Category: ecommerce

  • Everybody has a plan until they get punched in the face.

    “You can’t have everything you want, but you can have the things that really matter to you.” —Marissa Mayer, former president and CEO of Yahoo.

    My career has been really important to me. And I’ve loved what I’ve been doing. But sometimes, to the detriment of the things that really matter. Kind of like punching myself in the face. For no good reason.

    I’ve spent a large part of my career both travelling or being away from my (growing) family. I’ve missed birthdays & days out & sickness and all the ups & downs that go with the greatest adventure of them all – bringing up a family.

    The bulk of my experience has been in an industry that is currently going through seismic changes. Consolidation, large M&A’s, re-organisations and regulators banging at the door, like never before.

    My plan was to leave the Stars Group and move into a Marketing leadership role in a (new to me) large blue-chip organisation. My leaving was accelerated by the business I was helping run, being folded into another part of the (Stars) Group – but the new job was offered, I met the people I’d be working with, plans put in place, and a window of a couple of months before the right structure put in place – to bring me on board. Happy days.

    But sometimes, time off can do funny things.

    For the first time in years, I was at home in Dublin for 7 days a week, taking on my share of the ups & downs and really appreciating the amazing job my wife has done, in doing the toughest job of them all – bringing up healthy, happy, well-balanced kids.

    During this very recent period, the right house, in the right place in Dublin became available. “NO – we won’t buy it because I’m going to be working overseas again, and we need to make other plans…” – was my first reaction. And it was the wrong reaction.

    It was typical of someone who was more focused on their own tunnel vision needs & wants around work & career – and less about making what should be the right long-term decision around the most important job of all. Being the best Dad & husband possible.

    So – fast forward 3 months, we’ve sold one house, bought a new dream house in an area where my kids have already spent more time in old-school, outside water fight, ‘don’t come in until we have to send out a search party’ play – than ever before. I’m at home. We are together. And my wife is….content.

    Me? I feel…brand new. And it’s great.

    Great, because I’ve got clarity in terms of what’s important. Great because my health is good, & great because instead of repeating the same pattern and disappearing out of Ireland again – I’m clear that this is where I want to stay.

    Being brand new sometimes means looking back, and making sure that you understand why you are, where you are.

    The gambling industry has given me a great living, I’ve worked with a lot of people a lot smarter than me, and learnt from them – and its given me the opportunity to travel all around the world. But – it’s currently facing into it’s most challenging period since it’s inception.

    The core challenge is clear – how do you operate a business that that has historically turned a blind eye to unhealthy behaviours that impact negatively on people’s lives? It may be a small % of customers / people – but that small % has historically over-indexed in terms of profits delivered.

    In an earlier part of my life, I had direct lived experience of the challenges of addiction. I’ve seen the damage that it can do – and I’ve seen good people familiar to me, losing a battle against life being unmanageable – and struggling to have the courage (or support) to change the things they could.

    I mention this, because this experience has probably given me a deeper insight into the more human side of the enterprise challenge, that is the online gambling industry attempting to change it’s own historical behaviours and genuinely put in place the right type of (both) internal attitude, and external safeguards – to protect the small % of people that are vulnerable to what the online gambling industry sells.

    The challenge (for the gambling industry) is not about designing & devising high-profile, media friendly, player facing support programs – but a deeper one. In my opinion, it’s about taking a value and human trait that’s been sorely missing – and making it core to every activity.

    The value and trait? Empathy.

    I’m not going to lecture on empathy. People and businesses have to be honest with themselves as to whether it’s a value that’s important to them. It’s difficult to prove or show, as it operates on many different levels – but it’s trait that I think that all businesses (particularly those with a heavy marketing focus) and gambling, in particular – need to ask themselves “is this core to our DNA?”. If not – you’re not putting your customers needs – truly at the heart of what you do.

    Empathy is something that I personally took my eye off the ball with, in terms of my own life – and I’m just working hard to reapply it to what’s important. If you keep it front and centre – you make more of an effort to understand (both) what’s important to other people andyou do your best to serve their needs before your own. For example, for me, if I look at the needs of the most important people around me – it’s about staying close to home, as much as I can – but balancing it with the type of work that gives me purpose and focus – so I can, personally, be happy – and spread that happiness around.

    I’m still a work in progress. I’m still working it all out – but I am proud of the work that I’ve done, with the companies I’ve done it with. I want to use that experience (and empathy) to help other people.

    I’m available for consultancy based out of Dublin, happy to travel but with some limits. Betting, gaming, ecommerce, brand, performance & growth marketing.

    Contact me here.

    Or Whatsapp / call on +353 87 1234 371.

