'Margin equals fuel' — Biddle's framing that profit-generating initiatives which aren't customer-facing (Netflix's on-site advertising to studios, and resale of used DVDs during the DVD-by-mail era) matter strategically because the margin they generate funds future customer-facing bets and supports the stock valuation investors use to keep financing the company.
This is distinct from the 'margin-enhancing' leg of DHM Framework (Delight, Hard-to-Copy, Margin-Enhancing): DHM screens whether a customer-facing bet also improves margin, while 'margin equals fuel' is about non-customer-facing profit centers whose purpose is generating capital for the next wave (see Growth-Wave Succession Principle).
Из тем: Netflix, Consumer Science, and Strategy Storytelling