Ananya Birla’s Post

Your team is the heartbeat of your success.

𝗧𝗵𝗲 𝗛𝗲𝗱𝗼𝗻𝗶𝗰 𝗧𝗿𝗲𝗮𝗱𝗺𝗶𝗹𝗹 In 2021, I enrolled in the "Science of Well-being" course offered by Yale University, and I'm eager to share some key insights I gained. More often than not, what excited us yesterday, doesn’t today. You buy a new car and you get habituated to it. The pleasure reduces in a few months. I learned that this is nothing but hedonic adaptation. When we market/build our products, we should be aware of this adaptation cycle or the hedonic treadmill. So how do we sustain consumer joy beyond the point of purchase? One way I guess, for businesses, is to communicate their core brand message in new, exciting and engaging ways. Here are several approaches to enhance long-term product satisfaction across different industries. 𝘾𝙤𝙣𝙩𝙞𝙣𝙪𝙤𝙪𝙨 𝙄𝙣𝙣𝙤𝙫𝙖𝙩𝙞𝙤𝙣: I think what Spotify does is very cool. For instance, Artist Spotlights help listeners to discover new music. Streaming platforms also have to refine and improve the recommendation algorithms to introduce users to new music, artists, and playlists that align with their evolving tastes. Incorporating gamification elements like badges, rewards, and challenges can also motivate users to explore new music, create playlists, and interact with the platform. 𝙋𝙚𝙧𝙨𝙤𝙣𝙖𝙡𝙞𝙯𝙖𝙩𝙞𝙤𝙣: At Ikai Asai, we bring a global contemporary language to Indian crafts for the 21st century household through creations and collaborations with different designers for renewed collections. Since embracing bespoke designs, Ikai Asai has unlocked a world of new opportunities. Customization also creates a sentimental value. Research shows that a sentimental attachment to products/services can act as buffer against hedonic adaptation. 𝘼𝙣𝙩𝙞𝙘𝙞𝙥𝙖𝙩𝙞𝙤𝙣 𝙈𝙖𝙧𝙠𝙚𝙩𝙞𝙣𝙜: Apple excels in anticipation marketing through its highly anticipated product launch events. Months before the launch, it builds excitement with cryptic teasers and media speculations. On launch day, Apple live-streams the event, creating a global spectacle and engaging consumers worldwide in real-time. Taking this cue, I’d love to tell you that we are working on something to enliven your olfactory senses. 𝙃𝙞𝙜𝙝𝙡𝙞𝙜𝙝𝙩 𝙀𝙭𝙥𝙚𝙧𝙞𝙚𝙣𝙘𝙚𝙨 𝙊𝙫𝙚𝙧 𝙋𝙤𝙨𝙨𝙚𝙨𝙨𝙞𝙤𝙣𝙨 Airbnb, a leading online lodging marketplace has a feature called "Experiences" that provides unique travel activities hosted by local experts. These range from cooking classes and city tours to outdoor adventures and cultural activities. This shift aims to create lasting memories and emotional connections for travelers. 𝘾𝙤𝙢𝙢𝙪𝙣𝙞𝙩𝙮 𝘽𝙪𝙞𝙡𝙙𝙞𝙣𝙜 Foster a strong sense of community among users by encouraging discussions, sending newsletters, creating social media groups and facilitating collaborations. Creating a vibrant community can enhance the overall user experience and encourage long-term engagement. Picture Source: Calvin and Hobbes, Comics by Bill Waterson

I'm often asked about how I balance different ventures. A deep sense of purpose keeps me aligned with my priorities and helps me manage time. I also believe in selecting the right people, empowering my team and trusting them to get the job done. The Eisenhower Matrix has been one of my guides in juggling diverse enterprises. This technique is a way to organize tasks by urgency and importance. It categorizes tasks into four quadrants based on urgency and importance: Urgent and Important, Important but Not Urgent, Urgent but Not Important, and Neither Urgent nor Important. 𝗜𝗳 𝗶𝘁’𝘀 𝘂𝗿𝗴𝗲𝗻𝘁 𝗮𝗻𝗱 𝗶𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁 – I do it right away. I prioritize such tasks above all others, making them the top items on my to-do list. 𝗜𝗳 𝗶𝘁’𝘀 𝗶𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁 𝗯𝘂𝘁 𝗻𝗼𝘁 𝘂𝗿𝗴𝗲𝗻𝘁 – I schedule it for a time when there are no urgent and important tasks remaining. 𝗜𝗳 𝗶𝘁'𝘀 𝘂𝗿𝗴𝗲𝗻𝘁 𝗯𝘂𝘁 𝗻𝗼𝘁 𝗶𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁 – I delegate it. Many tasks tend to fall in this category and can be a drain on the resources. 𝗜𝗳 𝗶𝘁'𝘀 𝗻𝗲𝗶𝘁𝗵𝗲𝗿 𝘂𝗿𝗴𝗲𝗻𝘁 𝗻𝗼𝗿 𝗶𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁 – I can choose to not do it at all. For an organization, it can be a sign of what they can discontinue. Picture Source: Pinterest/@theblogrelay

