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”
Previously, the medium held exclusive power over the message, making its truth unquestionable. Now, with digital technology enabling individual media creation, anyone can craft a message. Essentially, messages have transformed into their own mediums. When you produce a shareable message, you effectively become a medium yourself. However, the significance of sending messages is often overlooked. The perceived value of a message shifts dramatically when people trust the messenger’s identity. Therefore, to manage Instagram effectively, prioritize establishing a credible identity and consistently sharing valuable content. - Joseph’s “just my thoughts”