    You get the empathy and experience at no extra charge.

  • Content creation in 2014: what’s next?

    Content creation in 2014: what’s next?

  • Google Correlate: Your own trend data is your friend?

    Quick post this – I just came across this last night, so I thought I’d put down some thoughts.

    Google’s newest lab rat, is Google Correlate and it complements Google Trends in the sense that it allows you to upload your own data series and look for corresponding data trends.

    Google’s mission statement for this is: “Google Correlate finds search patterns which correspond with real-world trends.”

    What’s really interesting is that it works like Google Trends in reverse. With Google Trends, you type in a query and get back a series of its frequency over time. But what Google Correlate allows is to enter a data series (the target) and get back queries whose frequency follows a similar pattern.

    What does this mean in real world terms?

    My understanding of this, is that it allows you to upload a series of data, let’s say for example how may people visited your website (and you know that it’s during say a slower period of the year), and they came to your site looking for “widgets”.

    You could take the search term “widgets” and the data series (of visits), upload the info to Google Correlate – and it would spit out other related data streams that follow the same series. This means that (in search terms) you could possibly target online categories that follow a similar online cycle – and further optimise (or spread) your search budget.

    It effectively cuts out all the complicated data analysis required to try and find similar search patterns, but based on your own data. This is where it differs from Google Trends in that all the data is coming from Google in Google Trends – but with Google Correlate you can upload your own data to be queried against what’s already stored by Google. (It’s pretty chunky in that it goes back to 2003, too).

    The maths behind the algorithm etc is pretty complicated – the number wizards out there can check it out here.

    There’s a whitepaper on it here – and the Google FAQ’s are here.

    I haven’t played around with it enough to see of it’s much more than a number-crunching exercise in terms of Google showcasing their ability to generate relevant results, based on your data – but I’m guessing that if it proves to work that it’ll (no surprise) get online marketers spending more online dollars as they try and exploit other data (search) trends that mimic their own.

    In other news, the www.igamingsupershow.com was busy, and it was good to meet so many old faces that had made it to Dublin. I’ll wrap up some thoughts on that, and #bluemonday – when I get time to draw breath.

  • Online Betting: Could Financials get the Moneymaker effect?

    When Chris Moneymaker won the 2003 WSOP Main Event, from a $39 buy in at PokerStars – he ended up creating what was known as “The Moneymaker Effect” – which was summed up saying “staying at home in front of a computer screen could be more profitable than going to work…” (a quote that came from an interview he did with Howard Swains in The Times).

    However, since 2003, online betting & gaming  has become more and more commoditised, as technology and access to content becomes cheaper and more widely available.

    There are now many online betting operators that solely rely on 3rd party software to provide product experience and infrastructure – and solely concentrate their efforts on marketing by brand differentiation. You could compare (for example) the Titan brand that solely uses Playtech for all its products and infrastructure (Titan Poker, Casino, Sportsbook) VS Bet365 that has developed a proprietary platform for its sports-betting and then uses 3rd party partners for its egaming products. (Which has become standard operating procedure for the most successful operators).

    And simply hoping for a “Moneymaker Effect Mk.2″ to drive their business may be a little optimistic.

    What’s this got to do with financial betting?

    The standard online betting operator (that’s either a market leader in a local terrritory, or has a global presence) tends to have at least 4 verticals. Sportsbetting, Casino, Poker, Games. In certain local territories, Bingo is also a staple and Live Casino is where there’s been massive adoption over the last 18 months. But why hasn’t there been more widespread adoption of some relatively simple, high margin financial type offerings, that can be easily integrated using virtually the same technology and infastructure as other online gaming offerings?

    I’m discounting spread-betting because the “hold” requirements are too high for the average man in the street. In the the UK, the average account requires at least £1,000 for any market activity, and that was the average amount attributed to a new account deposit by IG Index in 2010.

    The regulatory requirements in terms of KYC (Know Your Customer) and the documentation is a roadblock too.

    Paddy Power’s experience with offering a spread-betting & CFD product at a more casual customer base, seems to back up the assertion that it’s not a good fit for the classic online betting operator. For definitions of CFD’s see here – but it’s glorified spread-betting. (BTW – I’m actually a big fan of both product types, but I think that they either need to be re-packaged in terms of the “sell”, and targeted at a market segment that could be educated and walked through the process better.) There are opportunities available to potentially be disruptive in this market, as in many countries in Europe, the level of trust that was inherent in the financial advisor / banker / broker relationship – has been badly damaged by much of the economic fallout from recession.

