I just booked a flight with points and it reminded me how virtual currency can alter our feelings and decision making. Whether we’re talking about a rewards program or monetary exchange, separating the currency from a dollar value can be a powerful framing tactic.
When multiple units of virtual currency are assigned to a single dollar it can inflate the amount of value we perceive. Getting 100 points for every dollar spent seems better than 10 points even if they possess the same purchasing power. This phenomenon is the crux of why virtual currency alters our spending behavior.
Here’s a few behavior changes I’ve noticed when I’m dealing with points instead of dollars:
Allocation
The inflated perception virtual currency inspires can change spending allocation. …
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Frequently I’ve felt my inability to code has hampered my ability to do many things. I’ve had so many ideas I’d love to test. IF ONLY I COULD CODE.
Fueled by frustration, 8 months ago I started teach myself PHP. I wanted to be able to rapidly prototype ideas and have a better grasp of what was going on underneath the hood of my project Sfter.
Bogged down by other obligations, I stopped after 2 months. Albeit short, my quest was not a total failure. I left with a better understanding of technology and high level development concepts. Still, I was bummed I never reached …
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As Will Dean so insightfully highlighted two evenings ago, the newest luxury goods are experiences.
The dominant conditions surrounding society have made it so. Generally we have less free time which assigns a higher value to anything devote our time to. We also have incrementally more channels to document and share our experiences (facebook, twitter, foursquare, etc).
The humbling result: many people, including myself, actively seek out experiences that provide “humble brag” opportunities.
Immediate examples that come to mind from my life in my quest to become…the most interesting man in the world:
Krav Maga Classes – Will I realistically use any of this? No, …
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I heard our VP of Sales Adam Liebman say something a few weeks ago, that I think is very important for all Sales/BD people to understand. Sometimes it’s just as important to get to a no than a yes. Why? It’s in your time’s best interest. Every moment you spend on a deal that’s never going to happen, is time you could be working on one that will. Thus, the faster you determine that someone isn’t buying, the more you can focus on people that are. The idea is to get to a resolution as fast a possible without jeopardizing a positive outcome. It’s an art that can only be learned through time and experience and is more appropriate …
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There are many products out there that have been able to infuse elements of offline experiences into their digital products. Whether it be an actual experience or just the emotions that surround it, these products tap into something that’s already happening in my life. It’s just downright cool.
Turntable.fm
On pretty much every roadtrip I’ve ever been on, there is a point where ipod djing ensues. Everyone in the car alternates picking a song. I anticipate what everyone else is going to play as well as their reaction to my choice. It’s fun and usually my favorite part of the car ride.
Turntable.fm provides the platform to emulate this experience sans the car and …
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Usually within the first 5 seconds of picking up the phone I can tell if its a cold call. A creative mispronunciation of my name followed by monotone script reading typically give it away.
The person on the other end could have the greatest offer in the world for me. But it doesn’t matter. For better or worse, I’ve conditioned my brain to turn off as soon as I recognize these interactions. Its as if a trigger goes off that immediately diverts all of my focus towards determining how I can politely extract myself from the conversation…I might as well be talking to a machine.
Pro-active business development often requires a lot of cold outreach. When I’m reaching out cold via email …
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In the part 1 of this post, I described how I broke and entered the startup scene. This outlines the initial trajectoryof how I ended up in BD. It probably makes sense to read first before continuing.
During the denoument of my YouAre.TV days, I secured a product consulting gig for a technology consulting firm. My initial outlook was that this would keep me afloat while I saw my subscription commerce project through. I had met the founder of the firm that hired me through an event I put together. I guess I must have made an impression on him. My assignment was to figure out how to make their consumer web product that was receiving little traction “work.” The gig …
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A lot of people have been asking me how to get into BD recently. Similar to Venture Capital, I don’t think there is a boilerplate prescription for getting into BD. There are definitely things you can do to put yourself in a favorable position like networking, blogging, and gaining an understanding of what BD actually means. That’s all great, but I’m here to tell you that I think getting a job in BD is about putting yourself in a position to capitalize when a “right time, right place opportunity” presents itself by working your ass off.
I think it’d be useful to outline how I got into business development by re-telling my startup journey. More than anything else, I want …
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