Thinks 1884

FT: “Universal Commerce Protocol [is] a technology standard to help retailers build their own shopping agents and interact with others, this is part of a growing base of technology that could start to replace human attention — the lifeblood of online advertising — with a growing degree of machine-to-machine interaction. UCP joins a list of other protocols designed to automate online activity. This started a little over a year ago with Anthropic’s Model Context Protocol, which enables AI assistants and agents to tap into data held on other companies’ servers, and has since grown to include standards for agents to interact with other agents (A2A) and to make payments on behalf of users (AP2). If internet users find the services made possible by these technologies a more convenient way to get things done, old forms of online engagement are likely to wither. Advertising is still likely to play an important part, even as machine-to-machine interaction becomes more prevalent. At some level, purchases reflect customer preferences, and influencing that preference will always have value. But how and where that influence happens will change.”

Kate Murphy: “You know it when you feel it, with a co-worker, friend or stranger. The science of interpersonal synchrony explains how ‘clicking’ can be a fast track to intimacy—or drama…Synchrony researcher and psychotherapist Dr. Richard Palumbo advises imagining there is a MUTE button during particularly fraught interactions so you focus less on the words used and more on the other person’s level of arousal and how you might be matching that energy. ”It’s your natural human tendency to sync with someone else,” he says. “What’s not so natural is being aware of it.” Sometimes we need to disconnect to recalibrate and reclaim ourselves. The relationships that endure, however, are the ones where you are in sync more than you are not. Grace is learning to ride the tide.”

Yann LeCunn: “There is a sense in which they have not been overhyped, which is that they are extremely useful to a lot of people, particularly if you write text, do research, or write code. LLMs manipulate language really well. But people have had this illusion, or delusion, that it is a matter of time until we can scale them up to having human-level intelligence, and that is simply false. The truly difficult part is understanding the real world. This is the Moravec Paradox (a phenomenon observed by the computer scientist Hans Moravec in 1988): What’s easy for us, like perception and navigation, is hard for computers, and vice versa. LLMs are limited to the discrete world of text. They can’t truly reason or plan, because they lack a model of the world. They can’t predict the consequences of their actions. This is why we don’t have a domestic robot that is as agile as a house cat, or a truly autonomous car. We are going to have AI systems that have humanlike and human-level intelligence, but they’re not going to be built on LLMs.”

Ethan Mollick: “Software developers write Product Requirements Documents. Film directors hand off shot lists. Architects create design intent documents. The Marines use Five Paragraph Orders (situation, mission, execution, administration, command). Consultants scope engagements with detailed deliverable specs. All of these documents work remarkably well as AI prompts for this new world of agentic work (and the AI can handle many pages of instructions at a time). The reason you can use so many formats to instruct AI is that all of these are really the same thing: attempts to get what’s in one person’s head into someone else’s actions.” Adds Arnold Kling: “His point is that using AI effectively requires the management skill of being able to articulate clearly a project’s goals, context, and constraints. He mentions the skill of knowing what an AI can do. I think this could use more emphasis. Sometimes a simple prompt will work, sometimes a more complex prompt is needed, and sometimes a task is beyond the (current) capability of an AI. Knowing the difference is important.”

Marketing’s NEVER Moment (Part 4)

The Movement

A doctrine isn’t a movement. Movements require shared language, measurable proof, and participatory mechanics.

If you study the big shifts in marketing and enterprise, a pattern repeats: category changes don’t happen because someone adds features. They happen because someone names an enemy and offers a new operating model.

Salesforce didn’t win by listing CRM capabilities. It declared “No Software.” The enemy was on-premise friction — slow IT cycles, heavy installs, the tax of owning infrastructure. HubSpot didn’t win by describing tools. It framed a moral and strategic opposition: Inbound vs Outbound. The enemy was interruption — renting attention rather than earning permission. In both cases, the movement was bigger than the product. The product became the easiest way to join the movement.

NEVER follows the same logic. The enemy is the Reacquisition Tax: paying twice for customers you already own. The operating model is retention-first compounding: build attention and relationships so paid spend becomes an exception, not a dependency.

