Friday, May 27, 2016

Market Inefficiencies

Yesterday should be a wake-up call for the industry.  FC and Citizen made a bold move.  Unfortunately they are not only the pioneers in common sense, they will probably be some of the only ones making clear, informed, proactive decisions.

The industry is still jammed with people chasing pay checks instead of working to build something.  There is a huge pool of potential talent on the sales and marketing sidelines that will never be considered because they do not fit a particular mold.  So instead of hiring a new person with a different perspective, the same pool of marketing, Pr and sales "talent" keeps recycling around the system, half-assing it from one brand to another.  Sorry, but that's the reality.

So I'll leave you with two of my favorite quotes from Moneyball that truly sum-up why FC and Citizen are big winners this morning, and why pretty much the rest of the industry will continue to suck it for the next two to three years -

“Managers tend to pick a strategy that is the least likely to fail, rather then to pick a strategy that is most efficient," Said Palmer. " The pain of looking bad is worse than the gain of making the best move.” 
― Michael LewisMoneyball: The Art of Winning an Unfair Game

And one of my talking points during every consultation that I have with a brand -

“The inability to envision a certain kind of person doing a certain kind of thing because you've never seen someone who looks like him do it before is not just a vice. It's a luxury. What begins as a failure of the imagination ends as a market inefficiency: when you rule out an entire class of people from doing a job simply by their appearance, you are less likely to find the best person for the job.” 
― Michael LewisMoneyball: The Art of Winning an Unfair Game

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