TMBA 443: The Knowledge Gap vs. The Efficiency Gap Revisited

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A few weeks ago, Dan and Ian published an episode called The Knowledge Gap vs. The Efficiency Gap.

In that episode, they tried to make a distinction between businesses that solve “Knowledge Gaps”, by educating customers on how their services can solve new problems versus businesses that solve “Efficiency Gaps”, by providing more efficient solutions to preexisting needs.

A couple of our listeners wrote in with some interesting comments about that show. Nate Smith is the founder of AdmitScout, which specializes in paid traffic lead generation for addiction treatment facilities. Eagan Heath is the founder of a digital marketing agency called Get Found Madison, which is mostly aimed at businesses in Madison, Wisconsin.

In this week’s podcast, we’ve invited both Nate and Eagan to share their responses to that episode and to talk about the roles that Knowledge Gaps and Efficiency Gaps have played in their businesses.

Transcript

Listen to this week’s show and learn:

  • Why Nate’s first business didn’t succeed as he had hoped. (2:59)
  • Nate’s reaction to our original “Knowledge Gap vs. Efficiency Gap” Episode. (12:34)
  • How Eagan was able to build a successful business solving Knowledge Gaps. (24:39)
  • Why Eagan believes that every Knowledge Gap can be turned into an Efficiency Gap. (29:24)
  • What made Eagan decide to buy a second business. (35:11)

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Published on 05.31.18
  • Thanks so much for featuring us! Eagan, way to cut right to the heart of things. Seems like you’re a few years down-the-road with what I’m trying to do, and it’s encouraging to hear your thoughts:)

  • A real pleasure to talk! I have a few other bits of our conversation ready to use for future episodes, you brought up a lot of cool concepts that got me thinking.

  • Sorry for the delayed response! I don’t know about that.

    What’s interesting is that since the recording I’ve backed off a bit on trying to land senior living clients. I still think it’s a huge opportunity but it feels so early market. I’ve always found myself in the educator role with folks from the industry, and most I talked to are not ready to invest (despite the results that first client saw). Maybe I just need to sharpen my message, but I’ve set the opportunity aside to revisit later.

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