Movements beat features for one reason: they create identity plus inevitability. Once people adopt the lens, they can’t go back to the old language. And the Reacquisition Tax is the rare enemy that is precise, measurable, and un-co-optable. Platforms cannot lead a movement whose end-state is “pay platforms less.” Legacy martech cannot lead a movement that demands outcome-based accountability. The movement belongs, structurally, to brands — and to partners willing to bet on results.

But movements don’t spread through agreement. They spread through proof.

That’s why NEVER needs practical mechanics — light, repeatable, and designed to create NEVER Moments at scale.

The Reacquisition Tax Calculator. Every brand calculates its number: what portion of last quarter’s “new customers” existed in the historical file? What portion of paid conversions came from customers who could have been reached through owned channels? The point isn’t perfect precision. The point is irreversibility: once leadership sees the estimate, they stop arguing about symptoms and start addressing cause.

The NEVER Slide. Four numbers on one page, every quarter: Click Retention Rate (and Attention Churn), Real Reach, Adtech-to-Martech spend ratio, and the Profit What-If. This becomes the board artefact. It reframes marketing from “campaigns and creativity” to “assets and leakage.” It gives CFOs a language to fund retention as profit protection, not brand vanity.

The 90-Day NEVER Sprint. The sprint is the conversion engine of the movement. The goal isn’t perfection. It’s a visible delta: raise CRR and Real Reach, reduce reacquisition dependence, show the profit impact. A simple rallying target: “Double the Best, Halve the Waste.” Not poetry — a measurable plan: expand the engaged base while cutting the portion of spend used for recovery.

The Pledge (after proof). Only once brands have proof should the public signalling begin: “We refuse to pay twice. We commit to never losing customers.” Public commitments create accountability and pull others in — not through virtue, but through competitive pressure.

And that’s how movements spread: the first converts don’t just talk. They point.

“Our profits rose because we stopped paying twice.”

The goal isn’t one vendor’s adoption. It’s industry transformation: a world where CMOs demand accountability, CFOs fund retention as margin expansion, and CEOs stop mistaking paid recovery for growth.

You don’t join NEVER by buying a product. You buy a product because you’ve already joined NEVER.

If you remember only one thing: Movements don’t spread through agreement. They spread through proof. Calculate your number. Run the sprint. Show the delta.

Thinks 1883

Menlo VC: “Our data indicates companies spent $37 billion on generative AI in 2025, up from $11.5 billion in 2024, a 3.2x year-over-year increase. The largest share, $19 billion, went to the user-facing products and software that leverage underlying AI models, aka the application layer. This represents more than 6% of the entire software market, all achieved within three years of ChatGPT’s launch.”

FT: “The great thinkers didn’t just answer questions better. They recast the questions themselves. Tocqueville didn’t ask, “Is democracy desirable?” (the dominant European debate). He asked what it does to character, liberty and thought. The question was the insight. Why did we end up assessing answers instead of questions? Because answers are legible, and questions are not…AI represents a third shift. Its authority is neither visible nor structural, but dynamic and ambient, the autocomplete for life. The priest told you what to think. The library told you where to look. AI generates the thinking and lets you believe it’s your own. Unlike the library, a place you entered and left, AI mediates vast stretches of waking life. The work of discernment, once handled by priests and then by institutions, is now ours completely. Kant’s challenge returns: Sapere aude. Have the courage to use your own understanding.”

WSJ: “Manufacturers say that AI, known for creating instant term papers and pixel-perfect fake videos, is fundamentally changing how new products are created. It is letting companies speed-run a process that can often be a deliberative slog relying on tried-and-true approaches. AI tools have helped Procter & Gamble create new scents for body washes, laundry beads and home fragrances. They have allowed Mars to design a thinner-walled bottle for its Extra brand chewing gum that reduced development time by 40% and saved 246 tons of plastic. And they have assisted 3M in coming up with a sanding disc that optimizes dust collection and grinding performance. John Banovetz, 3M’s chief technology officer, said AI is playing the role of an additional colleague. “When I was in the lab, I might talk to three different experts about something,” he said. “AI would just be the fourth expert I’d talk to.””

