The video excerpt discusses a shift in business strategy, exemplified by a hypothetical scenario involving McDonald's. The core argument is that businesses are increasingly optimizing for efficiency by focusing on customers who interact through low-cost channels, such as ordering via screens, rather than seeking out broader customer bases who might benefit from their products or services. This approach prioritizes cost-effectiveness in customer acquisition and service delivery over exploring new market opportunities. The speaker suggests that this focus on efficiency, driven by the desire to serve customers through screens because it's cheaper, leads to defining the customer base by their willingness to engage through these specific, low-cost channels. This contrasts with a more traditional approach of using available media to find and attract customers who could benefit from the offering, even if it involves higher initial costs. The underlying concern is that this optimization for efficiency might be hindering the pursuit of broader opportunities.

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Now let's imagine if McDonald's, well, I think they've done this a bit, started saying it's cheaper to serve people on a screen than it is to serve people face to face. So in future, we're only interested in people who will order on a screen. Okay.

You're defining your customer, your customer base, by who will click with ads in low-cost channels. You're not actually saying who could potentially benefit from having this product or service. Let's go out and use whatever media is available to go and find them. And in some cases, it'll be a bit expensive.

Instead, people are optimizing for efficiency, not for opportunity.

[Music]

How to find my audience?

Now let's imagine if McDonald's well I
think they've done this a bit started
saying it's cheaper to serve people on a
screen than it is to serve people face
to face. So in future we're only
interested in people who will order on a
screen. Okay. You're defining your
customer your customer base by who will
click with ads in lowcost channels.
You're not actually saying who could
potentially benefit from having this
product or service. Let's go out and use
whatever media is available to go and
find them. And in some cases it'll be a
bit expensive. Instead, people are
optimizing for efficiency, not for
opportunity.
[Music]

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How to find my audience?

Transcription