(Brad Pitt and Angelina Jolie by Chad Buchanan/Elevation Photos)
On NPR the other day, author Dan Ariely was discussing his book called Predictably Irrational. Although I haven't yet read it, it's basically a book that delves into the minds of both the consumer and producer of market capitalism and something called behavioral economics.
For sure, this type of study can be applied to all sorts of decisions you and I make about the choices in our lives. For instance, last night's American Idol winner was clearly the irrational choice based on what everyone predicted ( that Adam was the clear winner) and so really wasn't a suprise for those of us who thought it made perfect sense that the underdog will and should win this time around.
Newsweek's decision to change the font, look and feel of its magazine out now follows somewhat of the same mentality. It's predictably irrational that a lot of smart owners and business decision makers at Newsweek thought that by changing it's look and feel more consumers will want to buy and or subscribe to the magazine now that it has made these cosmetic changes. I am afraid to say that won't be the case. Adding an extra pint of blood to an already dying patient only prolongs the death by only a few days.
Having said all this, let's apply it to the photo industry because there seems to be a lot of predictably irrational actions and decisions a lot of us do each and every day. The obvious one is why Getty Images still decides to cover even B and C list events with triple sometimes quadruple coverage. A not so obvious one is why contributors who work for them think that they will have a chance to make more money, shoot quality events or even be allowed to inquire about shooting something like the Oscars, Golden Globes or an A List premiere. You can preach to the choir enough times but if the choir are wearing earplugs there's nothing anyone can do!
Sometimes predictably irrationality works as in the case of the newly formed Chickenfoot with lead singer Sammy Hagar, ex-Van Halen bassist Michael Anthony, super guitar guru Joe Satriani and the drummer from the Chili Peppers. If you're good enough all the factors of why it shouldn't work sometimes do and in the case of these guys I am sure they will gather enough fans to continue their new rock journey!
In most cases though, predictably irrational behaviour has pervaded our society in so many ways. The banking industry, for example, is a clear example of how regular everyday people can be cajoled and bamboozled into thinking that taking out a 0% interest mortgage, with no money down makes sense. Or the fact that rich folks would trust a guy who tells them that one would make a continous rate of 10% return each and every year should you want to put money into something called the Madoff fund! And the best of them all, that it makes sense to purchase an SUV built for times of war, repackaged and called a Hummer at more than $60k that needs $100 to fill up its tank!
If we're smart, we can do better and make smarter decisions. But, history has a funny way of repeating oneself so the jury is still out about all the changes, both politically and economically, Obama is trying to push through.
As for the photo industry, I hope and pray that more of the same gets thrown out along with the baby water. It's time for all of us to think hard about what kind of business we want to be in, how we're going to be succesful and what are the best options for making this a leaner, smarter business. Elevation Photos is trying to take a different approach and 16 months after launching we are still trying to re-invent the wheel. It's hard to take patients off of crystal meth when that's all that they have known for years! As a son of two doctors, patience with patients is something my parents always taught me to think about in terms of changing people's way about themselves! But, if you believe in a full recovery, make the necessary adjustments to the prescription and stay the course in terms of the rehabilitation you can only be succesful. And that's exactly what I plan to do over the next few days as we head into the long weekend.
So, enjoy your days, get some well needed R&R and think about all the decisions you make. Like, does it make sense to order the shake along with the large fries? Or is it better to get small fries and a diet coke? Whatever you decide to choose, I am sure it will be predictably irrational....
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