An important aspect of understanding your business ecosystem is knowing your position within it (positioning), whether you hold a higher or lower (subordinate) role, and whether your offerings are substitutes or complements. Netflix started as a DVD rental service. With the rise of online streaming, Netflix saw it as a replacement for DVD rentals. Kimbap and Ramen are complementary goods, but Ramen and Udon are substitutes. This is why, even when setting up a snack bar, paying attention to the menu is crucial. Complementary goods increase sales, while substitutes are more likely to lead to no change or even a decline in sales. - Joseph’s “just my thoughts”
The scariest customers in the world are regulars, not picky or complaining customers. Regulars pay a fair price. However, there is no such thing as ‘natural’ in the world. When regulars change their minds, not only do businesses suffer significant financial damage, but they also suffer emotionally. There are traps in naturalness, seeds of failure, and wounds caused by conceit. The older and closer people are, the more cautious you should be. - Joseph’s “just my thoughts”