Less Than 300 Project | TRADE-OFF
Business books have been a mainstay topic on the Brand Autopsy blog. We’ve done straight-up reviews, shared summaries, and done inane dramatic readings. This year, I plan to share concise summaries of most every business book I read. Concise as in... less than 300 words.
We kick off the Less Than 300 Project with Kevin Maney’s worthwhile book, TRADE-OFF: Why Some Things Catch On, and Others Don’t.
It’s common knowledge consumers make conscious decisions to trade up with some purchases and trade down with other purchases. Kevin Maney approaches this as a trade-off where consumers “make trade-offs between the fidelity of an experience and its convenience.”
Products and services with high "fidelity" have an aura about them and are valued as delivering remarkable experiences. Cost, in the broadest terms, for anything possessing high fidelity qualities becomes irrelevant. Benchmark example: anything from Apple and other brands with high margins.
On the other hand, "convenience" refers to products and services that are easily obtainable in every aspect from low cost to widespread availability. Benchmark example: McDonald’s and other low margin/big volume brands.
The worst place for a brand to be positioned is in what Maney calls the “fidelity belly.” In this spot, a brand is neither viewed as having fidelity nor being convenient, and thus has no marketability.
The best place for a brand to be positioned is either having “super-fidelity” or “super-convenience.” For those few brands fortunate to have such positioning, the difficulty comes in maintaining their “super-fidelity” or “super-convenience” status as competitors are eager to displace those winning products and services.
WORD COUNT: 194
[NOTE: I often receive free copies of biz books from publishers and publicists. However, I spent my money for my copy of TRADE-OFF.]