"There are media businesses that are growing very well and others that are in great trouble. This was completely predicted five years ago… The ones that are in trouble should have done a five year plan and said, 'Holy cow, what are we going to do?'"
Key highlight
"My problem with most strategy conversations is that they're always inward out. Work very, very hard to figure out what the world's going to look like in five years… and spend an awful lot of time on that. Then take a look at your offerings."
Highlights (4)
Start strategy by mapping the future world, not your product: what customers will want, where costs will be, what infrastructure (networks, phones, apps) will look like. Only then look at your current offerings.
"Almost nobody does a 5-year plan. Most businesses do a 1-2 year plan." The gap between a 2-year and a 5-year horizon is where companies get blindsided by changes that were actually foreseeable.
Inward-out strategy — starting from your existing products and asking how to extend them — is the default mode and the wrong one. It anchors you to what you already sell instead of where the customer is going.
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