This is the best business strategy
This is the best business strategy
Here’s a case study of Google. Yesterday they announced that they will soon shutter YouTube stories. When they announced Stories, they pushed them hard, but now, not very long later they are shutting them down.
This happened before. Hasn’t it?
❌ Video Editor
❌ Annotations
❌ Star Ratings
❌ Custom layouts for channels
❌ Subscriptions
❌ Video Responses
❌ Private Channels
❌ Sidebars
❌ Comments (from kid's videos)
❌ Miniplayer
❌ Featured Content
❌ Honors
❌ Dislikes
❌ Groups
❌ Private messages
❌ YouTube friends
❌ Liked videos
I made this long list purposefully. Just wanted to show you many experiments YouTube has done and removed them when they didn’t get results or when the market changed.
Is there a learning opportunity for us somewhere here?
The best brains in technology and business can’t predict what actually works.
The only credible strategy is to keep throwing a lot of things at the wall and waiting for the one that sticks.
It’s the same for Facebook, Twitter, and every other business out there. We are just able to track them better because they are in 24x7 public scrutiny.
So why are some entrepreneurs still fixated on finding that ‘one big idea’? Why not generate a lot of ideas, execute them, and scale the ones that work?
Experiments are the soul of business. I firmly believe that and even though I have a much smaller organization and team; I try to execute as many experiments as I can and keep the ones that seem to work.
Most of them don’t.
A practical hit rate is about 20%. 80% don’t work, 20% work and about 5% become scalable. It’s the same for me and I dare say, it’s the same for YouTube and Facebook.
The game-changer is running into an experiment that you can really scale. Like the ‘Pagerank’ experiment that Larry Page did when he founded Google.
What do you think about this? Are you an experiment-maker? Do share what strategy has worked for you.
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Got questions? Talk to my live chat or write to me. I make sure you are heard
Cheers!
Your best friend in the business
Cyril “Jeet”
Of Teknikforce.
