What Time’s “5 Things” Can Teach Us About About Web 2.0
I saw this story from Time Magazine via Techmeme today. The story, titled “5 Things That Went From Buzz To Bust,” is basically an apology from the publication for getting it so wrong. As I read each item on the list, keywords would pop in my mind. Here’s the list, with the first word that came to my mind next to it:
SNAKES ON A PLANE, AUDIENCE DISEMBARKS — Catchy name
IF HE DID IT (OJ Simpson) — Controversy
STUDIO SCHMUDIO — A sure thing
TO PLAY’S THE THING (PS3) — Expensive
IT ALL WENT DOWNHILL SO FAST — Again, a sure thing
I think there are some lessons to be learned here that we can use in our Web 2.0 world.
Build buzz with a catchy name, but deliver
I have believed that it’s 10% what you say, 90% how you say it, so branding is very important to me. We spend a lot of time, energy and resources into branding our ideas and projects, but no matter how perfect we get the brand, none of that matters if we don’t deliver with a killer product or service. Plus, no matter how right you think you have it, you can never account for the shifting tides of the public’s demeanor. In short, your audience is fickle.
Stay nimble and open to change, have a Plan B
You never know when the world will change dramatically. You should always leave room to grow/change. In much the same way that Studio60 and Bode Miller have failed to meet expectations, it just makes sense to me that we run the risk of failing when we top load an idea with a ton of hype, release it and find its reception flat. Public relations and brand building takes some throttling. Build some buzz, but first among early adopters who can give you valuable feedback, then to a broader audience who are less willing catch what you’re pitching.
Controversy can be good, but don’t be evil
I’m glad the OJ interview got canceled, because that type of gratuitous controversy is bad for the world. But there’s a type of controversy that gets people talking and debating. Being controversial will get you feedback faster than beta testing, but be prepared to listen and make changes. No matter how far you go down the wrong path, it will always be the wrong path.
Listen to Chris, freemium works
Now, of course Sony can’t offer the PS3 for free, but for a moment, imagine if they could or were forced to. How different would the product be if people had to try it out before they made the decision to buy? Sony would probably invest a lot of time into making the product incredibly user friendly and widely adoptable. Or maybe Sony knows exactly what it’s doing, and is catering a select group of gamers.
In the Web 2.0 context, pricing is very important, and it wouldn’t matter how amazing something was if it were too expensive. The reason, I think, is because there are tons of smart people in Web 2.0 that can undercut just about anything. This is why the freemium model is so popular among Web 2.0 startups, and it really addresses why all of the things on Time’s list went bust. A freemium model:
Forces a catchy name (Snakes on a Plane) to deliver, or else it would come as no surprise went it fails;
Checks controversy because no one will support (pay for) an idea that is evil;
Will tell you how much of a sure thing you have by how many people convert to paying users or abandon your service;
Allows everyone to at least get a taste of what you’re selling without being put off by the price.