New market opportunities
First, it was the pet rock craze (Google it!), then Tamagotchi and now the Petaverse Network.
It is the first generation of digital pet cats and dogs, due for launch this year.
- Digital owners can play with (and care for) their pets via VR and AR platforms,
- Share their fun times on social media platforms,
- Brands are partnering with AI pet companies to release limited-edition collars, outfits, toys, and beds.
- Like a Muddy Buddies obstacle course, specifically for owners and their virtual pooches, or AR dog parks.
Virtual Spending is another new market.
- Virtual fashion spending hit ~$33 Billion in 2021,
- In-game cosmetic enhancements, traded between gamers for real cash, have generated a $50 Billion market.
Conduct Open-Minded Research – Today, there’s no substitution for thorough research – that looks like broadening the research of your thoughts.
University of Texas, Geoffrey Hinton – AI mind reading possible -researchers have developed a GPT-based decoder that translates thoughts into text using a non-invasive FMRI scan.
- Participants trained the decoder by listening to podcasts for 16 hours.
- AI-generated text as participants listened to and imagined a new story – capturing their thoughts.
- The exact words sometimes differed; overall, the participant’s thinking was accurate using ChatGPT.
IBM to sack 7,800 and replace their jobs with AI this week. The roles where AI is more efficient than humans are HR and accounting.
Walmart is using AI to negotiate better trading terms with suppliers. Pactum, a chatbot, automatically renegotiates improved trading terms. Walmart sees a 3% improvement. In a recent survey of Walmarts suppliers – 75% would rather deal with AI than humans.
Google, Amazon, Microsoft, Walmart, HubSpot, Salesforce, CocaCola, McKinsey & Company, PwC, Indeed, Tesla, Accenture, Lego, Stripe, Deloitte, and Dell are just some of the businesses that have a significant interest in embedding AI into their businesses today.
Innovation
If you have a brilliant idea at work, you distil your ideas into a killer PowerPoint presentation to enlighten, inform, influence and convince your boss and team.
Jeff Bezos – Amazon – disagrees.
The problems
- PowerPoint is a very imprecise communication,
- It is too easy to hide between bullet points,
- You do not express your thoughts completely,
The Amazon solution
- Every good idea uses a narrative format called the ‘Mock Press Release.’
- For every new feature, product, or service Amazon employees intend to pitch within their divisions, they must produce a press release-style document. It is a hypothetical press release to Amazon customers,
Amazon says that if it’s something interesting enough for a customer and communicates well in a mock press release format, Amazon should invest in the idea.
How are your business’s innovation, culture, performance, and accountability going? Are there more profitable opportunities than time to implement?
Amazons Mock Press Release Format
FOR IMMEDIATE RELEASE
HEADING Name the product in a way the reader (your target customers) will understand.
Sub-Heading: Describe the market for the product and what benefit they will receive. One sentence only!
Summary Give a summary of the product and its benefit. Assume the reader will not read anything else, so make this paragraph good.
Problem
Describe the problem your product solves.
Solution
Describe how your product elegantly solves the problem.
“Quote From You”
A quote from a “spokesperson” in your company
How to Get Started
Describe how easy it is to start with a mock”Customer Quote”.
Please provide a quote from a hypothetical customer that describes how they experienced the benefit.
Closing and Call to Action
Wrap it up and describe where the reader should go next.
Hubspots reports the top 10 challenges facing social media marketers in 2023
- Creating engaging content,
- Creating content that generates leads,
- Reaching your target audiences,
- Getting new and keeping followers,
- Keeping up with changing features and algorithm updates,
- Keeping up with new trends,
- Finding new ideas for new content generation,
- Growing an active community around your brand on social media,
- Developing a strategy for selling products directly in social media apps,
- Aligning social media marketing activities directly to business revenue,
Regards
David
