Kevin Maney Quotes About High Fidelity
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In the long run magazines can't be a convenience play - the Web has stolen that. So magazines have to be high fidelity - a fantastic experience - to thrive. Magazines will survive the Internet age, but only the ones that give people an experience they just can't get anywhere else. A magazine will have to be truly loved to make it.
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Every purchasing decision involves a trade-off between what I call fidelity and convenience. Fidelity is the total experience of something - how great the experience is. Convenience is how easy it is to get something. A live concert is a high fidelity way to experience music; an MP3 file is a high convenience way to experience music. Depending on the situation, one or the other is probably pretty appealing. What's not appealing is something that offers neither.
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If you want to stand out, find a way to be either high fidelity or high convenience in whatever you do. If you're halfway in between on both measures, you're not going to make people feel very excited about you.
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If you spot a market where the only choices are at either one end or the other - high fidelity or high convenience - there's probably a big opportunity at the other end. That was the opening for Federal Express, for instance. When it started, there was only one mail service in America - the US Postal Service, which was high convenience. Fred Smith created a high-fidelity mail service.
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High fidelity is a rich experience, and you'll put up with terrible convenience to get it - maybe it's high cost, waiting in line, jumping through hoops. High convenience is the opposite - it's a commodity, but it's cheap and easy and ubiquitous. A great exclusive boutique shop is high fidelity; Wal-Mart is high convenience. Both are hard to establish in their own way. The thing to remember about sustaining either is that you can't sit still. Some other entity will always find a way to challenge your fidelity position or your convenience position.
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