Akash Gupta: “Anthropic [is] telling you they stopped competing with OpenAI on chatbots at the end of 2024. Jared Kaplan, their Chief Science Officer, admitted it publicly. They’re building vertical AI infrastructure across five high-margin regulated industries where GPT-4 wrappers can’t compete…They’re becoming the middleware layer that every AI application needs to touch regulated data. That ABCDE is a roadmap for vertical integration into five industries worth trillions.”

Marketing’s NEVER Moment (Part 3)

The Three NEVERs

Once you see the tax, you need a doctrine. Three principles. Three failures they address. Three commitments that change everything.

NEVER is not a framework designed to win an argument. It’s a creed designed to change behaviour — in budgets, in measurement, and in partnerships. Each NEVER exists because martech, as practiced, failed at something fundamental. And each has a direct economic consequence: less waste, more compounding, more profit.

Never Lose Customers — The Mission

The failure: Martech doesn’t maintain attention. It sends messages and hopes. It measures delivery and opens and clicks, but it rarely manages the underlying relationship as a living thing that drifts, strengthens, weakens, and sometimes dies. Most systems track campaigns, not transitions. They see “active” and “inactive” but miss the in-between — the gentle fade before disappearance.

The cost: As CRR reveals, about 80% of engaged customers go quiet each quarter. Not through unsubscribes. Through silence. This is the worst kind of loss because it’s invisible until you’re paying to reverse it. By the time a customer appears in a “win-back” segment, they’ve already completed the journey to dormancy. The intervention window has closed.

The principle: Never Lose Customers doesn’t mean zero churn in the literal sense. It means systematic attention management: track attention like you track inventory. Detect drift early. Treat silence as a leading indicator, not a shrug. Monitor the transitions. Reverse the transitions.

The implication: You need to manage the BRTN segments — Best, Rest, Test, Next — and intervene at the moment of drift. Your goal isn’t to send more messages. It’s to build habits of engagement that compound. This is how brands MAX the LTV: not by squeezing more from customers, but by staying present enough that relationships compound instead of decay.

Never Pay Twice — The Problem

This is the principle that turns NEVER from doctrine into movement, because it names the pain marketers already feel.

The failure: Martech loses customers; adtech monetises the loss. The moment a customer drifts beyond your attention perimeter, the platform treats them as “reachable” only through payment. You are charged to regain access to someone you already had access to.

The cost: The Reacquisition Tax. A large share of “acquisition” spend isn’t acquisition at all — it’s recovery. And because recovery converts well, it’s celebrated. The disease looks like success.

The principle: Any conversion from customers you can already reach should cost close to nothing. Paid should be for discovery — for genuinely new customers — not for recovering customers you failed to keep. Exhaust free before spending cheap. Prevent before you need to recover.

The implication: Owned channels must be exhausted before paid. Retention must be designed as a default growth engine, not a support function. The brand must develop “anti-drift” systems — daily, weekly, and lifecycle interventions that prevent customers from going dark. This is how brands ZERO the CAC: not by negotiating better CPMs, but by eliminating the need to buy reach repeatedly.

Never Pay Twice gives CMOs a sentence they can say in the boardroom without sounding defensive. It reframes the conversation from “marketing wants budget” to “marketing refuses waste.”

Never Pay Fixed — The Mechanism

Capability is everywhere now. Tools are abundant. AI features are multiplying. But accountability is still rare. And rarity is where value lives.

The failure: Most martech vendors get paid the same whether your retention improves or collapses. Pricing is tied to inputs (messages, contacts, seats) rather than outcomes (retention, engagement, profit). In a system designed to leak, input pricing quietly profits from leakage.

The cost: Misalignment. Brands bear downside; vendors collect upside. When times get tough, brands cut what they can measure least — retention programmes — which increases drift, which increases reacquisition, which increases AdWaste. The vendor still gets paid.

The principle: Never Pay Fixed demands outcome-based pricing: Beta (baseline) + Alpha (uplift above baseline) + Carry (shared upside over time). Vendors make more only when brands make more. The model forces accountability that contracts and good intentions never could.

