As far as movie-watching goes, this is a “high-fidelity” experience.
The sound, screen, and overall experience are about as immersive as it gets. Definitely worth the inconvenience of driving, parking, waiting in lines, and paying premium prices for otherwise commodity goods (popcorn, etc.).
But sometimes, you just want to watch a movie in the comfort of your own home.
No leaving the house, no babysitters, no need to fight crowds or pay a premium. It’s the ultimate in convenience.
In the book, Trade Off, by Kevin Maney, the author argues that customers are always making this choice between experience and convenience.
He argues that the most successful companies are selling either the highest “fidelity” (IMAX) or the most convenience (Netflix).
I’ve thought about this a LOT since reading the book, especially as it relates to coworking. I even talked about on stage at last year’s GWA conference.
The main takeaway was that when you land somewhere in the middle between convenience (low price, location, ease of access, etc.) and fidelity (experience, identity, etc.)—relative to other options—you will struggle mightily.
In other words, the most successful companies sell products and services at the edges of either convenience or fidelity.
And the more I think about it, the truer it seems.
To keep this short, I’ll share another story with you tomorrow to better demonstrate how being in the middle can kill your business.
Stay tuned for that.