Book Review of Trade-offs by Maney. Read it on Amazon
Is there a magic formula for success? This author suggests that successful products and companies know that they must choose between Fidelity and Convenience. Fidelity refers to outstanding quality that might be difficult to obtain, but is worth the effort. Convenience is, well, just what it sounds like, easy to obtain or less expensive. Harvard is fidelity, University of Phoenix is convenient. One is not better than the other, they just fill different niches.
There are two difficult areas on the scale between fidelity and convenience. The first is the fidelity belly, where most companies and technology start. The Kindle is in the belly right now. It is cool to use, but still expensive and not very convenient. Either the technology will improve or the price will come down for the kindle to become more convenient.
The second dangerous area is the mirage that a company can be both high fidelity and highly convenient. Starbucks tried this and has diluted their brand. At first Starbucks was high fidelity, a Starbucks cup meant that you had been somewhere special. Then something changed, Starbucks appeared on every corner and became convenient. They lost their aura of fidelity. Aiming for the fidelity mirage they ended up in the fidelity belly. Success is usually obtained if products of companies possess Super fidelity or Super convenience, they cannot have both.
This formula might be simplified, but it does make a great deal of sense. Target is convenient, Nordstums has fidelity. Both are successful, but for different reasons. Companies that try to be both usually fail. Imagine if the University of Phoenix tried to become the Harvard of the west, or if Harvard had extension campuses in every state. Neither concept would work. The best advice is to pick one and do it well.
This book is an enjoyable read with solid examples and advice. I recommend it to anyone running a company, non-profit or institution, or developing a product. It is also a good read for anyone interested in marketing or cognitive psychology.