The implication: The question every vendor conversation should start with: “What happens to your revenue if our retention improves?” If the answer is “nothing changes,” the vendor isn’t a partner. They’re a supplier. And suppliers are not designed to end the Reacquisition Tax.

How the three connect:

“Never Lose Customers” is the mission — what we want. “Never Pay Twice” is the problem articulation — what’s broken, and why people join. “Never Pay Fixed” is the mechanism — how we enforce accountability.

NEVER is how brands ZERO the CAC and MAX the LTV.

This isn’t a tagline. It’s a refusal to fund growth the old way.

If you remember only one thing: Ask your vendors one question: “What happens to your revenue if our retention deteriorates?” The answer tells you whose side they’re on.

Thinks 1882

Blair Effron: “There is little doubt A.I. will be transformative. And yet, for all the disruption it promises, I am struck by how much will remain unchanged. The most consequential decisions in business have never been about processing information faster or detecting patterns more efficiently. The most salient concerns are questions such as what kind of enterprise a firm should aspire to be, what culture it should embrace, what risks it should tolerate and how its leaders can plan when the path forward is unclear. These are questions of judgment, and judgment cannot be automated — at least not any time soon.”

Mint: “That executives can’t yet pin down how AI will make money seems worrying after so many false starts. Yet, that is precisely what past revolutions looked like at their start. As with electricity, the challenge of AI is not in the tools themselves, but how businesses reshape themselves around them.” [Bloomberg]

Debashis Basu: “History suggests that sustaining export growth of around 13 per cent for a decade requires these conditions: Cheap currency, strong central coordination and disciplined policy execution, a large surplus of labour at low wages, assured access to large and open markets, and a willingness to tolerate overcapacity and frequent failures. India currently possesses none of these in sufficient measure. Instead, it faces headwinds from rising protectionism, aggressive dumping by China, and reforms that are often procedural rather than outcome-oriented.” 

India Dispatch: “Amazon Prime Video has more than three times the subscribers as Netflix in India, according to HSBC. Prime Video, which also comes bundled with Amazon’s e-commerce Prime subscription, has roughly 65 million paying subscribers in India, compared to Netflix’s roughly 20 million, the bank wrote in a note to clients. JioHotstar, the market leader formed as a result of the merger between Disney and Mukesh Ambani-controlled Viacom18, leads the Indian market with over 300 million subscribers.”

Marketing’s NEVER Moment (Part 2)

The Tax Nobody Names

The NEVER Moment isn’t just personal. It reveals a systemic extraction.

When a leadership team sees their reacquisition number, the first reaction is usually disbelief. The second is defensiveness: “Surely that can’t be the majority.” The third, if they’re honest, is anger — not at individuals, but at the architecture. Because what the spreadsheet reveals is not merely waste. It is a tax.

A Reacquisition Tax.

The claim sounds provocative until you examine the mechanics. A large share of digital marketing spend goes toward reaching people the brand already has permission to reach: customers whose email address, phone number, and purchase history already exist inside the company. In many cases, the spend is not “acquisition” in the human sense — introducing a brand to a stranger. It’s “acquisition” in the platform sense — the platform reclassifies your former customers as prospects the moment they drift out of your relationship orbit.

If you accept that framing, the numbers fall into place. The global AdWaste problem — the hundreds of billions of dollars spent with diminishing returns — isn’t random inefficiency. It’s what happens when brands repeatedly pay to recover customers they once owned for free. It becomes, effectively, a 20-30% revenue levy on growth: an involuntary transfer from brand margins to attention brokers.

That’s why AdWaste is a tax, not a tactic.

It’s also why marketing became a cost centre in so many companies. Not because marketing is inherently wasteful, but because the modern marketing system was designed to leak. If your engaged base decays every quarter, and if your only scalable recovery mechanism is paid reach, then spend rises just to stand still. What looks like “growth investment” is often “relationship rent.”

