You absolutely have to adjust to the PKO format from the very first hand. As others have said, bounties are usually half the price pool, so winning them is just as important as winning some of the price money. There is way less value in surviving with a small stack in a PKO, and therefore we should take more risks, especially when we can win a bounty. For the same reason the bubble is also not as important, as it is in a normal MTT. Of course adjusting does not mean overadjusting, as some players do in micro PKOs.
But lets look at an example instead of all this dry theory. For the sake of simplicity I will assume, we are playing a 9-man SnG. On
pokerstars they have a variant of those with bounties, which are 25% of the price pool. So early on this is pretty much the same as a PKO MTT, where bounties are 50%, but you only win half the bounty.
This game has reached the third blind level with blinds of 50/25, and nobody have busted yet. However CO have lost half his chips to UTG, so CO has 15BB (sucks for him), UTG has 45 BB (good for him) and everyone else 30BB. We open to 2,5BB from HJ, CO jam on us, and everyone else folds. In a regular SnG we would be calling here with a range of 13% of hands against a GTO opponent, who is showing the Nash equilibrium. Our calling range would be 55+, AT+, KQ, A7s+, A5s, KTs+, QJs.
However if its a KO SnG, now we are calling with 25% of hands or almost twice as many hands. Our calling range is now 22+, A7+, A5, KT+, QT+, JT, A2s+, K6s+, Q8s+, J8s+, T8s+, 98s. In fact the only hands, we are now raise-folding against CO, are A2o-A4o, A6o and K8o-K9o. And this is basically because, his bounty is worth 375 chips. So rather than putting in 625 more to win 1.625, we are putting in 625 more to win 2.000. And therefore we dont need as much
equity to make a profitable call.
COs strategy has also changed, but not as much as ours. In the regular SnG he is jamming 15% of hands, because he has good fold equity. However with a juicy bounty on his head (compared to his stack), he have way less fold equity, and therefore he is now only jamming 12% of hands. So as the covering stack you should call wider and sometimes much wider. But as a short stack you need to play tighter and wait for a good hand. Which is a further reason, why it sucks to be a short stack in a PKO.
Different preflop push-fold ranges is probably the largest adjustment in PKOs. But there are also others. If you want to bet the river for value and are choosing between moving all-in and a non all-in sizing, then you should be more inclined to use the all-in sizing in a PKO. If the opponent cover you, he will be more inclined to call, if he can win your bounty. And if you cover him, you give yourself a chance to win his bounty, if he call. Its a disaster to leave the opponent a few blinds behind and let someone else take his bounty a few hands later.