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Between the Noise🎯 #24: The Worst Sales Promotion In History, The Godfather Of Digital Maps & More
Interesting article on Hoover, a UK branch of vacuum manufacturer whose one promotion strategy decided their downfall with multi-million losses for the company. They offered a lucrative promotion “If a customer bought any product worth £100, he’d get two free round-trip flights to the United States”. They thought a) Only a small fraction of purchasers would actually jump through the hoops necessary to redeem the flights. b) Customers would spend far more than the £100 minimum, offsetting the cost. Both of them proved wrong & company had to face complete destruction over next couple of years.
“Most people don’t act; it’s painful,” he says. “When successful people have enough evidence that they’ve made a bad decision, they don’t look for more. They’re willing to shut down a business, for example, and go in a different direction. They fail fast, move on, and then they don’t talk about it again.”
This article is about Jack Dangermond, founder of Original Tech ‘Unicorn”—Esri. Long before Google was born--even before its founders were born--it was Dangermond who essentially invented the digital map. Products like Google Earth, Google Maps and Google Street View "were built on the shoulders of what he created." Esri owns more than half of the market for GIS software, and its technology is used around the world by some 350,000 businesses, government agencies and NGOs, which collectively create 150 million new maps every day. Its Last year's annual customer conference gathering had audience of 16,000--roughly triple the crowd that assembles for Apple's World Wide Developer Conference or Google's I/O event.
In this podcast, Ritesh opens up about his personal journey before starting OYO, his struggles in starting OYO & how he has built the largest hotel chain in India & 2nd largest hotel chain in China. Very humbling to hear from Ritesh on how he still sees that they are in ‘very early stage’ of company & many other interesting insights.
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