Between the loyal few (your Best customers) and the freshly lost lies the 80% majority — the Rest and Test customers that traditional martech ignores. Rest customers are the quietly disengaging middle — still technically active but fading, accounting for 30% of revenue from 40% of the base. Test customers have already gone dark — no opens, no clicks, no engagement for 90+ days. Together, they represent the forgotten middle: the land where profits silently disappear.

Martech focuses on the Best. Adtech waits for the Test. Nobody watches the transition in between. And that transition — Best→Rest→Test — is where the Reacquisition Tax accumulates.

The economics are stark. Reactivating a Rest customer before they slip to Test costs $2-5: a cadence adjustment, a content test, a preference survey. Reacquiring a Test customer through paid media costs $50-100 or more. The ratio is 20-50:1. Yet most marketing teams spend 80% of effort on acquisition and Best-segment rewards, 5% on Rest reactivation, and 15% on Test win-back. The allocation is inverted from what economics would dictate.

So why doesn’t everyone see this?

Because the system hides its own failure in plain sight.

CFOs see rising CAC and treat it as an external market condition — competition, auctions, inflation — rather than tracing it back to attention decay and martech failure. CMOs see declining retention and blame consumer behaviour, inbox fatigue, platform algorithms — externalising what is partly an internal capability gap. CEOs see margin pressure and instinctively demand “more growth,” which, in the current system, often means “more spend,” which reinforces the loop.

Meanwhile, the surrounding ecosystem is perfectly aligned against reform. Platforms profit when you pay for reach. Agencies profit when spend increases. Many vendors profit whether your customers stay or leave, because pricing is tied to volume, seats, and activity rather than outcomes. In that world, the Reacquisition Tax isn’t a bug. It’s the business model of everyone except the brand.

The tragedy is that the “best performing” campaigns often include the highest reacquisition component. They look efficient because the audience already has familiarity and intent. That’s why the machine reinforces itself: the more you leak, the more your reacquisition campaigns “work,” the more you trust paid reach, and the less urgency you feel to rebuild owned attention. It’s a loop that produces the illusion of competence while draining long-term profitability.

Once you see the Reacquisition Tax, you stop asking “how do we get better at ads?” and start asking “why are we paying for what we already own?”

You’re not buying growth. You’re paying rent on customers you once owned.

If you remember only one thing: Every dollar you spend reacquiring a customer whose email you already have is a dollar you’re handing to platforms for solving a problem your martech should have prevented.

Thinks 1881

WSJ: “Generative AI makes voice interactions with devices more productive—and a lot less annoying…Speaking > typing. Today’s voice-transcription AIs have crossed an accuracy threshold: It’s now more convenient to dictate a message than to type it…Talking = the new touch screen. If you’re driving your car and inspiration strikes, you don’t pull out a laptop and start pounding away…Talking to devices makes those moments of inspiration easier to capture.”

NYTimes: “Ricursive aims to build A.I. systems that can improve the design of these enormously complex chips. If A.I. systems can produce better chips, they argue, the chips will produce better A.I. systems. And then the process would repeat on and on as technology got better and better…“The first phase of the company is just to accelerate chip design,” Dr. Goldie said. “But if we have the ability to design chips very quickly, why not just use that ourselves? Why not build our own chips? Why not train our own models? Why not co-evolve them?””

Ruchir Sharma: “Every tech revolution has inspired fears that innovation will destroy jobs. While those fears have never played out, artificial intelligence is cast as much more disruptive because it has the potential to perform so many tasks the way people do — or better. Is the threat to human labour that different and dire this time? What the current obsession with AI overlooks is that another (counter) force is also advancing rapidly. In the past four decades, the number of countries in which the working age population is shrinking has risen from zero to 55, including most of the major economies. This collapse is accelerating now because families are having even fewer children than expected…There are signs AI is already raising output per worker, which could lower overall demand for human labour. But against a backdrop of rapid population decline, the marvels of AI are more likely to ease the coming labour shortages than trigger mass unemployment.”

