Listen on
Summary
In this conversation, Vivek discusses the importance of understanding the customer in order to improve decision-making and increase profits for large enterprises. He explains that most companies have a singular view of the customer based on transactions, but lack information about their preferences and interests. Vivek introduces his company, Profit Wheel, which focuses on consumer intelligence and helps organizations understand their high-value customers. He also highlights the challenges faced by large enterprises in implementing new platforms and emphasizes the need for quick implementation and user-friendly interfaces. Vivek shares examples of how his platform helps companies improve media efficiency, create effective content, and make strategic decisions based on customer psychographics. The conversation with Vivek highlights the importance of developing an abundance mindset in the world of AI and technology. As resources become more abundant, focusing on saving money is not enough to succeed. Companies should shift their mindset to using technology and AI to make more money. In the enterprise B2B space, the sales cycle is longer and requires a deep understanding of the industry and the pain points of the customers. It is crucial to deliver value and solve the specific challenges of each organization. Understanding the nuances of different industries and tailoring strategies accordingly is key to success. In this part of the conversation, Vivek discusses the importance of understanding the ideal customer profile and differentiating oneself in the digital marketing industry. He emphasizes the need to specialize in a niche and become the best in the world in that area. Vivek also talks about the impact of AI on various industries and the need for humans to learn how to use AI effectively. He highlights the importance of education and continuous learning to remain relevant in a rapidly changing world. Additionally, Vivek shares his personal experiences and mental models that have guided his entrepreneurial journey. In this part of the conversation, Vivek discusses the importance of understanding the pain points of large clients and solving them. He emphasizes the need to do boring and repetitive tasks in order to improve and excel in any field. Vivek also talks about the concept of ‘10,000 hours’ and how it is not just about the quantity of time spent, but also about the quality of improvement during that time. He shares examples from sports and music to illustrate this point. Additionally, Vivek highlights the significance of identifying the job to be done and pricing accordingly to create value for customers. In this conversation, Vivek Ramachandran shares his insights on various topics. He emphasizes the importance of investing in AI to remain relevant and beat the competition. He believes that the focus should be on how a platform can help businesses make more money, save money, and build better companies. Vivek also discusses the importance of building relationships and leveraging existing resources to start a venture. He shares his philosophy of providing a safety net for his daughter and prioritizing her happiness. Additionally, Vivek talks about the potential of influencer marketing and the need for brands to invest in content creators.In this episode of Rocklaz Radio, Tanmay Shah and Laura Grinbarga discuss books and podcasts they have read and listened to. They share their favorite podcasts, such as Akimbo and Freakonomics, and talk about the benefits of reading digitally and listening to audiobooks. They recommend books like The Artist’s Way, Big Magic, and The War of Art for creative inspiration. They also discuss the importance of finding the right time to read and making notes while reading. The conversation touches on spirituality in art and the impact of books like The Alchemist and Siddhartha. They also mention books on negotiation and personal development, such as Think and Grow Rich and The 7 Habits of Highly Effective People. The conversation covered a wide range of topics, including book recommendations, favorite genres, and spiritual and philosophical discussions. Some of the recommended books include ‘Atomic Habits’ by James Clear, ‘The Warrior’s Apprentice’ by Lois McMaster Bujold, ‘The Silver Metal Lover’ by Tanith Lee, ‘Mahabharata’ and ‘Bhagavad Gita’ by Shri Shri Ravishankar, and ‘Business Sutras’ by Devdutt Patnayak. The conversation also touched on the importance of finding balance and substance in the content we consume.
Transcript Click Here
Chapters
00:00 Introduction and Background
01:21 Consumer Intelligence and Profit Wheel
04:40 Building the Consumr AI Team
06:02 Data Points and Customer Behavior
08:10 Design and Ease of Use of the Platform
10:36 Insights on Consumer Behavior in Different Countries
11:47 Perspective on Pricing in India and the US
19:02 Pricing Strategy and Mindset in India
24:46 Building an Abundance Mindset
25:42 Trial Period and Enterprise Sales
31:52 Charging for Pilots and B2B Marketing Tips
36:06 Understanding the RFP Process
38:28 Metrics and Measurement in B2B Marketing
40:53 Understanding the Nuances of Different Industries
42:32 Solving Pain Points for Clients
43:24 Taking Risks and Being Honest with Clients
44:42 Specializing in a Niche
46:10 Entering the Digital Marketing Business
48:07 Becoming the Best in the World
50:37 The Role of AI in Disrupting Industries
51:47 The Value of Human Expertise in AI
52:31 Adapting to Changing Industries and Technology
57:39 The Importance of Passion and Focus
01:03:20 Overcoming Industry Limitations
01:07:36 Finding and Pursuing Passion
01:08:26 The Importance of Boring Tasks and Improvement
01:16:36 Becoming a Real Editor
01:18:01 Understanding the Business You’re In
01:18:25 Identifying the Job to Be Done
01:24:04 Pricing Your Services
01:32:22 Getting the First Client
01:35:06 Being the Father of an Influencer
01:41:34 The Potential of Influencer Marketing
Takeaways
• Large enterprises often have a limited view of their customers based on transactions, lacking information about their preferences and interests.
• Understanding high-value customers and their psychographics is crucial for improving decision-making and increasing profits.
• Quick implementation and user-friendly interfaces are essential for successful adoption of new platforms.
• Consumer intelligence platforms can help companies improve media efficiency, create effective content, and make strategic decisions based on customer psychographics. As resources become more abundant, companies should focus on using technology and AI to make more money rather than just saving money.
• In the enterprise B2B space, the sales cycle is longer and requires a deep understanding of the industry and the pain points of the customers.
• Delivering value and solving specific challenges is crucial in building successful partnerships with large enterprises.
• Understanding the nuances of different industries and tailoring strategies accordingly is key to success in digital marketing and advertising. Understand your ideal customer profile and differentiate yourself in the digital marketing industry.
• Specialize in a niche and strive to become the best in the world in that area.
• AI is disrupting various industries, and humans need to learn how to use AI effectively to remain relevant.
• Continuous learning and education are crucial for personal and professional growth.
• Focus on one thing and stick to it until you become the best in the world at it.
• Personal experiences and mental models can provide guidance and direction in entrepreneurship. Understanding the pain points of large clients and solving them is crucial for success.
• Improvement and excellence require doing boring and repetitive tasks consistently.
• The ‘10,000 hours’ concept is about continuous improvement and quality of practice.
• Identifying the job to be done and pricing accordingly creates value for customers. Investing in AI can help businesses remain relevant and beat the competition.
• The focus should be on how a platform can help businesses make more money, save money, and build better companies.
• Building relationships and leveraging existing resources can help start a venture.
• Prioritizing happiness and providing a safety net for loved ones is important.
• Influencer marketing has the potential to be a powerful advertising and marketing strategy.
• Brands should consider investing in content creators to create effective and engaging content.
Contact The Guest Click Here
