you aim the arrow in the general direction of the gallery, you’re bound to hit something and achieve success.
Here’s why both are partly right and both are partly wrong:
Luck and opportunity are very real parts of success. It’s a lot easier to hit a target when you have a wall full of them slowly cruising by than it is when you have one target an hour zipping by at a hundred miles an hour. The skill you need to hit a barn full of targets is less than the skill you need to hit that one opportunity.
Skill and effort are very real parts of success. You could face an entire room full of targets that are stationary, but if you’re thoroughly incompetent with a bow and arrow, it doesn’t matter how much opportunity is in front of you, because you’ll never hit any of it.
For someone facing the disadvantage of fewer targets to hit, you have to compensate with greater skill. You might get fewer opportunities in life, and so when each opportunity comes by, you have to be a better shot than someone with more advantages. That said, if you have the skill, when opportunity arrives, as long as you’re ready, you only need one shot to win that round, and then each subsequent success makes more targets available to you.
So how do you increase your chances of success? Part of it is indeed to skill up, to become more proficient with that bow and arrow. You do that by becoming expert in whatever it is you do. Part of increasing your chances of success logically must also include finding more targets to shoot at – and that’s what things like the digital age, disruption, and social media can do for you. Right now, because of how fast the world is changing, a lot of people are wondering how to operate in this age, in these new rules. They’re holding up targets for you to shoot at, because they want and need help.
The arrow is your expertise in your specialty, the part that generates the actual results.
The bow is your knowledge of things like social media that amplify your ability to project your expertise.
If you have the skills, if you have put in the effort to become expert in your field in what you do and in the disruptive technologies, you – for the moment – have a lot more to shoot at. It won’t always be this way, so take your shot while you can. If you’re not sufficiently skilled with our metaphorical bow and arrow, skill up as fast as you can.
Take your shot!
Photo credit: B. Sandman.
Enjoyed it? Please share it!
Get this and other great articles from the source at www.ChristopherSPenn.com