WSJ: “The AI era will usher in a new style of warfighting “driven by algorithms, with unmanned systems as the main fighting force and swarm operations as the primary mode of combat,” a group of Chinese military theorists wrote in October 2024. They likened AI’s potential to transform the military to gunpowder, a technology invented in China but more effectively weaponized, many in China believe, by others. Drones, for their part, have emerged as key weapons on the battlefields of Ukraine, where strategies and technology for their use have developed quickly under the pressure of real fighting. Drone swarms can be used as decoys that can force an enemy to burn through munitions, as spies and as devastating weapons that can take out enemy soldiers and tanks in suicide missions.”

Marketing’s NEVER Moment (Part 1)

The Seeing

Every brand has a number like Maya’s.

In the fable, it was 67% — the percentage of “new” customers who weren’t new at all. They had purchased before. Engaged before. Been in the database before. Then they went quiet. Not with a dramatic unsubscribe. Not with an angry complaint. Just the most common kind of churn: silent drift. Weeks turned into months. The brand stopped appearing in their life. The customer stopped responding. And then, one day, they reappeared — not through a brilliant retention programme, but through a paid campaign. Google and Meta treated them as prospects. The brand celebrated them as acquisitions.

The junior analyst who found it didn’t discover a breakthrough insight. He ran a simple match: last quarter’s “new customers” against the historical customer file. The spreadsheet did the rest. Maya stared at the number, recalculated it twice, and asked the only honest question: “So… we paid to get back customers we already had?”

That moment — the moment the dashboard stops making sense — is what I call the NEVER Moment.

The exact number will vary by category. For some brands it’s 50%. For others, 60%. For many, it sits uncomfortably close to 70%. But the pattern is constant: a significant share of what marketing celebrates as “growth” is actually reacquisition — paying to win back customers the system already lost. The “top of funnel” is often just your back door, spinning.

And once you see it, you cannot unsee it.

What makes the NEVER Moment powerful isn’t emotion. It’s not even outrage. It’s the sudden clarity that you’ve been living with a leak so normalised that nobody calls it a leak. Marketing teams don’t set out to pay twice. Agencies don’t pitch “let’s rent your customers back to you.” Platforms don’t advertise “we’ll monetise your churn.” Everyone is doing their job. Everyone is rational. And yet the brand pays the bill for a system designed to leak.

To trigger a NEVER Moment in any company, you need four numbers — truth-serum metrics that expose what the usual dashboards hide.

  • The first is Click Retention Rate (CRR): quarter-over-quarter retention of engaged clickers. Take everyone who clicked in Q1 and ask: what percentage clicked again in Q2? Across 250 brands we’ve analysed, the median is brutal: around 20%. The inverse — the Attention Churn Rate — is 80%. Four out of five engaged customers vanish every quarter. Not from your database. From your relationship.
  • The second is Real Reach: what percentage of your list actually opened an email or WhatsApp in the last 90 days, compared to total list size? For most brands, also sub-20%. The asset you think you own — your “audience,” your “CRM base,” your “first-party data advantage” — is often a museum: large, impressive, and mostly silent.
  • The third is the Adtech-to-Martech Spend Ratio: how much you spend acquiring customers versus retaining them. For most brands, it’s 5:1 or higher. Often 10:1. The ratio reveals the dysfunction: we invest heavily in filling the bucket while barely noticing the holes.
  • The fourth is the Profit What-If: if adtech expenses dropped 50% and revenue increased 20% through better retention, what happens to operating profit? For most brands, the answer is a 2-3X improvement. Not incremental gains. Step-change improvement.

Put these numbers together and the story writes itself. Your engaged base is shrinking faster than your dashboards admit. Your owned channels are not compounding — they are decaying. And the moment that decay crosses a threshold, you don’t fix it with better content or another segmentation exercise. You fix it the only way the ecosystem reliably offers: by paying for reach.

 

Ninety days is the invisible clock. Miss a customer’s drift within that window, and your Best customer becomes a Rest customer sliding toward Test — requiring expensive platform reacquisition. Catch it, and a simple owned-channel intervention keeps them engaged at near-zero marginal cost.

