Media should take some cues from MedTech

The other day I was asked by Lars K. Jensen to contribute 3 tips on digital development as it relates to media to his weekly newsletter, ‘Digital Ugerevy’.

Naturally, I obliged and delivered as I try to do every time a good friend of mine asks for a piece of advice or some input. And I consider Lars to be a fellow crusader through many years in trying to breathe some new life into a super challenged industry. So I was happy and eager to help

But it also got me thinking about how different the media industry is from what I am doing today. And why it made a ton of sense to leave it for someone like me.

While there are many great things to say about the media industry, it is super hard to challenge and affect. Not because people in it have figured things out, but because they think they have figured it out – and are thus very resistant to real change.

Why? Because the media industry is an industry that puts too much weight on the ego and – more importantly – ego-driven decisions.

I guess it comes with the inherent opportunities for public exposure it offers those of its tribe that puts themselves forward and out there. It’s human, I know, but still…

In the media industry there is no real price for trying to solve a problem as seen from the end user or reader. You will likely die trying instead. Because media people just know better; they are always the smartest people in the room – or so they think.

Contrast that with MedTech which is where I am currently busy trying to build a new startup ground up:

Here there is every price for trying to solve a problem for someone who is experiencing pain, agony or whatever it might be that ails them.

Here there are no-one being smarter about how to solve problems, because those trying to do it are most often deeply invested into research where they actually value figuring things out and secure the validity of what they try to bring to market before they do it. Everything else is a ‘No go’.

Here there are no-one winning an argument with “…but we usually do it this way”, because it is essentially the same thing as saying that the underlying problem will persist, and what we’re trying to do is inherently futile – which again would lead research for better solutions absolutely nowhere.

Here there is preciously little gloating. There are few if any waiting and hoping for others to fail as we’re all on the same mission to try and improve things.

Here it truly matters what you do. It is not a game.

Here there are visions of what might be if we succeed instead of longing for the past.

And I could go on.

Honestly: Is there any reason not to say “So long, media” and refocus your energy from something futile to something deeply meaningful?

I think not.

But I am still glad to try to help out and kick the can when great people such as Lars comes calling.

(Photo: Pixabay.com)

Fan of fans

Back in 2008 me and my present boss had a great dialogue back and forth about a concept, we called “Fan of Fans”; the idea built in Kevin Kelly’s 1000 True Fans post that if you could muster enough dedicated fans, you would have the foundation for a solid business.

We bought the domain and discussed it at length, but we never followed through on it. I am not the one to say what could or could not have been, had we put in the extra mileage. But what I can say is this:

(1) The whole idea is coming back with a vengeance post Covid-19; we’re done with mindless, senseless, cheap junk. I admit, it is a prediction, but I really believe in it coming true.

(2) The idea is going to be core to a new project, I am working on, and which I very much hope, I will be able to announce very soon (aka within weeks rather than months).

Why? Because fans are important. They matter. More than anything, really.

When you have fans, you have desire, you have something other people want. Otherwise; why would they be fans, exactly? Why do huge arena concerts with big names sell out (in normal times) in minutes after tickets are being put on sale?

With fans you have a source of revenue as those desires have a tendency to be transferable into good ol’ cash. I am a big fan of LEGO. Ask my girlfriend how much LEGO I have and still buy, and how much LEGO Friends my two girls are swimming in?

With fans you have your “Why?”, your purpose. With fans you’re never in doubt as to why you are there – and what is expected of you in terms of performance and behaviour. They’re extremely vocal.

And with fans you have stamina for the long haul. I have been a fan of Blackburn Rovers Football Club for almost 30 years now, and even though we fans have been dragged through the mud, to hell and back again, we’re still there. Because that is what it means being a real fan.

Working with fans can be daunting. But it can also be easy. If you treat them as fans and realize that just as it is in business in general, the fan is always right.

Always.

(Photo: Pixabay.com)

What’s your Easter Egg?

Easter is upon us (if you subscribe to that religious belief) and with that also the hunt for Easter eggs.

