Mediocrity can Thrive

That is, only if and when the market conditions are right. Such as living on a small island, where choices are limited and the only other option is to gamble and drive 30+ minutes for the chance of something better. Or, how about at a niche market, where no competition exists and one can getaway with offering the bare minimum. In these situations, mediocrity can thrive, at least until:

1. an owner decides to embrace greatness and makes a change;
2. competition enters with slightly better service/product, forcing change;
3. customers or the market cries foul, forcing change;

Perhaps the worse scenario is when customers embrace the mediocre service/product and in their own way encourage it to thrive. Wait!… Isn’t that what is happening with the airlines? Or, how about the housing industry, where demand for higher square footage at lowest possible price comes at the cost of quality? (Note, thankfully, this trend is starting to reverse itself…) I could even argue that, our demand for any produce any time resulted in mediocre tasting fruits and vegetables. Frankly, mediocrity is everywhere. Maybe that is why it is extra special and memorable when we experience that something that makes us go: Wow!

So, maybe the answer lies with Barry Schwartz and his theory of The Paradox of Choice: Why More Is Less. As he points out, the dissatisfaction I am experiencing is due to my escalation of expectations: as the number of choices increase, so does my expectation for the value I receive in return. Here is Barry’s talk on TED. Give it a listen and let us know your thoughts.

Technorati Tags: Barry Schwartz, The Paradox of Choice, mediocrity