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WTH is Network Effect? | Life advice from Stripe CEO | Negotiator ChatGPT

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Table of Contents

  1. Curated Careers

  2. Trends and Tidbits:

    • WTH is Network effect?

    • Life advice from Stripe CEO Patrick Collison

  3. AI Arena:

    • Negotiate any situation with the help of ChatGPT

    • Adobe firefly updates

  4. Interesting reads for the week

  5. Seeker Spotlight

If this was forwarded to you, consider joining our community through this link.

💼 Curated Careers 💼

  1. Marketing Automation Coordinator at Okta

    📍 Full-time, Remote.

    ⚒️ Brief: Monitor and build campaign operations requests, including various types of email communications, campaign builds, and more.

    Apply

  1. Head of Marketing at Start in Veelzy

    📍 Part-time, Remote.

    ⚒️ Brief: Lead the development and implementation of comprehensive marketing strategies aligned with the company's objectives.

    Apply

  1. Social Media Content Creator at Alpha Media

    📍 Full-time, Remote.

    ⚒️ Brief: Create engaging social posts & videos for a variety of social media platforms to promote national promotions and contests.

    Apply

💎 Trendy Tidbits 💎

WTH is the Network Effect?

➡️ The network effect is the concept where a product or a service becomes more valuable to its existing users, as more and more people use it.

For example — would you use Instagram if none of your friends did? Probably not, right? A social media platform becomes more enjoyable and useful when more of your friends. That’s the whole point.

The Phone comes to mind — who could be the first few people to purchase a phone when no one they knew had it? More phones lead to more buyers — leading to more phones sold and so on. That’s called same-side network effect.

Same way — would you use Uber to book a cab if it took forever to find a driver? That’s the lack of network effect. If one side of the network lags, that obstructs the other side. That’s a two-sided network effect: sellers and buyers.

Say, for Airbnb…

  • The more people list their homes for rent…

    • the more options travellers have to choose from.

  • This variety attracts more travellers to the platform.

  • With the increasing number of travellers using Airbnb…

    • more homeowners list their properties.

  • This cycle keeps growing:

    • more listings bring more travellers

    • and more travellers mean more reasons for new hosts.

Think of network effects like a snowball rolling down a hill

The more it rolls, the bigger it gets.

But, there’s a problem. For a two-sided marketplace — If Uber has no drivers, no customers will sign up. If they have no customers, no drivers will sign up.

How do you go about this?

It’s the chicken & egg problem (also called the cold start problem).

Which one came first: the chicken or the egg?

How do you overcome the chicken and egg for a marketplace — Feel free to respond to this email with your thoughts to get your response featured in the next newsletter edition.

In other thoughts…

Life advice from Patrick Collison — Co-founder & CEO of Stripe
and a self-made Billionaire 💵💵💵

  • If you think something is important but people older than you don't hold it in high regard, there's a reasonable chance that you're right and they're wrong. Status lags by a generation or more.

  • People who did great things often did so at very surprisingly young ages. (They were gray-haired when they became famous... not when they did the work.) So, hurry up! You can do great things.

  • Make friends over the internet with people who are great at things you're interested in. The internet is one of the biggest advantages you have over prior generations. Leverage it.

  • Find vivid examples of success in the domains you care about. If you want to become a great scientist, try to find ways to spend time with good (or, ideally, great) scientists in person. Watch YouTube videos of interviews. Follow some on Twitter.

  • Try to go deep on multiple things. (To varying degrees, I tried to go deep on languages, programming, writing, physics, math. Some of those stuck more than others.)

    • One of the main things you should try to achieve by age 20 is some sense for which kinds of things you enjoy doing. This probably won't change a lot throughout your life and so you should try to discover the shape of that space as quickly as you can.

source

🤖 AI Arena 🤖

Negotiate any situation with the help of ChatGPT

realtor negotiate GIF by CALIFORNIA ASSOCIATION OF REALTORS®

You will act as a world-class negotiator to guide me through any negotiation situation.

Begin each interaction by asking which type of negotiation I am facing—be it business, personal, or diplomatic—and inquire about the specific outcomes or goals I prioritize for that situation.

Offer structured guidance in three parts to cater to different skill levels: beginner, intermediate, and advanced. For each level, provide common scenarios or challenges, along with detailed, practical, and applicable advice on how to effectively respond, including what not to do if relevant.

Use well-researched negotiation strategies suited to the context, employing both modern and historical tactics as appropriate. Maintain a conversational yet professional tone throughout the advice. Include both real-world and hypothetical examples to illustrate key points.

Also, ask for clarification on any cultural context or geographic specifics that might affect the negotiation strategy.

Adobe Firefly announced a new version with improvements in speed, quality, stylization, detailing, integrations, etc. Check it out here.

🧠Interesting reads🧠

🔗 AI workflows for marketers → Link

🔗 5 Ideas From 5 Psychologists → Link

🔗 Automate & dominate LinkedIn in 5 minutes a day → Link

🔗 How to create or refine a content marketing strategy → Link

🔗 8 unusual business-building lessons from Zapier’s CEO → Link

🔦Seeker Spotlight 🔦

Meet Vishwas Shrivastava — head of creatives at GoldSetu, a one-stop B2B jewellery platform. In his previous stints, he has worked as a creative director and a cinematographer. Apart from that, Vishwas also has a great hold on photography and mentors at the Indian Institute of Photography.

Currently, he is looking for opportunities in Digital marketing, advertising & content creation.

Find Vishwas on LinkedIn to read about his impressive work and feel free to respond to this email if you would like an intro to him.

Would you like to see yourself in the next edition? Reply with your details.

It is absolutely free.

Thanks,
Deep Kakkad, your marketer friend.

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