Goldman Sachs cuts India’s economic growth forecast to 5.9% for 2023

In response to rising borrowing costs and dwindling gains from the pandemic reopening, Goldman Sachs Group Inc. cut its prediction for India’s economic growth in 2023.

According to Goldman analysts led by Andrew Tilton, the gross domestic product may increase by 5.9% in the calendar year 2023 from an anticipated 6.9% this year.

AWS recorded its weakest growth to date and missed analysts’ estimates

Amazon’s AWS recorded growth of 27.5%, falling short of analysts’ expectations. It’s the group’s slowest expansion at least since 2014, when Amazon began disclosing the group’s financial information.

According to a statement, AWS’s revenue came in at $20.5 billion when analysts had predicted $21.1 billion. Presently, 16% of Amazon’s overall revenue comes from AWS.

YouTube Ad Revenue Growth Declines 1.9%

YouTube’s ad revenue dropped 1.9% YoY to $7.07B in Q3, below expectations of $7.42B and representing its first year-over-year drop in at least two years.

We’re sharpening our focus on a clear set of product and business priorities,” Sundar Pichai.

How to be a better copywriter

The single most powerful habit for personal growth:Journaling: Here is how to really do it

The single most powerful habit for personal growth:

Journaling.

Over the past 5 years, I’ve journaled every single morning—and along the way, I’ve:

• Answered over 1,000 questions
• Tested every app, pen, & notebook

But I always return to a pen, paper, and these 5 prompts:

For notebook & pen, I use:

• Muji 0.5 pens
• Leuchtturm1917 soft-covers

(More about these at the end!)

For my prompts, I use:

• The 80/20 Audit
• The Morning Kickstart
• The Evening Shutdown
• The Bottleneck Analysis
• The Compounding Projection

Let’s dive in to each:

Prompt 1: The Morning Kickstart

My current morning routine:

• Make a fresh double espresso
• Crack open my notebook
• Brain dump answers to 5 questions

But here’s the catch: I set strict limits.

No one has time to write a novel every morning—so here’s what I do instead:

I start with 5 questions:

• What’s 1 thing I’m grateful for?
• What’s 1 thing I’m excited about?
• What’s 1 virtue I want to exhibit?
• What’s 1 thing I’m avoiding?
• What’s the 1 thing I need to do?

But I set a 5-minute timer.

And each question gets 1 sentence, max.

This prompt covers all of the bases:

• Present moment gratitude
• Future excitement for the day ahead
• Reminders about the type of person I’m trying to become (and avoid becoming)

And it ends with a reminder of the 1 most important thing I need to today.

Now for evening:

Prompt 2: The Evening Shutdown

Just like the Morning Kickstart, this one has to be quick.

So I set a 5-minute timer and answer:

• What were my biggest wins of the day?
• Did I have any major realizations?
• What’s on the agenda for tomorrow?

Here’s why I chose these:

By recapping the my biggest wins & realizations, I keep a ledger of:

• The good things happening in my life
• The things I’m learning about myself & the world

And by brain dumping bullets on the day ahead, I go to bed with clarity, letting my subconscious work overnight.

Prompt 3: The Bottleneck Analysis

This one is the single prompt that has most accelerated my personal growth.

And it has 2 questions:

1. What’s the biggest bottleneck to achieving my next goal?

2. Why aren’t I working on it today?

Here’s why it’s so effective:

This prompt forces you to confront the brutal truth over the comforting lie.

The truth is, you know exactly what you should be doing.

So—stop looking for new things to do.

• No shiny objects
• No new books
• No new apps

Instead, do the things you know you should be doing.

Prompt 4: The 80/20 Life Audit

First start with 2 lists:

• Where am I feeling satisfied?
• Where am I feeling dissatisfied?

Brain dump anything and everything—health, finances, relationships, career, spirituality, get it all onto the page.

Then, take each list and analyze:

Our goal is to find the 20% of:

• Places
• Habits
• People
• Beliefs

That are leading to 80% of the positive & negative results.

This is the 80/20 rule in action.

And this reflection will make it painfully obvious which handful of things are driving your results.

During this reflection, patterns will emerge.

The same people, habits, and beliefs—all leading to your best and worst results.

From there, your goal is to:

• Double down on the 20% positive
• Ruthlessly eliminate the 20% negative

The result?

