Purple Cow

A couple of weeks ago, I touched base with a former classmate from college. He has been relatively successful in his career to date. He worked in investment banking, has been a CFO and a CEO and successfully bought and sold a business. He recommended reading some books by Seth Godin - I couldn't remember the exact book so I just ordered one that seemed pretty well-reviewed - "The Purple Cow". I've just started reading it and it is pretty good so far. Lots of anecdotes and examples. So far it seems like the general thesis is to survive and thrive, a product has to be truly different and innovative. Traditional products, marketing teams and companies tend to follow the herd or go with what works. For a smaller company trying to break in, the product needs to push the envelope. Almost to the point of alienating some people and creating controversy. Interesting read given that it was written 21 years ago way back in 2002 (I was studying abroad in Thailand then). Some things are still relevant - he talks about going after innovators and early adopters who will tell other people about your new product to spread the word organically...a foretelling of today's influencer movement. Even back then, it seemed like mass-media TV advertising (what had worked in the past) was dying out. It's interesting because while he got some things right, other examples have not stood the test of time - Marvel Comics not making the most of the comic book franchises they created in the mid-1900's, Marriott Hotels not adapting to the times. What was most wrong was that he said that Cell Phones looked like a mature industry and there was not much room for innovation there. Well, Apple introduced the iPhone 4-5 years after the book was written...perhaps the best example yet of a Purple Cow!

I guess one takeaway from it might be that experts can be wrong even if said with authority. Also, redemptions do happen...everyone loves a good comeback story!