Embracing the Year of Abundance: Wishing You a Joyous Chinese New Year!

As the vibrant red lanterns sway in the gentle breeze, and the intoxicating aroma of incense fills the air, we find ourselves on the threshold of a new beginning – the Chinese New Year. This enchanting celebration, also known as the Spring Festival, marks the start of the lunar new year, bringing with it a sense of renewal, hope, and prosperity.

“ Year of the Dragon is a symbol of strength, good fortune, and enthusiasm.”

A Chinese-American friend shared some interesting history and insights into the celebration of the Chinese New Year and what it means for so many people around the world. I felt that in the spirit of sharing knowledge, I’d do my best to recreate my friend’s insights here.

It Is A Symbolic Journey:

We welcome the Year of the Dragon, a symbol of strength, good fortune, and enthusiasm. The dragon, with its mythical presence, invites us to embrace opportunities with courage and determination.

As we bid farewell to the challenges of the past, the New Year promises a journey filled with excitement, growth, and boundless possibilities. Look to the dragon, then, to channel strength and good fortune. Be intentional about your approach to life and work (and their balance), and be sure to embrace each day with the enthusiasm and excitement every day deserves.

“Look to the dragon, then, to channel strength and good fortune. Be intentional about your approach to life and work (and their balance)”

Family Reunion and Traditions:

At the heart of the Chinese New Year celebration lies the importance of family and the spirit of togetherness. The festive season encourages reunions, where generations gather to share laughter, stories, and food. Whether you're enjoying a bowl of longevity noodles or savoring the sweetness of sticky rice cakes, these traditions serve as a reminder of the importance of family bonds and the rich tapestry of cultural heritage.

The addition, and symbolism, of food is a post for another day (indeed, a book). But suffice to say, food is communal. It is something that expresses what words cannot say easily and impacts many more senses than just hearing. To share a meal or other festivities is a way to bring multiple generations of family together, to remember those who cannot be there, and to do it over a shared table.

Red Envelopes and Blessings:

One of the most cherished customs during Chinese New Year is the exchange of red envelopes or "hongbao." These vibrant packets, adorned with auspicious symbols and filled with money, symbolize good luck and prosperity. However, it's not just about the monetary gift, or its quantity; it's a gesture of goodwill, bestowing blessings for health, happiness, and success upon the recipient.

“ Indeed, the nature of gift-giving in general is a fascination of mine. The act of giving a gift has much less to do with what the gift is, but rather why the gift is given in the first place.”

I was aware of this tradition prior to my conversation with my friend. It was a tradition that I had seen in person, in films, and read about. The symbolism of such a gift is not lost on me, and is something that I do not typically see in Western culture. Generalizations aside, individuals, communities, and indeed some regions may have similar gifts of goodwill and prosperity, but what I find so fascinating is this tradition’s deep cultural roots in Chinese society. Indeed, the nature of gift-giving in general is a fascination of mine. The act of giving a gift has much less to do with what the gift is, but rather why the gift is given in the first place.

Such thoughtfulness and intentionality behind the giving of gifts for many occasions is a cultural touchstone across much of Asia. I was lucky enough to experience this firsthand with a college who travelled home to Northern Japan and returned with tokens of his visit to our team when he returned. Yet, as a new year dawns, the cherished act of giving a gift is another way to tie and bind families and friends together.

Fireworks and Dragon Dances:

All across the world the night skies come alive with the dazzling display of fireworks, echoing the belief that loud noises scare away evil spirits. Dragon and lion dances fill the streets, accompanied by the rhythmic beats of drums and cymbals. These captivating performances are meant to ward off negative energy, inviting good fortune and positivity into the coming year.

Reflecting on the Year Gone By:

Stepping into the Year of the Dragon is also a time for reflection. Many will take a moment to appreciate the lessons learned, the friendships forged, and the personal growth achieved over the past year, but don’t forget about the challenges you experienced as well. Those experiences made/are making you stronger.