The reason this hides in plain sight is structural. Attribution models reward the last touch that “converted” — and reacquisition often converts well because it targets people who already know you. Platforms profit from the revolving door. Agencies aren’t paid to measure “paying twice.” Martech vendors rarely surface attention decay. Everyone can claim progress in their slice of the system while the relationship itself quietly erodes.

And the brand ends up in a situation that sounds absurd when spoken aloud: you’re paying rent to sleep in your own bedroom.

This is what the NEVER Moment does: it turns a vague discomfort (“CAC is rising”) into a precise realisation (“we are funding our own failure”). It’s not a sales pitch. It’s a spreadsheet that makes senior leaders go quiet, because it names the thing they’ve been feeling without being able to articulate.

Once you calculate how much you’re paying twice, you cannot uncalculate it. That’s the NEVER Moment.

If you remember only one thing: 80% of your engaged customers will vanish this quarter. Your dashboard won’t tell you. Your ad spend will.

Thinks 1880

Anil Dash on Markdown: “Nearly every bit of the high-tech world, from the most cutting-edge AI systems at the biggest companies, to the casual scraps of code cobbled together by college students, is annotated and described by the same, simple plain text format. Whether you’re trying to give complex instructions to ChatGPT, or you want to be able to exchange a grocery list in Apple Notes or copy someone’s homework in Google Docs, that same format will do the trick.”

The Hindu: “Around the world, mentoring has proven to be a powerful tool for supporting young people through key transitions. Mentoring bridges the space between what systems provide and what young people need at a personal level: someone who listens, understands their context, helps them articulate aspirations, and navigates uncertainty alongside them. Mentoring has particular resonance for India because it responds directly to inequalities in access to opportunity. Our work building India’s mentoring movement through Mentor Together for over 15 years shows that high-quality mentoring significantly improves career decision-making, social intelligence, self-efficacy beliefs, and gender attitudes around work.”

NYTimes: “Proponents of prediction markets argue that the platforms are fundamentally different from gambling companies, offering a valuable new source of information by allowing people to bet on world events. Prediction markets are “the most effective way to aggregate information and the crowd wisdom,” said Tarek Mansour, who co-founded Kalshi in 2018. “People don’t lie when money’s involved. You want to be right about your predictions so you don’t lose money.””

A quote in ET: “The [Indian] quick delivery space is still very much a habit-forming market. Price remains the biggest lever to drive trials and repeat usage, especially for groceries. What we are seeing now is deep-pocketed players using discounts as a customer acquisition strategy and that’s causing pain to the larger incumbents.” Mint: “Brands spanning food, wellness, and personal care say they are now allocating up to half of their digital ad spends to quick-commerce apps such as Blinkit, Swiggy Instamart, and Zepto, as sales velocity and return on ad spends improve sharply…Quick-commerce ad spend today has surged almost 40% to nearly $700 million, compared to about $500 million in the preceding six months, Siddharth Jhawar, country manager at ad-tech company Moloco, estimated.”

NEVER: A Marketing Fable

Published February 23, 2026

Maya Sharma, CMO of a fast-growing D2C brand, is preparing for her best board meeting ever. Acquisition is up 34%. CAC is steady. The growth flywheel is humming.

Then a junior analyst asks a simple question: of the 340,000 “new” customers acquired this quarter, how many had purchased from the brand before?

The answer is 67%.

What follows is Maya’s journey through a problem no one in her organisation — or her vendor ecosystem — wants to acknowledge. She discovers that her martech stack tracks messages, not relationships. That her vendors profit whether customers stay or leave. That the entire system is designed to lose customers quietly, then charge her to win them back.

The $3.8 million she spent on “acquisition” was largely a tax — paid to Google and Meta to reach people whose email addresses she already had.

Through conversations with a fellow CMO and a different kind of vendor, Maya finds an alternative: a model built on Context Graphs instead of campaigns, BrandTwins instead of segments, and outcome-based pricing instead of fixed fees.

This fable introduces the NEVER doctrine — three principles that change how brands think about customer relationships and vendor accountability:

Never Lose Customers. Never Pay Twice. Never Pay Fixed.

Part story, part framework. For marketers ready to stop optimising a broken system — and start demanding something better.

Here (PDF).