TMBA 438: The Knowledge Gap vs. The Efficiency Gap

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On this week’s show, Dan and Ian are revisiting a subject that they haven’t spoken about in four years.

Truthfully, it’s the number one recurring topic that listeners of this podcast bring up with them in conversation, so we thought it was high time to take another look at it.

Today we are talking about the “Knowledge Gap” and the “Efficiency Gap”.

Too often, entrepreneurs are selling their product or service by trying to solve a “Knowledge Gap” for their customer. Nearly every entrepreneur does this. We try to be the expert in our line of work and teach people why they need to work with us.

But we’ve found that businesses that learn how to focus on “Efficiency Gaps” and solve them properly tend to be more profitable, successful, and fulfilling for their owners to run.

In this episode, we’ll be sharing reasons why people get caught up in this differential and what we, as entrepreneurs, can do to ensure that our businesses are successful.

Transcript

Listen to this week’s show and learn:

  • What the “Knowledge Gap” is and why entrepreneurs tend to focus on it so heavily. (2:32)
  • Why solving the “Efficiency Gap” means having a deeper understanding of the problems of your clientele. (6:02)
  • What happens when you lack the competence to solve the problems in your market. (10:47)
  • Why the fact that no one is doing something yet doesn’t mean that you should be. (24:58)
  • Why you shouldn’t bet the success of your business on your clients’ not gaining knowledge. (30:24)

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This week’s sponsor:

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

Published on 04.26.18

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