With famous celebrities such as Kendall Jenner, Bella Hadid, Hailey Baldwin, and Ja Rule attached, the Fyre Festival was billed as a once-in-a-lifetime event. After all, no one had ever thrown a music festival on a luxurious deserted island.
There's Woodstock, and then there was going to be the Fyre Festival. History was going to be made. The Fyre Festival, much like Woodstock, cemented a place in music-festival history that wouldn't have been forgotten.
But unlike Woodstock, the Fyre Festival won't be viewed through a positive lens. In fact, it's probably going to hold first place for the biggest music-festival flop in history. With tickets costing upward of $100,000, it promised luxury accommodations and amenities. Attendees were in for a rude awakening.
Instead of a luxury experience, attendees were met with mattresses on rain-soaked floors, luggage tossed in an unlit car park, and cheese slices haphazardly thrown on some bread (far from a gourmet meal).
As I watched Fyre, Netflix's documentary about the festival, my jaw hit the floor and stayed there the entire duration. But, after getting my senses together, I soon realized that there were some powerful lessons that could be taken out of this flop.
Success stories make us feel good, but it's equally as important, if not more important, to learn from stories of pain and failure. Becoming a top performer is more about managing your downside as opposed to solely focusing on your upside.
With that said, here are three lessons that you can extract from this festival and apply to your business and lifestyle.
1. Undersell and over-deliver.
The Fyre Festival arrived on the scene with a gorgeous marketing video filled with celebrities and beautiful shots of an island. If you weren't already excited, next came a flood of grandiose promises and expectations.
There were no corners cut with the marketing of the festival. However, no such attention was paid to the actual product.
When you promise someone the world, but deliver little of it, you pass the point of no return.
Promise customers a realistic amount, and then deliver 10 times that. This creates an element of surprise and over-delivering, which customers always love.
2. Don't underestimate the power of compound interest.
Compound interest can either be good or bad. If it's on an investment account with money accruing on a monthly basis, this is positive. But if it's concerning a maxed-out credit card with 30 percent monthly interest, that's no good.
Habits and decisions, much like compound interest, are fueled by momentum. Gaining momentum is inevitable--the key is making sure it's heading in the right direction.
This requires a ruthless commitment to the everyday details. Safe to say, the Fyre Festival didn't do this. The organizers ignored warnings about overcrowding, budget issues, dining options, and many other things--but avoiding these realities didn't make them go away. They slowly compounded and came to a head once attendees arrived.
What you choose to act on and give your attention to today will add up toward tomorrow's results--and the results for next month, and beyond.
3. Don't chase fame, chase value.
With the festival, there was an overemphasis on portraying a "high-end" lifestyle and image above all else. Prioritizing fame over lasting value is a great way to inevitably fade away. When you lack substance, you're operating on an unstable terrain where one small mishap can be the end.
The bubble for those who solely chase notoriety will eventually burst. For lasting success, prioritize value over fame. Value always prevails over time. As you provide service to clients, put your focus on them; everything else will take care of itself.
Success often times comes down to knowing what not to do. If you invert everything the organizers of the Fyre Festival did, you'll have a winning blueprint for succeeding in your business.