TMBA443: 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:

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.

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