PPPPut It in the Back of the Net: Four Ps (#209)
Garys Glitter & Gensler, The Paradox of Choice, Agency Leadership and A.I.
"Hey!"
Actually, that wasn't meant to be a friendly greeting, but quoting a song lyric for one of the most listened-to songs of all time.
40 years ago this month, Gary Glitter dropped “Rock 'N' Roll (Part 2)”, a one-hit-wonder... that is until a PR director for a minor league hockey team played it on the loudspeakers during a game in the early 1990s… the song was ultimately played in every college and major league sports arena across America as a victory song for nearly two decades.
As the hockey playoffs heat up here in NY, it's impossible NOT to think of the song every time a goal is scored. But you won’t hear it. Glitter was convicted of possessing child pornography in 1999. He was later convicted for abusing two underage girls in Vietnam, and in 2014, was sentenced to 16 years in prison for abusing three underage girls between 1975 and 1980.
The song has since been deleted from all public venue playlists, and rightly so.
SOMETHING POLITICAL: There's Something About Gary
I was reminded of Gary Glitter's fall from grace this past week while watching another Gary -- SEC Chair Gary Gensler -- testify before Congress. While Gensler has an impeccable background as a brilliant financial mind and has done nothing criminal to warrant ostracism and derision, he has become a villain within the world of crypto enthusiasts.
If you're looking for a "hot button" issue that doesn't follow any political party line, yet could have a massive impact in terms of legislation, regulation, and internationalization... we found one! Crypto appears to be one of the few issues that attracts a mix of conservative and progressive Democrats and Republicans in the United States. For example, Senators Cynthia Lummis and Kirsten Gillibrand have starkly different positions on issues such as abortion and immigration but co-sponsored the "Responsible Financial Innovation Act," which sought to establish clear crypto regulations.
The Congressional Blockchain Caucus also has two Republican and two Democratic co-chairs, and both parties are being lobbied by the crypto industry and benefiting from donations. According to Kristin Smith, CEO of the Blockchain Association, younger members of Congress seem to grasp crypto faster and quicker than the older members, making age a more determining factor than political party.
Republicans, in general, had been more wary of crypto regulations than Democrats, but this may have shifted in the past three months. Skeptical but silent Democrats are becoming more vocal after the FTX meltdown. The Congressional Blockchain Caucus has over 40 members. However, some of the notable crypto-friendly politicians include Republican Representative Tom Emmer, co-chair of the Congressional Blockchain Caucus, and Democratic Representative Ritchie Torres, who introduced legislation to bring transparency to crypto exchanges. Other congressional leaders who support crypto include French Hill, Ro Khanna, Ted Cruz, J.D. Vance, and Kirsten Gillibrand.
So when SEC Chair Gary Gensler testified before Congress last week on how the SEC regulates the crypto industry, it did NOT go well. Gensler couldn't give a clear answer if ETH was a security, despite previously stating that all tokens except Bitcoin are securities. He indicated that existing traditional finance rules can work in regulating crypto, but the existing laws don't mesh perfectly with crypto platforms. Gensler stumbled answering questions from both sides of Congress. He's all for a new regulatory framework for stablecoins, but only if the SEC/CFTC could still crack down on fraud. But it hasn't resonated, and Congressman Warren Davidson even introduced a bill that would remove Gensler as SEC chairman and replace the role with an Executive Director that reports to the Board.
Gensler had a long and successful career in the financial world, serving as the chairman of the Commodity Futures Trading Commission (CFTC) and teaching at MIT before taking on his current role as SEC chair, yet none of that seems to matter now. Just as Glitter's contribution to music is undeniable, his name has since become synonymous with negativity. It's not often that an unelected government official becomes a trending topic on Twitter, but Gensler has managed to do just that. Ultimately, it's hard to say whether Gensler will go down in history as a hero or a villain. But one thing's for sure: if he ever does find himself in need of a catchy sports arena anthem, he probably shouldn't turn to Gary Glitter.
(Excited to hear what my friend Gary Geller thinks of this all.)
SOMETHING PERSONAL: The Paradox of Choice
I'm on the verge of making a life-changing decision. It will come down to a few choices. And if this sounds like one of those "good problems" situations to you, you'd be right. But even good problems are still problems unless you have the tools to fix them.
Throughout life, there are always alternatives to our choices. Luckily, however, most of our actions are so automatic that we don’t contemplate the alternatives. There is little psychological reality to this freedom of choice: as choices go, putting underwear on and brushing our teeth don’t really count.
In his book Paradox of Choice, Barry Schwartz argues that in today's world, we are faced with an overwhelming number of options when it comes to making decisions. While we might think that having more choices would lead to greater satisfaction, Schwartz suggests that the opposite is often true. The increasing effect of these demanding choices, where we have the ultimate responsibility, makes it harder to choose wisely and can transform our freedom of choice into a crushing burden.
More options can lead to decision paralysis. When we are faced with too many choices, it can be difficult to decide at all. We may spend so much time weighing the pros and cons of each option that we become paralyzed and end up not making a decision at all.
Decision-making can be exhausting. Even if we do manage to make a decision, the process can be exhausting. We may feel anxious that we made the wrong choice, or regretful that we didn't choose a different option.
We are often unrealistic about our expectations. When we have so many options to choose from, we may develop unrealistic expectations about what our job or career should look like. We may think that the grass is always greener on the other side, and become dissatisfied with our current situation even if it is objectively quite good.
Simplifying our choices can lead to greater satisfaction. Schwartz suggests that one way to combat the paradox of choice is to simplify our options. Rather than trying to weigh every possible factor when making a decision, we should focus on a few key criteria that are most important to us.
