Written by: Vickie Sullivan | February 27, 2020
When Market Dynamics Aren’t In Your Favor, Change the Rules
What can you do when you’re on the losing end of a competition? Change the rules. And it’s doable when you are a big player on the scene. Exhibit A: Streaming services are recalculating what constitutes a hit show.
Redefining success is very effective. Let’s drill down on two tactics streaming services are using that all thought leaders can use:
• Change the calculation. The article notes two developments: Netflix gave viewership data but didn’t disclose how that was calculated. Other streaming services abandoned the data altogether. Key message: In a fast-changing marketplace, there’s no law that says you have to apply past standards to your impact.
• Introduce what’s important now. Note that when viewership is no longer disclosed, something has to take its place. (The market won’t stand for a vacuum.) In this case, it’s rave reviews. Ask yourself: What rule can I introduce? The key is to build a case for credibility.
Listen: Make Your Redefinition Credible
Sometimes market dynamics are not in your favor. That doesn’t mean you have to play the game, though. You have more power to change the rules than you think. You just have to make sure how you define our impact makes sense.
Now Read This:
- Is It Time to Change Your Toolbox?
- Your Position of Power: Packaging Your Expertise for High-fee Markets