"No, we don't know where it will lead. We just know there's something much bigger than any of us here."- Steve Jobs

Don’t be afraid to be different. The world needs it. - Bjork

Life has come a full (small) circle! I remember so clearly sitting here, in the Nelson Mandela Lecture Theatre, Said Business School in Oxford as an undergraduate student listening intently (most times) to multiple guest speakers. I was invited right back there to talk to the students as a speaker! A big thank you to Oxford India Forum, Saïd Business School, University of Oxford and University of Oxford for having me. It was an honour!

The leader’s job is to put other people on stage - 𝙈𝙪𝙡𝙩𝙞𝙥𝙡𝙞𝙚𝙧𝙨: 𝙃𝙤𝙬 𝙩𝙝𝙚 𝘽𝙚𝙨𝙩 𝙇𝙚𝙖𝙙𝙚𝙧𝙨 𝙈𝙖𝙠𝙚 𝙀𝙫𝙚𝙧𝙮𝙤𝙣𝙚 𝙎𝙢𝙖𝙧𝙩𝙚𝙧

I am excited to announce that we are now inviting applications for Ananya Birla Foundation's first challenge of our grant program for high impact interventions 2024-25. The last date to apply is 24 June, 2024! You can apply here:  https://lnkd.in/gPPKC44p

𝗘𝗮𝗿𝗻𝗲𝗱 𝗥𝗲𝘄𝗮𝗿𝗱𝘀 & 𝗧𝗵𝗲 𝗜𝗸𝗲𝗮 𝗘𝗳𝗳𝗲𝗰𝘁 At just 17, my parents instilled in me a profound understanding of the value of each hard-earned rupee. I embarked on the journey of building Svatantra, a venture aimed at banking the unbanked in India. My decision to do it all by myself taught me the importance of earning every success. Securing a first client with a cheque of just Rs. 10,000, to our remarkable growth of becoming the second largest MFI in India - every milestone felt like a triumph earned through hard work and determination. Today I want to talk about the role of earned rewards in branding. An earned discount/reward is when the customer is required to put in some effort to be entitled to that discount/gift/product satisfaction. Evidence suggests that when a customer is involved in the process of acquiring a discount, it generates positive emotions and they have stronger motivation to buy it. Research shows that buyers like to be known as ‘smart shoppers’ who have ‘earned it’. 𝗧𝗵𝗲 𝗜𝗞𝗘𝗔 𝗲𝗳𝗳𝗲𝗰𝘁, 𝘀𝘂𝗴𝗴𝗲𝘀𝘁𝘀 𝘁𝗵𝗮𝘁 𝘄𝗵𝗲𝗻 𝘄𝗲 𝗶𝗻𝘃𝗲𝘀𝘁 𝗲𝗳𝗳𝗼𝗿𝘁 𝗶𝗻𝘁𝗼 𝗰𝗿𝗲𝗮𝘁𝗶𝗻𝗴 𝘀𝗼𝗺𝗲𝘁𝗵𝗶𝗻𝗴, 𝘄𝗲 𝗽𝗲𝗿𝗰𝗲𝗶𝘃𝗲 𝗶𝘁 𝗮𝘀 𝗺𝗼𝗿𝗲 𝘃𝗮𝗹𝘂𝗮𝗯𝗹𝗲. It takes its name from a research study where participants who assembled furniture rated it more generously than those who hadn’t put in the effort. In another example, The Renault Delphine campaign ingeniously tasked customers with identifying a flaw in the car's paintwork for a $500 discount. This shifted the narrative from "The company offers $500 off to clear old stock" to "I earned a $500 discount by spotting the imperfection." This strategy countered any perception of the car as a discounted or inferior model. Instead, customers saw it as a unique, brand-new vehicle available at a reduced price, preserving its perceived value and appeal. 𝗥𝗲𝗳𝗿𝗮𝗺𝗶𝗻𝗴 𝘃𝗮𝗹𝘂𝗲 𝗽𝗲𝗿𝗰𝗲𝗽𝘁𝗶𝗼𝗻𝘀 𝘁𝗵𝘂𝘀 𝗰𝗿𝗲𝗮𝘁𝗲𝘀 𝘀𝘂𝘀𝘁𝗮𝗶𝗻𝗲𝗱 𝗲𝗻𝗴𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗮𝗻𝗱 𝗹𝗼𝘆𝗮𝗹𝘁𝘆. The key message here is that a truly outstanding product not only hooks users but keeps them engaged over the long term. It does this by establishing a deep emotional connection that leads to a strong attachment. And what fosters this attachment? I guess one way to look at it is the sense of effort – ‘the earned reward’. (Picture source: Pinterest)