🍺 Why we're talking about porn, personalization, and pandemic winners.
The Weekly from The Liquid Lunch Project, Issue No. 67 | May 5, 2023
While Cinco de Mayo 🌮 may be the more universally recognized and celebrated May 5 holiday, it shares its spot on the calendar with National No Pants Day. Yes, what started as a pants-dropping college prank in the 1980s in Austin, Texas, became a tradition that spread into Canada, Britain, and Australia. With so many people working from home now, we imagine most days are National No Pants Day. (Just make sure your camera is off if you don't want your coworkers to know you're celebrating. 👀)
ON TAP THIS WEEK
Let's get personal for a minute: 👀 Luigi's got seven ways to improve your customer service.
Tesla's Price Cuts: 📉 A Car Crash for Investors, a Joyride for Consumers.
Newlab shifts gears 🚘 and heads to Motor City.
Utah gets hard on porn, leaving residents unsatisfied. ✖️
Taxpayers Head South for the Winter: ✈️ How Florida and Texas Won Big During the Pandemic.
Like a bad habit we just can't quit: Check out this week's Money Minute for 3 tips to combat inflation. 🥷🏽
And from 🌐 Around the Web: Should A.I. be sleeping with the 🐟 fishes, a-peeling 🍌 art gone wrong, and the power of the pivot. 💪🏽
THE CLASSROOM
7 Ways to Personalize Customer Service for Your Small Business
by Luigi Rosabianca
Customer service can be kind of like a first date; screw it up badly enough, and you probably won’t get a second one. Not only that but in today’s world of Yelp reviews and (ugh) viral TikToks, if you piss off the wrong person, that one “date” can have some serious long-term repercussions. Excellent customer service is expected, and if you fall short, you (and the rest of the internet) are going to hear about it.
Now, we aren’t suggesting you need to bend to the whims and fancies of the entitled, perpetually unhappy, or fame-seeking nuisances who will always find something to bitch about. Nor are we saying you should approach customer service from a place of fear. Remember, your customers are your business's greatest asset; building and maintaining relationships should be a priority because you want to meet their needs, not because you’re afraid they’ll leave a nasty online review.
If you’re looking for ways to up your customer service game, consider personalizing it. Research shows that 78% of consumers are more likely to be repeat customers when brands or companies personalize their experience. And we all know repeat biz is King.
So how can you personalize customer service for your small business? Keep reading for seven tips to get you started.
HEARD ON THE STREET
🏁 Race to the Bottom
Tesla’s continued price cuts are like highway accidents - tough to watch, but we can’t ignore them. Elon Musk stated, with elan, that they will “enable affordability at scale.” Hmm, let’s see.
Musk assured investors that Tesla remains the only automaker capable of selling cars for ‘zero profit’ today, thanks to high-margin driverless software that will allow its vehicles to appreciate in value (which - checks notes - was supposed to debut years ago). Let’s unpack this: my old car will increase in value because I can download some software to improve output. Hmmm, let’s see.
No one is complaining about lower prices — other than investors. Already in 2023, the company’s Model Y has seen its price drop $20K+, or 30%, to ~$47K - $759 below that of the average US vehicle. These folks are questioning its impact on Tesla’s profit margins, which, while still strong at 19% in Q1, was the company’s lowest in 11 quarters.
Will these cuts challenge Tesla’s competition enough that they’ll be forced to slow pricey EV pivots, or worse yet, go out of business? Other manufacturers are holding the price line. Whatever the case, the ultimate consumer benefits. Unless than Tesla consumer is also an investor. Hmmm, let’s see…
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⭕ Transport Hub Comes Full Circle
Get ready, Detroit! Newlab, the tech hub making waves in Brooklyn, is now making its mark on Motor City. It's part of Ford's move beyond cars to focus on how transportation and society intersect. Through district-level plans and agreements with the city allowing more diverse ways for companies to experiment with their technologies, Michigan Central is relying on Newlab to pump out new ideas and technologies for mobility to better align with the needs of 21st-century society.
