How can an owner of their own company not know what business they are in? It’s much easier than one would think, especially for growing companies. This episode uncovers a subtle business mistake that could cost you revenue by asking if a customer wants a drill or a hole. The point of focus inside the company dictates the market size and product line up, and ultimately success. This concept is extended to knowing your family’s interests.
The episode’s example comes from a founder of modern marketing, Ted Levitt, born in Germany and ended up at Harvard Business School. He started this famous quote: “People don’t want to buy a quarter-inch drill — they want a quarter-inch hole.”
Here’s a re-cap of the suggest actions you can take.
- Take some time to re-consider your business and customers. Ask if you are fixated on drill bits or holes? Focusing on yourself or the customer?
- Approach your customer’s decision makers and ask them open ended questions such as what is the biggest challenge you are facing?
- Identify adjacent markets or new products to solve your customer’s problems.
- Find one or two family activities that all can get on aboard for. My family is hiking and watching movies.
- Realize that family interests will change over time. Don’t get so fixated on business that you fall behind when you should be leading.
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