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)

Mentioned in the episode:

• Before the Exit – Our New Book
• TMBA Masterminds
• Sponsor the TMBA Podcast
• The Dynamite Circle
• The DC Podcast
• Help Us Choose a New Name for the TropicalMBA Podcast
• DC BKK
• Dynamite Jobs
• Nate Smith
• AdmitScout
• The 80/20 Drummer
• Eagan Heath
• Get Found Madison
• SplendidBeast.com
• The 4-Hour Workweek by Tim Ferriss
• The E-Myth Revisited by Michael E. Gerber
• Empire Flippers

This week’s sponsor:

This week’s episode is brought to you by Weebly. Don’t let the lack of a big budget or technology skills get in the way of having not only a beautiful website, but a powerful one. If you’ve got a product idea and you want to share it with the world, check out Weebly.com. As a special offer to listeners of this show, you can visit Weebly.com/TMBA to get 15% off your first purchase.

Enjoyed this podcast? Check out these:

• • TMBA 243: The “Knowledge Gap” Fallacy
  • TMBA 303: 7 Things To Consider When Selling Your Business
  • TMBA 438: The Knowledge Gap vs. The Efficiency Gap

Listening options:

• • • Subscribe via iTunes.
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    • Right-click and “save file as” for direct download.
    • Or click here to get sent to the top of the page where the on-site player is.
    • Have comments about the show, or ideas for things you’d like Dan and Ian to discuss on future episodes? Our producer Jane would love to hear from you at jane@tropicalmba.com

Thanks for listening to our show! We’ll be back next Thursday morning 8AM EST. Cheers, Dan & Ian