The Worst Piece of Business Advice Ever!
I will reveal one of the worst pieces of marketing advice that I see out there all of the time. And I still see it on so many business advice websites, especially government sites, or anything published a while ago.
It's advice you would give someone back in the 1980s. And it's this: when you're starting a business or looking to expand, look for a hole in the market.
Now, why do I say this is one of the worst pieces of business or marketing advice? It's because when you are looking for a hole in the market, you are going to be creating something that does not currently exist. And what that means for you is that you'll need to validate there is a need for it and then educate your market that it exists.
This is one of the worst ways to have a growth business because when you need to do all of that validation, development, education, you're creating the longest pathway to a sale possible. Let's use the wheel as an example. I know this is very cliched, but you don't need to invent the wheel. You just need to redesign it!
Maybe use different materials, reimagine what the wheel should be and how it could work better than the wheel that already exists. The guy who invented the wheel - or girl - whoever it was, we don't know who that is. They didn't get rich from inventing the wheel. The people who've got rich from the wheel are all of the people who've taken a design of something and then made their own version of it.
There have been so many people who've gotten wealthy from the wheel. They did not invent the wheel. So, when you're in a service-based business, what you should be doing instead of looking for a hole in the market is understanding what it is that you do well.
What do you love to do? Where are your skills? Find your place in the market and see what others are doing there and how you can differentiate. That's how you get a growth model quickly.
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She’s The Business Podcast is made by women, for women, bringing you inspiring stories and simple strategies to help you get out of your own way and build a profitable business that allows you to live and work on your own terms. Host Jessica Osborn, a respected marketing leader of 20+ years and two-time entrepreneur, shares insightful bites of her proven strategies each week. Plus, enjoy weekly interviews with other professional women navigating the online business world. You’ll appreciate their honest stories, expert advice and actionable tips on how they're achieving success, while juggling the demands of motherhood. Tune in to learn the secrets to attracting the right clients so you’ll have a business you love to wake up to each morning. She’s The Business is your weekly dose of inspiration and motivation you’re not going to want to miss! Hit subscribe, and get ready to change your life!