An instant life upgrade.

Prompt 5: The Compounding Projection

It’s cliché, but all successful outcomes come from compounding.

Our success (or failure) is a result of tiny, daily actions compounded over time.

But in the moment, it can be hard to gauge your progress.

So ask yourself these 2 questions:

1. If I repeated every action I took today, every day for a year, where would I end up?

2. Is this the place I want to be?

If you’re confident in your current path, this prompt will help you be more patient.

But if you’re on the wrong path, it will help you course correct.

And that’s it!

These are the 5 prompts I come back to time and time again.

• The 80/20 Audit
• The Morning Kickstart
• The Evening Shutdown
• The Bottleneck Analysis
• The Compounding Projection

And they always leave me with a feeling of elite clarity.

If you enjoyed these prompts:

1. Follow me @dickiebush for weekly threads on digital writing, digital leverage, & personal growth.

2. Retweet these prompts to save them for later and help others find them as well.

Here’s the link to the top tweet:

https://twitter.com/dickiebush/status/1572970423935008769?s=20&t=v9eqxdO_UiC5DS-3C-D9fA

From the looks of it, people enjoy journaling prompts!

So I’m going write a Deep Dive into my journaling process for creative idea generation.

45,158 savvy writers will receive it in their email inbox—join them and subscribe here:

https://digitalwritingcompass.com/

Follow: @dickiebush

[Via]

From Growth at all costs to profitable growth, Lessons learned from Gusto

As head of marketing at Gusto I shifted us from “growth at all costs” to profitable growth.

ARR grew 100x in 4 yrs while CAC <12 mos.

Now every company is asked to do the same.

I shared how we did it in a recent talk to @ycombinator & @sequoia founders.

Here’s the summary:

First, let’s take a step back.

It’s no secret that investors—public or private—are no longer rewarding growth at all costs.

In public markets, the index of unprofitable tech companies has fallen twice as much as Nasdaq.

Now CAC, burn multiple and profitability are king.

Here’s what’s going on in a typical board room right now:

  • Board: Capital is now expensive. You need a path to profitability.
  • CEO: We need to grow more efficiently.
  • CFO: Marketing spends a lot. What parts drive revenue?
  • CMO: It’s hard to pinpoint
  • CFO: Let’s cut it all

6 months later: growth is dead.

Here’s the conversation at the next board meeting:

Board: Why aren’t you growing faster? Your competitors are outpacing you.
CRO: We don’t have the pipeline.
CEO: Let’s hire a new CMO.
CFO: crickets

Why does this conversation keep happening?

For a decade we’ve built ad-centric growth engines that wasted $19 out of every $20.

You can’t just take out a scissor and cut your way to profitable growth.

Most Exec teams eventually find this out the hard way.

At Gusto I learned that growing at all costs is fundamentally different than growing efficiently.

Companies need to change 4 things:

  1. Shift to program-level CAC
  2. Invest in conversion, not just demand
  3. Launch new programs iteratively
  4. Design an operating cadence
  5. Shift to program-level CAC

To drive profitability, you have to understand CAC at the program level, not overall.

Build realtime infrastructure to see conversion and CAC for expensive programs like ads.

Calculate CAC quarterly for smaller programs.

Cut/optimize constantly.

You can have a finite number of “influencer” programs that accelerate (but don’t generate) revenue. e.g. content that nurtures deals.

Use a revenue attribution model for these programs since program-level CAC won’t give the full picture.

Fold the cost into overall CAC.

  1. Invest in conversion, not just demand

There are 2 growth levers.

Demand helps you get in front of the right buyers. CPC = $$$

Conversion gets them to buy your product. CPC = 0

At Gusto we built a growth engineering team to drive conversion. The ROI justifies eng salaries.

When I first took over Gusto’s marketing, ~100% of our spend went into generating demand (ads, content, PR). CAC >20 months.

We redirected ~50% of budget to conversion and analytics. CAC <12 months & ARR grew way faster.

Don’t just cut. Reallocate budget to efficiency drivers.

  1. Launch new programs iteratively

All new programs require optimization to become profitable. Most never do.

Fund experimentation liberally, but in small amounts (<$50k).

Define a gate to get additional funding in 3 months. Cut programs that don’t hit the target.

  1. Design an operating cadence

Create quarterly goals across GTM teams, and turn those goals into weekly targets.

