Transcription
Well, the great thing about fame is you discover customers you didn't know you could have.
Okay, I bought this thing. Okay, now you can't market it this way. Samsung Galaxy Fold. I'll be absolutely honest with you, right? I bought cuz I'm old and I can't see anymore and I keep going. I'm on this phone. Hell does that say? Oh, I know. I'll open it up. Oh, it's nice and big. You can't market it to old people. Okay. But if lots of old people have heard about it, they'll go, "Oh, that's just what I've been looking for."
Now let's imagine if McDonald's 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. You're losing a whole load of customer. Okay, slightly less efficient, slightly less profitable custom, but who knows? Okay, and your occasional customers are really valuable. And your occasional customers will go, "What is this screen? Can I have a Big Mac, please?"
Now, what's happened in the media world is you're you're defining 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 and in some cases it'll be a bit expensive. American Express was built on direct mail, not a cheap medium. Most charities actually exist because of physical direct mail.
Instead, people are optimizing for efficiency, not for opportunity. And they're going, "We're only really interested in these customers we can get really cheaply." You'll start to define your customer base by the people who will click on your ads in expensive ways rather than those people with whom you can embark on a profitable relationship over time by becoming part of their solution set.