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ratings:
Length:
9 minutes
Released:
Jan 18, 2010
Format:
Podcast episode

Description

Today's memo is a long oneBut worth reading if you want to make money.If you knew it was there, they wouldn’t call it a blind spot.Hidden within your blind spot is your limiting factor, the thing that holds you back and limits your success.Find your blind spot and stare your limiting factor in the face. Acknowledge the reality of it. Then decide whether or not you want to overcome it.*That’s right. It’s entirely possible that your blind spot – and within it your limiting factor – is simply an extension of your fundamental worldview.You may already know your worldview is wrong but you’d rather continue being wrong – and suffer the consequences – than change it.I can respect that. I have no problem with a person who is willing to pay the price for their self-indulgence. What I can’t respect is:     1.    a person who is wrong and can’t admit it.     2.    a person who makes a choice and then whines about the price of it.I don’t want to get all sappy and personal with you, so let’s move this discussion to the marketplace. Blind spots and limiting factors are easily observed in business.Here are the most common limiting factors hidden within the blind spots of business owners:    1.    Market Opportunity(A.) Opportunity is staring you in the face and you can’t see it. SOLUTION: Open your eyes.(B.) You’ve overestimated the potential of your trade area. Consequently, you’re bumping your head on the low, glass ceiling of a small population. SOLUTION: (a.) Expand your product offering or (b.) open in a second trade area.If you’re doing okay but have been looking for better ways to target the demographic and psychographic profile of “your customer” and these efforts haven’t been paying off, your limiting factor is almost certainly(1.) Market Opportunity or(2.) Product Appeal. Keep reading. 2.    Product Appeal(A.) Your product is flawed and you can’t see it. SOLUTION: Find someone who has the courage to tell you the truth. Then correct the problem they show you. Don’t live in denial.(B.) Your product has a characteristic whose appeal you’ve underestimated. SOLUTION: Promote the newfound characteristic.EXAMPLE: My partner Peter Nevland recently bumped into the owner of a bottled water service who asked him for some free advice. Peter asked, “Why should the customer of another water service switch to yours?”“We’re locally owned.” “Ten percent of our profits go to charity,” blah, blah, blah.Peter was unimpressed.Exasperated and grasping at straws, the man mentioned his water had recently been voted “Best Tasting” by the readers of an obscure, local business journal.“Why do you think you won?”The man hung his head, “We cheat.”“How?”“Our water is saturated with dissolved oxygen, twice the amount found in regular water.”“What does that do?”“Dissolved oxygen is what makes water taste good. It’s why cold water tastes better than warm water. Cold water contains more dissolved oxygen.”“You’re saying your room temperature water tastes like cold water?”The man nodded his head.“Do you always saturate your water with dissolved oxygen?”“Yes, why do you ask?”SAD ENDING: Peter was unable to convince the man to promote his...
Released:
Jan 18, 2010
Format:
Podcast episode

Titles in the series (100)

Thousands of people are starting their workweeks with smiles of invigoration as they log on to their computers to find their Monday Morning Memo just waiting to be devoured. Straight from the middle-of-the-night keystrokes of Roy H. Williams, the MMMemo is an insightful and provocative series of well-crafted thoughts about the life of business and the business of life.