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Top of Mind Thursday Memo Archive
Top of Mind Thursday – November 9, 2023: WeWork Doesn’t
Founded in 2010, WeWork exploded on the real estate scene over the next decade as THE co-working space. At one point, the company was estimated to be worth $47 billion and was the largest commercial real estate operator in Manhattan.
This week, WeWork filed for bankruptcy—its value estimated to be less than 1% of what it was worth at its peak.
What caused this precipitous fall? WeWorks invented the co-work space category and brought an innovative option to gig workers and others who wanted the companionship of an office environment, but on a part-time basis. Certainly the pandemic and the change from in-person working environments to remote and hybrid had a huge impact. But the company was showing big cracks as early as 2019—before any of us could spell COVID.
The arrogance, excessive spending, and poor decision making of its founder, Adam Neumann, derailed the company’s planned IPO and resulted in Neumann’s departure. The shift in workspace needs just added fuel to the fire.
But beyond all that, there was something else off about WeWork. They acted as if there was no limit to the people and organizations who would buy into their concept. They ignored the fact that business models tend to have a lifecycle and that no brilliant idea lasts unchallenged forever. They expected the robust economic environment would go on forever, and acted as if there was no downside and they would always be the best game in town.
It’s easy to get arrogant when you’re on top, and to breathe too much of your own exhaust. The lesson for all of us is to not get too caught up in the hoopla of the moment and lose our perspective of the bigger picture around us.
What works when things are great may not keep us going when things change. Ask WeWorks what works. . . and what doesn’t.
Check out our marketing leadership podcasts and the video trailer for my book, Marketing Above the Noise: Achieve Strategic Advantage with Marketing that Matters.
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Let us help your business rise to the top.
linda@popky.com
(650) 281-4854
www.leverage2market.com
Top of Mind Thursday – November 2, 2023: What’s a Few Billion—Give or Take?
“A billion here, a billion there, pretty soon it begins to add up to real money.”
Senator Everett Dirksen supposedly said that in 1969, but it’s even more true today. While there are nearly 23 million millionaires in the US now, there are estimated to be only 735 billionaires.
Yet, you hear so many numbers being bandied about in the billions, as if we were talking about Monopoly money or candy coins. Just today, Disney announced they are acquiring Comcast’s 1/3 interest in Hulu for $8.61 billion dollars. But that pales in comparison to Kroger’s acquisition of the Albertson supermarket chain for $25 billion, or Broadcom’s intended acquisition of VMware for $61 billion dollars.
Sports stars are regularly paid in the hundreds of millions. Tiger Woods, Lionel Messi, and LeBron James are among that group of 735. Eight athletes currently make over $100 million per year, which means they—and others in the queue for big paydays—will soon be joining this elite list.
This would not mean much if it weren’t for the fact that 70-90 percent of all acquisitions fail. And many highly paid athletes get injured or don’t deliver on the promise of those big, fat contracts.
There’s no guarantee that just because something looks or sounds expensive, it’s better. Sometimes the best deals come without all those zeroes at the end. The difference between discovering the next Tiger or Messi or LeBron before they become established? Just a few billion dollars, give or take.
Check out our marketing leadership podcasts and the video trailer for my book, Marketing Above the Noise: Achieve Strategic Advantage with Marketing that Matters.
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Let us help your business rise to the top.
linda@popky.com
(650) 281-4854
www.leverage2market.com
Top of Mind Thursday – October 26, 2023: It’s Time to Disagree
This week, I am in Bennington, Vermont, for my annual visit to Sonata Piano Camp.
This is normally a great time to get away from everything going on in the world and just focus on learning and playing great piano music. But this year feels different.
There’s the ongoing war in Israel against the Hamas terrorists, which has now triggered backlash against not just Israel but Jews around the world. Swastikas and graffiti have been painted on Jewish institutions across the US. A synagogue president was stabbed to death in Detroit last week, and a Jewish couple was attacked in Los Angeles by someone who targeted them specifically because he wanted to kill Jews (they survived).
Then, last night, a man armed with an automatic weapon and plenty of ammunition shot more than 30 people in nearby Maine, killing at least 18 of them. The suspect is still at large, so we don’t know what precipitated his rage and his need to take multiple lives.
The House of Representatives finally chose a new speaker yesterday–after multiple candidates were nominated and withdrew, with much animosity and nastiness from members of their own party.
How did we get to this place? It seems much too easy to default to the need to attack those we don’t like or don’t agree with. We seem to have lost the ability to disagree amicably and move on with our lives. Social media amplifies this effect—allowing hatred and animosity to fester and breed.
We will never ever all agree on any major issue. But it would help us all if we could find a way to disagree without being disagreeable.
Check out our marketing leadership podcasts and the video trailer for my book, Marketing Above the Noise: Achieve Strategic Advantage with Marketing that Matters.
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Let us help your business rise to the top.
linda@popky.com
(650) 281-4854
www.leverage2market.com
Top of Mind Thursday – October 19, 2023: Doggone it
The horror and atrocities of terrorism and war continued this week, and the sense of outrage and loss is felt globally.
On a smaller scale, we experienced our own personal loss. Our beautiful 14-year-old Siberian Husky, Mocha, crossed the Rainbow Bridge Tuesday evening. His health had been declining for some time, but he deteriorated significantly in the last few days. We knew he wanted to stay with us, but he was struggling and it was time to say good-bye.
Those of you who have had beloved pets know how difficult it can be to part with a beloved family member, particularly a dog.
No one loves you so unconditionally as a dog—not your parent, your spouse or partner, or your child. No one.
No one looks at you with such anticipation every time they see you, and is willing to overlook all your faults and inadequacies with such ease.
Of all our Huskies, Mocha was the one that was most people-oriented and intuitive. He knew when we were hurting and when petting him would make us feel better. He checked out every visitor to the house and constantly patrolled the yard, so that he knew what was going on all the time. We called it MoFOMO—Mocha’s Fear Of Missing Out.
He had such a presence in our home for the last 12 years. Technically, we rescued him, but we can’t count the number of times he rescued us. Our world feels so much emptier right now.
I can’t help feeling that the world in general would be a much better place if, before committing violent acts, everyone spent a little bit of time with a sweet, loving dog. Given mankind’s incivility and nastiness to others, there are many times when I want to trade dealing with humans for the companionship of dogs.
Run free, sweet Mocha the Dog. All your maladies are behind you. Your brothers Nikita, Stoli, and Nanook were waiting for you, and we know you will be waiting for us some day. We know you’re in a much better place, but we miss you desperately, doggone it.
Check out our marketing leadership podcasts and the video trailer for my book, Marketing Above the Noise: Achieve Strategic Advantage with Marketing that Matters.
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Let us help your business rise to the top.
linda@popky.com
(650) 281-4854
www.leverage2market.com