The Chinese New Year encourages us to look back with gratitude and forward with optimism, fostering a mindset of improvement and resilience.

In the spirit of this joyous occasion, I extend my warmest wishes to you and your loved ones. May the Year of the Dragon bring you abundant blessings, success in your endeavors, and moments of profound happiness. Embrace the festivities, cherish the company of family and friends, and embark on this new chapter with enthusiasm and hope.

Happy Chinese New Year! 恭喜发财 (Gōngxǐ fācái)! <—here’s hoping I got that right

The brand power of risk and pizza

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“Organizations that shy away from creative risks may find themselves falling behind”

To state the obvious, risk is…well...risky. Businesses don’t like risk because they tend to assume the worst possible outcome, and in fairness, it has served them well. However, risk exists on a spectrum. There’s good risk, and there’s bad risk, they key is to know how to distinguish between the two and how to avoid bad risk.

Risk can be good, but it is also fickle. Knowing good vs. bad risk is an art, but one that is (perhaps) a little easier than you might think.

A key avenue to foster innovation is through the cultivation of a culture that encourages and supports creative risks. While the term "risk" might sound daunting, businesses that willingly venture into uncharted territories often reap substantial rewards.

Creative risks inherently push businesses out of their comfort zones, prompting employees to think outside the box. This fosters a culture of innovation, where individuals are encouraged to experiment, explore new ideas, and challenge existing norms. The ability to adapt and respond swiftly to changing market conditions is crucial in today's dynamic business environment, and creative risks serve as a catalyst for cultivating organizational agility.

Innovation driven by creative risks can set businesses apart from their competitors. When companies take calculated creative risks, they introduce novel products, services, or business models that capture the attention of customers. This differentiation not only attracts new clients but also retains existing ones by demonstrating a commitment to staying ahead of the curve.

A workplace that encourages creative risks empowers employees to feel a sense of ownership and agency in their roles. When individuals are given the freedom to explore new ideas without fear of retribution, it fosters a positive work environment. This, in turn, boosts employee morale, satisfaction, and engagement, creating a more productive and innovative workforce.

Creative risks involve a degree of uncertainty, and with uncertainty comes the opportunity for learning. Businesses that encourage taking risks foster a culture of continuous learning and adaptation. Even if a creative endeavor does not pan out as expected, the insights gained from the experience can be invaluable, contributing to the organization's overall knowledge base.

Taking creative risks often involves a deep understanding of customer needs and preferences. By actively seeking out and responding to customer feedback, businesses can tailor their innovative efforts to align with market demands. This customer-centric approach not only increases the likelihood of successful outcomes but also builds stronger, more lasting relationships with the target audience.

Organizations that shy away from creative risks may find themselves falling behind. Embracing a culture that values and encourages innovative thinking not only fosters a dynamic work environment but also positions businesses as industry leaders. The benefits of taking creative risks extend beyond immediate financial gains, contributing to long-term sustainability, adaptability, and success in an increasingly competitive global marketplace. Ultimately, the ability to balance calculated risks with strategic innovation is a hallmark of thriving, forward-thinking businesses.

Case Study: Domino’s Pizza - the turnaround

Let’s look at Domino’s pizza. Remember when Domino’s flat out said that its pizza was bad? Talk about risky business!

“Executives watch focus groups berate the product — “the sauce tastes like ketchup,” says one — and admit that in the past, their pizza had its failings. “That’s hard to watch,” says one Dominos exec with a lump in her throat. “When you first hear it, it’s shocking,” says another.”

— CBS News - "Dominos Admits Pizza Was 'the Worst'; Bets the Company on Ads Vowing Change"

But this was a turnaround of the company and from this position Domino’s effectively positioned itself to win while simultaneously lowering expectations. When the campaign went live the company’s fourth-quarter profit more than doubled, and since the campaign launched, Domino’s has grown from around $33/share to around $422 in 10 years at a CAGR of 29% per year.

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From the launch of campaign, Domino’s Pizza (DPZ) has seen their share price soar at 29% CAGR.