Accepting the limitations of our choices can also lead to greater satisfaction. Finally, Schwartz argues that we need to accept the fact that no decision is perfect. Every choice comes with its own set of limitations, and it's important to recognize and accept these limitations to find greater satisfaction with the choices we make.
Epic Games CEO Tim Sweeney on Twitter wrote last week felt timely: https://twitter.com/TimSweeneyEpic/status/1649449759403307008
In short, the more alternatives there are, the greater the potential opportunity costs, and the less pleasure we’ll derive from the choice we ultimately make. When we’re presented with seemingly unlimited options but the choices we make turn out disappointing, we tend to blame ourselves – which produces genuine suffering.
Let's hope this is not the case as I navigate the next steps and the impact of my forthcoming decision... (Stay tuned for more!)
SOMETHING PROFESSIONAL: From Leading Agencies to New Agencies That Lead
So here we are... navigating yet another critical inflection point for digital marketing, branding, technology, creativity, and innovation. The landscape is undergoing massive changes
With the cookie's demise, marketers need to find new ways to track consumer behavior and personalize their advertising messages. Direct-to-consumer (DTC) rules of engagement have also changed. In the past, brands relied heavily on traditional advertising channels to reach their target audiences. However, with the rise of social media and e-commerce platforms, DTC strategies have become more important than ever. But algorithms, leadership, and even the priorities and capabilities of these platforms are constantly evolving. From augmented reality filters to shoppable posts, social media is becoming an increasingly powerful tool for brands to connect with their audiences.
We're also seeing a new crop of creators leading the way in strategy, content, and marketing innovation. These creators understand the power of storytelling and authenticity, and they are using social media and other digital channels to build engaged communities around their personal brands. TikTok talent, Snapchat celebs, YouTube creators, and more can be incredible brand ambassadors. Emerging technologies like blockchain and AI are just starting to enter the digital marketing landscape. While still in its early stages, blockchain has the potential to transform digital marketing by providing a transparent and secure way to track and verify data.
Yet with so much specialized expertise needed to navigate these platforms, technology, and creative changes, the real opportunities now are in alliance-building and leadership. And it won't come from large holding company agencies that move slowly and charge a ton. Instead, it's becoming increasingly clear that the pendulum is swinging back towards nimble, flexible, next-generation digital marketing agencies. Just like we did with 360i in 2009-2010, these cultural, creative hotspots are once again taking the lead, uniquely qualified to show marketers the way.
These emerging shops can develop strategies that integrate Web3 expertise into brands' current marketing stack, expand creatively to navigate this new terrain, create targeted campaigns, build CRM programs, and enhance communities that resonate with consumers and drive results. The next round of emerging agency leaders are staying up to date on blockchain developments to be able to offer their clients cutting-edge solutions that give them a competitive edge. They can help brands develop effective DTC strategies that connect social media platforms and e-commerce channels to drive conversions and boost ROI. And they will be the leads to partner with new creators and expertise.
The time has come for startup digital marketing agencies to take the lead during yet another transformational moment in time for digital marketing and branding. And if you want to know who to call, I've got you covered... hit me up.
To get past "education" and to the experiences...
To bring Web2-focused brands into the present...
To integrate #Web3 solutions into their marketing stacks...
It's going to take agency leadership yet again...
Someone who has walked BOTH worlds...
SOMETHING PRACTICAL: AI and the Rise of the Machines
Unless you've been aboard a SpaceX rocket ship or the Twitter Comms War Room these past few months, you've been unable to avoid the Artificial Intelligence (AI) hype cycle. It's almost as if a series of computers and networks joined forces and decided to create and unleash this stuff on us with no notice. While the technology is not as new as you may think, there have been some pretty significant updates in the past few months that are going to massively change our world in many ways.
But how much do you understand what's happening?
It's okay if the answer is "not as much as I should." Because there's a lot to digest already. Including lots of predictive think pieces on what industries and jobs will be totally pushed into irrelevancy first. Are accountants going to be out of a job soon? Sounds like it according to a new study by the University of Pennsylvania and OpenAI. The latest research has an unexpected insight: the most high-skilled jobs like accounting and law might be at the most risk, while lower-skilled jobs like dishwashing and stone masonry are going to be safe from AI replacement.
Yet people are sharing their ChatGPT prompt hacks on LinkedIn all day, every day like if they don't show their immediate expertise in this space, they're going to be made obsolete tomorrow. Elsewhere, images created on Midjourney or Stable Diffusion are giving actual photography and art a run for their money. AI-driven music is blowing up.
But there's one area that's been a bit below the radar, and that's the commercial use for "Agentized LLMs." LLM stands for large language models, such as Auto-GPT and Baby AGI. These models use recursive loops to break a task goal into subtasks and work on them using the LLM as a central cognitive engine. This technique is similar to the way humans think and plan, which makes it a promising approach to enhancing the intelligence of these systems. It's quite real and impactful, and the use cases are just beginning to be explored.
In fact, agentized LLMs could enhance the intelligence of AI systems, making them more effective at tasks. The implementation of these techniques appears to be easier than previously thought, which means that future improvements may be easier to achieve. Integration with other cognitive systems can provide LLMs with more cognitive capacities. This development is bone-chilling for the urgency of alignment and coordination problems, as AI can be programmed to harm humanity. For all the fun we're having creating the images and visuals you're seeing throughout this article, these new developments with agentized LLCs will shift public opinion on AI and pose new challenges for alignment and interpretability.
Be safe out there...