    There’s another financial offering that I think is really interesting – and is yet to be exploited in the B2C market. That’s fixed odds binary options – which are simply a fixed odds bet where the customer decides where a thing (share price, price of a commodity eg: oil, gold, or index (Nikkei, NASDAQ) is going to end up higher or lower than whatever the thing’s price is at, when the bet is placed. (I love that I had to get technical and describe financial instruments as “things”). It can get more complicated than that, but that’s a fairly simple explanation. Wikipedia does variants in-depth.

    If you could tell a customer, that you can bet now on the fact that the price of (for example) oil, will be higher or lower in 5 minutes, 10 minutes, an hour or 24 hours – for as low as €10. It’s a fairly simple proposition. Binary options will allow people to bet on multiple indices, in low amounts, with a margin that’s set by the underlying market provider.

    Basically that means that the market maker (in this case an operator, or to be even more exact, the 3rd party that’s providing the operator with the binary product) can choose what price that they want to pay out on the particular index/commodity etc.

    So, for example – let’s say gold is trading at $100 an ounce, and I place a $10 fixed odds binary bet, that in 5 minutes that price will be more than $100 (doesn’t matter how much more), and in 5 mins, gold is trading at $101. I win my bet. But the payout is fixed at (for example) 70% – so I get paid out $17. If gold is trading at less than $100, I lose my $10. Looks like bad value for the customer (and at those margins it is), but it’s very profitable for the operator. The lack of value, can be more than made up for by the fact that it can be seen as a very low cost to entry to a “sophisticated” market – for a customer who thinks that they’d need to go through broker / equity / other to be able to do that.

    There’s some pretty complicated risk management involved for the market maker, but there are some great 3rd party companies out there who’ve got a solid handle on this already. I’ve talked to a few, and some of the up and coming ones have amazing technology. I think that they need to further simplfy their offerings, get some good B2C marketers involved, link up with established brands, and maybe they’ll start making further inroads with some of the larger multi-product betting operators.

    There may even be some left-field opportunities to develop relationships & binary white labels for companies that have customers who trade or who trade on their behalf – and are looking to be more active in their investment decision-making. The 24/7/365 mobile device enabled environment that we’re surrounded by today would allow consumer investors to react as quickly to newsflow and trade oil / commodities (in reaction to world events) using very simple up/down options – under this model. To make it competitive, the market makers would probably need to adjust their margins to give better value – but it’d sure be interesting to see it happen. You can see a “Play for Fun” example at ladbrokes, if you want to try it out. (Not a massive fan of their interface, but the brand postioning is ok).

    Could fixed odds binary options get the Moneymaker effect? Only time will tell.

  • How the hell does Amazon control 30% of all ecommerce in the US?

    It was only when I read this fantastic article in Techcrunch, that I realised the actual “under the radar” scale of Amazon’s eccommerce business. Sure, they just sell books and CD’s right? Nope.

    And that’s a $34 billion a year in revenue nope.

    That’s like if one company was responsible for 15% if Ireland’s GDP. God knows we could do with it.

    How have they done it? (And this is what’s really interesting to me from an online point of view.)

    They taken some basic online concepts and built scale, on analytics, retention and product experience.

    The global consulting company global consultincompany faberNovel has identified the keys to Amazon’s success as 1) the Internet imposes no limits on how much Amazon can sell; 2) its control of customer accounts and loyalty, and 3) and a growing ecosystem that is helping it cement its place in the world of digital goods as well.

    And this is from a compnay that lost $3billion dollars betwen 1995 and 2003.

    The turnaround is nothing short of an amazing model for how successful, customer focused ecommerce businesses should be turned around and run.

    Their web services business alone effectively runs transactional platforms for massively scaled businesses like Zynga, Netflix, Reddit, Etsy, Dropbox and many more.

    Yet many people think that they just sell books, Cd’s and DVD’s.

    If you’re an internet marketer or in the ecommerce business – you could do worse than reading the great Techcruch article on them here.

  • Microgaming pulls out of the US. Great product, will be missed.

    Microgaming announced today that its pulling its software from US facing operators and the US market “for the time being”.

    They’ve driven the online casino market for many years now, and I’ve recently had a commercial presentation from them, when looking at some of their products. Their casino and flash products are still top-notch, and I’m a big fan of their ability to deliver from a technical and product point of view. Their Quickfire product is excellent.

    Is it a knee-jerk reaction to the “Black Friday” events? Possibly.

    Will it be permanent? Probably.

    Will it open up opportunities for other software vendors that will provide US-facing software? Yes, but you can be sure that MG’s top US-facing licensees know where they are going, and where they are moving to next.

    I know of various software providers that will be forming a (dis)orderly queue to step into the breach here, here’s hoping that they can keep licensee and player standards high.

    Who do you think will step up?