What are we? We are a society, made of communities, families and individuals. We are talking about growth on global scale. At times we are talking more about “saving” the world from financial melt down. I sometimes think – who has created it at the first place? That is for some other day though.
When we see growth we talk on aggregate level – GDP of the country, GDP growth rate, reserve, unemployment rate etc. Have we ever thought that these numbers are “aggregate level” number for example – if I put my one hand in boiling water and another at minus thirty degrees [100+ (-30)], average temperature of my body is 35 degrees. But does that mean I am fine? No my one hand is burnt and other is numb. That is the reality of aggregate level measures.
How do we resolve such inconsistencies? Let us start measuring things in terms of segments. As they call it in Marketing, Segmentation. On a very deeper level as segment of one. “Segment of one” means handling each individual as an individual (and not as any generic segment). Though is more of marketing and in my professional experience analytics gyan (which is not purpose of this blog) so I would come back to the point.
If we do that Marketing stuff of Segment (segment of one) in society and eventually to the individuals. We would realize that “inclusive growth” is only possible when we take growth stories to communities, at smaller level say villages, communities, to each family to each individual. I see that as the solution to a better reflection of growth. I better measure would emerge from there, upliftment of each individual.
Writing this, I feel as if I’m a politicians, speak and no action! How to do that is the question. A very idealistic solution – what if we’ve unemployment benefits for everyone also encourage everyone to do what he/she wants to do – until found success, unemployment benefits would help these people. Word of caution – there may be free-riders one has to fix that challenge. Take an example of Venture Capitalists and Funders. They do the same but at a later stage – say when I found my calling, started working and kind of see a revenue model. This is truly a very impractical and idealistic solution, but can we build on this to devise a practical and applicable solution from it?
Image source – http://www.dmnews.com/marketing-to-a-customer-segment-of-one/article/262747/
rummuser · April 6, 2013 at 10:06 pm
I bought the book and strongly recommend that you do too.
preeti · April 10, 2013 at 12:45 am
Thank u Rummuser for sharing the link.
barron2004 · April 13, 2013 at 2:12 am
Macroeconomic indicators are there to give you a brief glance of the economy. It is like the heart rate of the indicator which tells overall how healthy you are. You only need to then delve deeper by looking at the indicators at regional level, state level, constituency level, etc. if you see some minor variations or to understand how to improve at that level.
The same is true in business. You need to strike the right balance when analyzing data. You only need to go to the granular level only to verify some major points you have already deduced.
Otherwise, you will be like the guy who thinks too much about life and forgot to live it 🙂
KRD Pravin · April 13, 2013 at 8:05 pm
Yes Chanchel, I agree with your point. The indicators are largely for understanding the health. Your heart analogy is perfect no doubt. Let us take the heart analogy further.
A doctor looks at ECG, EEG etc etc. Makes some observations, prescribes somethings and suggests dos and donts. Now these observations and respective actions are something of importance.
In the case I am talking about – we talk about world GDP, growth and all. But we stop there, what is happening beyond that? We are happy until there is a disaster. Only when a Greece or an Italy or Cyprus falls we Act. To answer these challenges and our inaction. I think that we need to go to the segment of one. We need to think and talk about smallest unit of the society, city, country and the world. Otherwise these big numbers are good to hide behind until the next big disaster – Great depression, Oil crisis, East Asian Crisis, Dotcom bubble, housing bubble or the Global melt down.
Also, your point on thinking too much about life and forgetting to live is great (I think I should think over it and write a blog on that :)). Think it over – if we all are considerate and living upto the segment of one. Caring for each individual and unit of the society wont we be living life rather than thinking and wasting our time (again on big numbers of GDP, inflation & unemployment rate).
😉 My take on solving these big problems
barron2004 · April 13, 2013 at 11:34 pm
The macro and micro indicators were there for everyone to see even then.
Greece, Italy, Cyprus all knew what they were getting into. But when things are good, you tend to binge on it instead of becoming the spoilsport. So, I believe lack of data was never an issue. Ironically, People use the same data now to study the crisis.
KRD Pravin · April 15, 2013 at 5:13 pm
Yes Chanchel, statistics is such thing. Believe me professionally as a marketing analytics fellow, I have seen this story. You can prove and disprove anything change the paradigm.
What I believe is we need to look at lower levels, see we say that India is growing, Maharashtra (once a fast growing state) faces drought situation who is responsible is not that very important to contest right now. How to avoid this in future and what to do now is!
That is where I want to concentrate by saying concentrate on the segment of one.
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