Content Discovery Smackdown: Hootsuite vs. Buffer vs. KloutContent Marketing Minds: Ingredients of the Tastiest Content [Nutrition Label]From the Corn Field to the Digital Era: Content Marketing Starts with TrustContent Marketing: Is 2014 Really Shaping Up to Be the Year of Video?
Your Customers Aren’t Listening! How to Create Consumer Dialogue that Converts4 Tools for Nonprofit Social Listening and Reputation ManagementThe Promising Role of Social Listening in Treating Health IssuesThe Importance of Social Listening for Brands
- Public Relations
Facebook Testing a Way for Users to Buy Products on the Platform7 Website Tips to Attract More Shoppers to Your PagesHow eCommerce, Augmented and Virtual Reality Will Redefine the Retail ExperienceSearch Query Analysis to Increase eCommerce Website Conversions
- Content Marketing
Technology & Data
Social Startups: Bizible Connects All the Dots from Marketing Contributions to RevenueCreating the Perfect Profile for Your Social Media Marketing EffortUsing GPS and Localization for Social AnalyticsAnalytics and Prospect Intel: Discovering Your Ideal Prospect
- Big Data
- Tech & Innovation
3 Security Risks You’re Taking Every Day While Using Social MediaShould the President Have the Power to "Pull the Plug" on the Internet?How Safe is Your WordPress Website From Hackers and Other Malicious Attacks?
- Software & Tools
- Small Business
- Social Organization
Celebrating the Grand Re-Launch of Social Media Today! SBH Podcast Episode 8Why Should You Care If Your Employees Are Thought Leaders?Beyond Engagement: The Art of Managing Social-Media Risk in Employee Advocacy
Why All-in-One Social Media Management Systems Don't Cut It for Social Customer ServiceWhat You Should Know About Customer, Digital, and Contextual ExperienceSurging into Q3: How to Make It Better Than Q2Is How You Serve Your Customers Costing You Business?
Join us September 15th in Atlanta for The Employee Advocacy Summit and learn how to unleash the power of your employees.
Post your event here and we'll share it with our community. If one of our members is featured, we'll promote as well on their profile.
- Marketplace & Webinars
The SMT Marketplace
Your resource for exclusive content and insights from Social Media Today, and opportunities to reach our community of professionals.
The Social Business Book Club brings you books, discussions, and insights from today's to business thought leaders.
Join interactive talks and and panel discussions with leading thinkers and practitioners on social media and networked business, or browse the catalogue of recorded sessions - all completely free.
Reach Social Media Today's community of marketing and communications professionals in an editor-approved context with a native advertising package.
1 in 128 Billion: A Slam Dunk
Posted on January 23rd 2014
|Warren Buffett (via Forbes)|
These are the odds of winning the $1 billion that Warren Buffet and Quicken Loans ponied up for the NCAA hoops genius who correctly picks the "perfect March Madness" bracket. Not only will Mr. Buffet and Quicken Loans not have to make a payout anytime soon, but the publicity this little PR promotion has and will generate will more than compensate for the time and effort spent to develop and announce the "contest."
The Atlantic's Derek Thompson queried Quicken for an explanation:
"Why offer $1 billion for sheer dumb luck? I've called and emailed Quicken Loans for a response. When I get it, I will tell you. But I have a pretty good guess: They are offering to pay $1 billion, because they know they will never have to pay $1 billion."
Here's how the paid press release read:
DETROIT, Jan. 21, 2014 /PRNewswire/ -- Detroit-based Quicken Loans, the nation's fourth largest mortgage lender, has joined forces with Warren Buffett and Berkshire Hathaway to offer a chance at a $1 billion prize for completing the perfect bracket in this March's men's college basketball championship tournament.
Any qualified entrant who correctly enters the contest and predicts the winners of every game in the tournament will share the total $1 billion prize paid in 40 annual installments of $25 million. Alternatively, the winner(s) may elect to receive an immediate $500 million lump sum payment or share in that lump sum payment if there is more than one perfect bracket submitted.
Unlike the mega-millions lottery in which someone inevitable guesses the right numbers, this contest is doomed from the outset. Thompson continued:
"Those odds are 1 in 128 billion, according to DePaul math professor Jay Bergen. (Some outlets are quoting 1 in 9.2 quintillion, but that assumes that all 63 games are 50-50 toss-ups, which they're not. For example, Number 1 seeds just about always advance to the second round.) If everyone in the United States filled out a bracket, Chris Chase calculated, we'd get a $1 billion winner every 400 years."
So let's forget about the benevolence (and sense of fairness) perpetrated by Quicken Loans and Mr. Buffet who, frankly I'm surprised would allow his name to be leveraged in this fashion. Actually, Derek, the impetus has more to do with the free ink and airtime spawned by this ruse than the prospect of crowning a winner. Here's a sampling of the coverage to date:
- Bloomberg BusinessWeek
- Business Insider
- Bleecher Report
- NY Daily News
- CBS New York
- USA Today
- too many more to list...