The Power of Objectivity and Curation in Business Strategy

The Power of Objectivity and Curation in Business Strategy

Introduction:
In the ever-changing landscape of business, it is crucial to learn from both successes and failures. Two distinct articles, "What We Can Learn From Netflix’s Failed Social Strategy" and "Curators Are the New Creators — Mirror," offer valuable insights into the importance of objectivity and curation in shaping successful business strategies. By examining the common threads between these articles, we can uncover actionable advice for businesses looking to thrive in today's digital age.

Objective Goal and Clear Objectives:
One of the key takeaways from both articles is the significance of setting an objective goal and establishing clear objectives. Netflix's failure in their social strategy stemmed from their inability to recognize the diminishing value of their proxy metric. They failed to question their investment decisions and instead focused on small wins that clouded their judgment. To avoid such pitfalls, it is essential for companies to evaluate their investments objectively, asking themselves, "Given what we know today, how much should we invest going forward?" Setting clear objectives guards against youthful enthusiasm and ensures a disciplined evaluation of a project's merit.

The Power of Curation:
The concept of curation emerges as a powerful tool in the current media landscape. As the abundance of content grows, attention becomes the real scarcity. Consumers are overwhelmed with information and seek out individuals or brands that can curate and filter content based on their tastes and interests. Curators are the new creators, and consumers are increasingly willing to pay for high-quality curated content. Businesses can capitalize on this trend by building a targeted online presence and providing curated content to their audience. Curation not only saves consumers time but also builds a sense of community around a particular subject or vertical.

Overcoming Biases and Pride of Ownership:
Netflix's persistence in their failed social strategy highlights the biases that can cloud human judgment. Passion and hope can often overshadow a disciplined evaluation of an idea's merit. It is crucial for businesses to temper their pride of ownership and objectively assess the value of their projects. Taking a step back to reevaluate, discounting executive-level support and conventional wisdom, can lead to better decision-making. By focusing on the idea rather than the source and acknowledging the challenges of inventing the future, businesses can avoid the pitfalls of holding onto unsuccessful endeavors.

Actionable Advice:

1. Set clear objectives and evaluate investments objectively, considering the current knowledge and future potential.
2. Embrace the power of curation by building a targeted online presence and providing curated content to your audience.
3. Overcome biases and pride of ownership by taking a step back and reevaluating projects, focusing on the idea's merit rather than personal attachment.

Conclusion:
The lessons derived from Netflix's failed social strategy and the rise of curators as the new creators provide valuable insights into shaping successful business strategies. By remaining objective, setting clear objectives, embracing the power of curation, and overcoming biases, businesses can navigate the ever-evolving digital landscape with greater success. In the golden age of new media, it is crucial to adapt and innovate while keeping the customer's needs and attention at the forefront.