003 | STRATEGY IS SACRIFICE
If it doesn't cost you something, it isn't a strategy.
Show me what you're willing to lose, and i'll show you your strategy.
Show me what you're willing to lose, and i'll show you your strategy.
Show me what you're willing to lose, and i'll show you your strategy.
6 min read · Commercial strategy · 18 Aug 2026
6 min read · Commercial strategy · 18 Aug 2026
HAVING YOUR CAKE AND EATING IT TOO ISN'T A STRATEGY
Most strategic plans are very good at describing what we want.
Grow revenue. Build trust. Increase access. Defend share. Improve outcomes. Reduce costs.
Most strategic plans are very good at describing what we want.
Grow revenue. Build trust. Increase access. Defend share. Improve outcomes. Reduce costs.
Most strategic plans are very good at describing what we want.
Grow revenue. Build trust. Increase access. Defend share. Improve outcomes. Reduce costs.
These are worthwhile objectives, but they aren't a strategy.
These are worthwhile objectives, but they aren't a strategy.
These are worthwhile objectives, but they aren't a strategy.
Objectives describe what you want.
Strategy determines what wins when those objectives conflict.
Business, like politics and life, is full of trade-offs.
Business, like politics and life, is full of trade-offs.
Business, like politics and life, is full of trade-offs.
BUT DON'T SACRIFICE TOO SOON
Not every apparent trade-off is real. We sometimes frame problems as binary choices:
Not every apparent trade-off is real. We sometimes frame problems as binary choices:
Not every apparent trade-off is real. We sometimes frame problems as binary choices:
Revenue vs Trust.
Growth vs Profitability.
Access vs Value.
But good strategy should first ask whether the choice can be escaped.
But good strategy should first ask whether the choice can be escaped.
But good strategy should first ask whether the choice can be escaped.
Can we sequence the objectives?
Can one fund the other?
Can we redesign the system?
Can we sequence the objectives?
Can one fund the other?
Can we redesign the system?
Can we sequence the objectives?
Can one fund the other?
Can we redesign the system?
The first job of strategy is to eliminate false dichotomies.
But eventually, you will find one you can't escape.
KEEP DIGGING till you can't escape
A real strategic trade-off exists when two desirable outcomes cannot both be fully achieved. Because pursuing one genuinely constrains the other.
There is always a door that closes when you open the window.
If you haven't found the trade-off yet, keep digging. Because that moment of discomfort is the first sign you've reached the real strategy.
And that's when your business or brand can find a truly differentiated proposition.
what this looks like in practice
Consider a mature brand facing loss of exclusivity.
There are many possible approaches, but eventually the organisation may encounter a genuine conflict between two visions of success.
MAXIMISE THE LONG TAIL
Protect revenue for as long as possible.
Aggressively switch to newer formulations.
Defend pathways.
Retain patients.
Measure commercial retention.
Prioritise near-term commercial value.
PROTECT THE LONG TERM
Prioritise patient and customer outcomes, even where that accelerates competitive loss.
Protect trust.
Accept appropriate switching.
Invest selectively.
Measure the quality of the exit.
Prioritise long-term customer value.
Clearly, both matter. The strategic question is what happens when they conflict.
indecision is still a decision
You can refuse to make the trade-off, but that just forces it at the point of execution.
“Maximise revenue while retaining clinician trust.”
“Maximise revenue while retaining clinician trust.”
No explicit hierarchy when the objectives conflict.
No explicit hierarchy when the objectives conflict.
Teams have to decide what wins.
Teams have to decide what wins.
At the point of execution, the choice is no longer philosophical, it becomes behavioural.
WHAT HAPPENS DOWNSTREAM of indecision
Teams operate inside systems of targets, measures, rewards and expectations.
So when strategy leaves the trade-off unresolved, people make the decision according to the incentives surrounding them.
Revenue is a number. Trust is nebulous.
If revenue is the scoreboard, revenue will win.
If trust has no operational definition, it will become a casualty.
Revenue is a number. Trust is nebulous.
If revenue is the scoreboard, revenue will win.
If trust has no operational definition, it will become a casualty.
Revenue is a number. Trust is nebulous.
If revenue is the scoreboard, revenue will win.
If trust has no operational definition, it will become a casualty.
People work towards what you measure, not what you say matters.
how to identify the right sacrifice
Don’t manufacture a sacrifice. Challenge the assumptions.
Reframe the problem.
Change the conditions.
Find a way to have both if one exists.
Don’t manufacture a sacrifice. Challenge the assumptions.
Reframe the problem.
Change the conditions.
Find a way to have both if one exists.
Discard the false dichotomies.
Discard the false dichotomies.
What wins when the conflict becomes unavoidable?
What wins when the conflict becomes unavoidable?
What wins when the conflict becomes unavoidable?
When two desirable outcomes genuinely cannot both achieved simultaneously, decide which matters more.
Don’t leave that decision to the people executing the strategy.
When two desirable outcomes genuinely cannot both achieved simultaneously, decide which matters more.
Don’t leave that decision to the people executing the strategy.
Prioritise what matters most.
Prioritise what matters most.
What are you therefore willing to lose?
What are you therefore willing to lose?
What are you therefore willing to lose?
Name the consequence. Make it explicit. Lean into it.
Now consider what new opportunities exist.
What advantages does the sacrifice give you?
Name the consequence. Make it explicit. Lean into it.
Now consider what new opportunities exist.
What advantages does the sacrifice give you?
When you discard something valuable, you’re free to make new and powerful choices.
When you discard something valuable, you’re free to make new and powerful choices.
SUMMARY | FIND THE SACRIFICE
What are you willing to lose?
A real strategy should hurt a little.
But the opportunity that comes from discarding something valuable is where you’ll find your edge.
A real strategy should hurt a little.
But the opportunity that comes from discarding something valuable is where you’ll find your edge.
A real strategy should hurt a little.
But the opportunity that comes from discarding something valuable is where you’ll find your edge.
DAVID Insight 003 | STRATEGY IS SACRIFICE