If you have got any time off, now may be a good time to spend some time away from it all and contemplate what the Easter egg of your business is; that hidden gem that – when exposed – delights and fascinates your customers.

What do you have buried somewhere that you can surface just about now and put your business into another gear after Easter. A gear that will help you get through all of this?

Since you’re not going to any Easter celebrations in these lockdown times anyway, spending time pondering and getting clear on that is time very well spent.

Happy Easter!

(Photo: Pixabay.com)

Leftover crummies

Normally I try not to comment on areas that are unrelated to my daily work. But today is a small exception.

Doing some research into the coming apocalypse for 3rd party tracking and advertising, one thing struck me: In order to market something as a brand going forward, you need to have your own 1st party data. That means you need to be strong, valuable and relevant enough to build connection.

All those companies that are essentially taking the low road to everything just producing more stuff and caring more about the quick buck than building relationships will have no other option but low yield filler networks. Which means we will pay even less attention to them.

So, after all, something good is coming out of the abolishment of 3rd party tracking.

(Photo: Pixabay.com)

Infinity beats speed

Is there ever such a thing as too much of a good thing? I came to think about it after following a discussion on Twitter about how news media may have been a contributor to their own digital demise by doing too much – or rather: publishing too much – rather than too little.

The argument against publishing, publishing and publishing more is that by betting on speed and volume, quality goes down. The finished product becomes thinner, offers less value to readers, which again drives down engagement, advertising revenue and – crucially – the likeliness of subscribing for a fee.

On the other hand, media execs may argue that there are great examples of great businesses being successful based on an abundance of content. Netflix is perhaps the best example, where precisely the vastness of the catalogue is a big reason to describe.

Here it is just worth noting that while shows on Netflix predominantly age well and stay relevant, the same cannot be said about news media. So when we compare the two, we’re comparing the value of infinity with the value of sheer speed. And here infinity always wins.

(Photo: Pixabay.com)

Will they pay?

One of the things that always concern me about doing B2B related products and services is that the user is almost always different from the one who is actually paying the bill. What might constitute a problem for someone down in the organization can be totally overlooked at C-level, making it super hard to get the good solution in the hands of the people who actually need it.

I think there are several ways to try to deal with this. One is the obvious one: Make the solution so inexpensive that it falls well within the limits of discretionary spending that people in the organization may have. In other words: Give them the opportunity to buy it themselves.

The other one is more of a workaround but nonetheless important: Develop the pitch for the C-suite and KNOW full well that aside from having to convince your users, there is a key task in being able to make the hard sell where the money is. If that is where it’s at, it should be as important for you as building the product itself.

(Photo: Pixabay.com)

Get value from values

What does it mean to have something of real economic value that customers want? Is it to have the best product within a category worth an extra charge, or is it to have a product that sits so well with the belief system of the customer that they are willing to pay a premium price for?

Luckily, it seems to be the latter. And it is great for a couple of reasons.

First of all, it vindicates those who strive for domination within a niche by building run-of-the-mill products that are just cheaper for customers to buy. Personally, I have never been a big fan of competiting on price because I don’t fance the end game; essentially free offerings. Second, I find it reassuring that despite everything else that is going on, customers are still looking to pay decent money for offerings that fits well with their personal belief system(s). This should be a welcome call-to-arms for everybody working on making customers better off.

(Photo: Pixabay.com)

Use the ecosystem

Greg Satell makes a very important point when arguing that even the best ideas cant’ make it on their own – they all need an ecosystem to thrive. Without they risk losing out to lesser ideas properly seeded through various channels. And that is – often – a real shame.

The point is worth mentioning because a lot of people with great ideas are very protective of them. For one, they fear someone will steal their idea, while in reality there are most probably already at least one or two competing teams working on the same thing somewhere in the world. Second, they want the most possible ownership to the idea, fully forgetting that it’s better to have 50 percent of a winner than 100 percent of a loser.

From all my experience in working with partnerships and – by extension – ecosystems, it seems to me that people still don’t really ‘get’ it when it comes to creating win-win relationships. If you start to think about it, it is a scary amount of potential value creation that gets left on the table every single day.

(Photo: Pixabay.com)