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👯 Freedoms and Filth Fight in State Capitols
Pornhub, a popular adult website, has been banned in Utah because the state requires porn sites to verify that users are over 18. In response, Pornhub and other adult sites owned by MindGeek have blocked access to their content in Utah. If you try to access Pornhub from Utah, you'll be redirected to a page where an adult performer reads a statement about how requiring ID verification isn't the best way to protect users.
Louisiana also has a similar law, but residents can use a digital ID program to verify their age and access adult sites. Despite laws like these, Pornhub had more than 76 million US visitors a day in February, making it one of the most popular websites in the country.
In addition to cracking down on adult websites, lawmakers are also trying to limit kids' screen time and protect them from the supposed adverse effects of social media on mental health. Utah has two laws that will go into effect in 2024, one of which blocks kids under 18 from using social media between 10:30 pm and 6:30 am. Other states like Arkansas, Texas, Ohio, and New Jersey are considering similar laws.
Social media companies and Pornhub argue that restricting access to their sites limits free speech and pushes younger users to more dangerous corners of the internet. Some experts warn that age and identity verification would give tech companies even more user data. Wake up, parents - legislatures should not be rearing your kids!
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✔️ Voting with Your Feet
During the pandemic, the Empire State and The Republic of California lost $92B+ in income as high-rolling taxpayers decamped to states with lower tax rates, like Florida and Texas (and any other State run by sane politicians!), according to new IRS data. Though the trend of high earners moving south to pay less taxes and avoid being served $10 lattes had already started, Covid pushed it into high gear in 2020 and 2021 (their combined losses were 3X higher in 2021 than in 2019). The urge to flee has likely receded somewhat since (because these new places are getting crowded with New Yorkers and Californians!), but in the meantime, it’s certainly been a boon to Florida, which gained $11B+ in income in wealthy Palm Beach County alone in 2021.
That’s why The Mouse lost his tax haven!
THE MONEY MINUTE WITH MRM
Feelin’ the Squeeze: Why we’re still talking about inflation.
with Matthew R. Meehan
Don't let the headlines fool you. Although inflation has decreased to 4.98%, it remains significantly higher than the long-term historical average of 3.28%, and consumers are still feeling the squeeze on their wallets. The cost of groceries is up nearly 20% since 2021, along with utilities, home renovation costs, travel, and car ownership. We aren't out of the woods yet...and may not be for quite some time.
For three ways to combat inflation - and protect your future - check out this article I wrote for Forbes. It's not too late to put any or all of these into practice. Remember, the best time to plant a tree was 20 years ago. The second best time is today.
AROUND THE WEB
He made us an offer we couldn't refuse: Geoffrey Hinton has called it quits with Google. Commonly referred to as 'The Godfather of A.I.,' he left the company - and the work he dedicated much of his life to - to speak freely about "the dangers of A.I." and joins a growing list of tech industry leaders concerned about the frequency at which artificial intelligence is being used and abused. 👨🏽💻
Man eats art 🍌 and proves that beauty is in the
eyestomach of the beholder: Honestly, we're not sure which is more absurd: A banana duct-taped to a wall being called"art" or the fact that someone thought it'd be a good idea to eat it. In his defense, the Seoul National University student admitted he was hungry...Winner Winner, Deli Dinner. The National Small Business Person of the Year was recently awarded to Abdirahman Kahin, CEO and owner of Afro Deli & Grill in St. Paul, Minnesota. 🏆 His fast-casual restaurant opened its doors in 2014, but like so many in the industry, COVID-19 forced him to close up shop. Despite the setback, he made a pivot (our favorite word!) and turned to grab-and-go products. Today, he has expanded to four locations, supplies 23 stores in the Twin Cities area, and partners with two organizations to provide home-delivered meals to vulnerable community members. Small biz owners truly are the backbone of their communities.
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