Full-term view of Domino’s Pizza (DPZ) stock price. Rubber really starts to hit the road after Domino’s launches its turnaround campaign.

There is no denying that Domino’s did something right about 10 years ago. They risked their brand’s reputation, operations, franchisees, and value on the fact that it could turn things around by simply stating that their product was bad.

I would imagine that there were many an executive leader inside the organization who could not find themselves onboard with an idea like this.

The agency that worked with Domino’s on their turnaround was Crispin Porter + Bogusky, stylized as CP+B (who had its own turnaround recently). Domino’s started their march to pizza delivery dominance by not only changing their pizza recipe with more fresh ingredients, but it also started innovating the method by which customers could get their pizza.

The company that pioneered the 30-minute or free guarantee in the 70s and 80s, and The Noid in the 90s, was now the company that—again—was risking it all to win customers back. Since embarking on their turnaround, Domino’s has helped cities fill pot holes so that the pizza doesn’t get too jostled while being delivered; a brilliant scheme that not only positions Domino’s as a brand that understands the issues of modern living, but also is able to do some good in the communities that they serve.

Domino’s has unleashed the Chevy Bolt as their updated delivery vehicles running fully electric, another ‘good for you and good for the planet’ initiative. Not only do these vehicles serve multiple purposes of being eye catching advertisements for the product, there are significant savings to be gained for corporations that switch to green delivery.

Earlier in the decade you could immediately reorder your favorite pizza by tweeting a pizza emoji (🍕) to the Dominos handle. This was a handy way for the brand to gain incremental orders that otherwise would have been lost if not for the frictionless method of ordering. Today, Domino’s is trying to “pinpoint” your location so that you can get your pizza delivered right to the park, beach, or rest stop - no addresses required.

Finally, to cap off all the says that Domino’s can deliver pizza to you, welcome Domino’s autonomous delivery robot. In a partnership that is good for both brands, Dominos and Nuro joined forces to deliver pizza based on Nuro’s R2 robot.

Ad Agencies 101: What is Brand Planning?

A Brand Planner, interchangeably known as a Strategist, Strategic Planner or Account Planner, plays a pivotal role in advertising agencies by bridging the gap between consumer understanding and strategic communication. The primary objective is to unravel the intricacies of consumer behavior, market trends, and competitive landscapes to inform the development of impactful advertising campaigns.

Responsibilities of a Brand Planner:

1. Consumer Research and Insights: Brand Planners conduct comprehensive research to unearth consumer preferences, motivations, and behaviors. This involves utilizing various methodologies, including surveys, interviews, and data analysis, to gather insights that inform strategic decisions.

2. Target Audience Profiling: Brand Planners create detailed profiles of target audiences, considering demographics, psychographics, and cultural nuances. This results in a nuanced understanding of diverse consumer segments, facilitating tailored communication strategies.

3. Competitor Analysis: Strategic positioning requires a keen analysis of competitors. Brand Planners identify white spaces, differentiators, and potential areas for innovation to guide effective brand strategies.

4. Communication Strategy Development: Armed with consumer insights, Brand Planners collaborate with creative teams to craft communication strategies that resonate with the target audience. They ensure brand messaging aligns with consumer values and aspirations.

5. Briefing and Collaboration: Serving as a liaison between clients and creative teams, Brand Planners develop comprehensive briefs, offering clear direction based on consumer insights. This fosters collaboration with creative professionals to bring strategic visions to life.

Brand Planners, acting as the backbone of successful advertising campaigns, ensure that creative endeavors are rooted in consumer understanding. Their role is critical in fostering brand loyalty, maximizing market share, and achieving long-term brand success.

Brand Planners serve as the linchpin between consumer insights and strategic communication. By deciphering the complexities of consumer behavior, they contribute to campaigns that not only capture attention but also forge enduring connections between brands and consumers. Recognizing the significance of the unified Brand Planner role is fundamental for advertising agencies navigating the intricacies of today's dynamic market.