Design a system of weekly and quarterly meetings and dashboards to track progress and course correct.

Bring finance, sales and marketing leaders together weekly.

Technology can greatly accelerate these efforts, especially for high ROI but high effort areas like conversion.

This problem is near and dear to my heart.

After slogging through this for years, we decided to build Mutiny – a platform that does this automatically for everybody.

There is an entire ecosystem of companies that are helping drive efficient growth.

Among the most valuable are data and analytics companies such as Clearbit, 6sense, Segment, Amplitude and Snowflake that enable clean GDPR-compliant data to power personalization and conversion.

CFOs & CEOs should partner with the CMO to understand their growth levers, cash guzzlers & efficiency drivers.

Reallocate your budget & team to drive efficient growth from the ground up.

Otherwise you’ll throw the baby out with the bath water & your company will pay the price.

Startups should focus on growth and profitability: Nandan Nilekani

I think the question of growth and profitability comes only if the basic unit economics are not correct. But if your unit economics are such that you are making money on every sale, you are going to do both, grow and be more profitable. If you get that right, the rest follows. said Nilekani.

YouTube Shorts witnesses 135% growth in one year

  • Alphabet-owned YouTube saw views of videos of less than 1 minute jump 135 percent between the second quarter of 2021 and Q2 of 2022.
  • Videos of less than 1 minute comprised only 11% of YouTube traffic this quarter two years ago; as of July 1, those brief videos comprise 57% of YouTube views.

India’s GDP Growth to be fastest in Asia in FY23: Morgan Stanley

  • According to analysts at Morgan Stanley, India’s GDP growth will average 7% during this time, which is the strongest among the largest economies, and India will contribute 28% and 22% to both Asian and global growth, respectively.
  • India’s GDP growth: Key Points According to Chetan Ahya, chief Asia economist at Morgan Stanley, the most significant change in India’s structural narrative is the obvious shift in policy emphasis in favour of increasing the economy’s productive potential and India’s GDP growth.

Lenovo records slowest revenue growth in nine quarters

  • Lenovo Group, the world’s biggest maker of personal computers, reported flat revenue for the April to June quarter when many Chinese cities were hit by COVID-19 lockdowns, marking its most subdued result in nine quarters.
  • Total revenue during the period was $16.96 billion, up 0.2% from the same quarter a year ago though it was in line with an average Refinitiv estimate of $16.87 billion drawn from seven analysts.

Facebook’s growth woes in India: too much nudity, not enough women

Facebook’s growth began plateauing last year, when it added a few million users in the space of six months in the country of about 1.4 billion people, significantly lagging sister apps WhatsApp and Instagram, according to the report, which noted: “FB has grown more slowly than the internet and other apps.”

Obstacles included nudity content, the perceived complexity of its app design, local language and literacy barriers and a lack of appeal among internet users seeking video content.

Indian EV Startup Ather Energy Witnesses Over 400 Percent Revenue Growth for FY22

Bengaluru-based EV startup Ather Energy reported Rs 408.5 crore in revenue for FY21-22, up 411.9 percent compared to Rs 79.8 crore reported in the previous year. It sold 23,408 units of its two-wheeler electric scooters in FY22 compared to 5,523 units sold in the previous year.

Nearly 51 percent of its retail network is in south India, followed by the west (21 percent), north (20 percent) and east India (9 percent). These cities have a healthy mix of Tier I, II, and III cities, with an extremely encouraging response from smaller towns.

 

Over 90% of US Companies Accepting Crypto Payments Witness Sales Growth

In a research titled “Merchants Getting Ready for Crypto” published on June 8 by Deloitte, 87 percent of U.S. retailers believe that businesses who accept digital currencies have a major competitive advantage over their rivals. Companies (93 percent) that accept cryptocurrencies as a preferred payment method have reported significant gains, including an increase in revenues and a boost in their brand impression.

Crypto Needs 5-10x Growth to Become an Inflation Hedge, Says Coinbase CEO

Comparing the current bear market to the previous ones, Coinbase CEO Brian Armstrong said in his latest interview that it had shown vastly different characteristics this time. He believes the total market cap of cryptocurrency probably needs to increase 5 – 10x to make the asset class a hedge against inflation – a view commonly advocated by some crypto experts.