Show Notes:

In this episode of Grow Business Podcast, Cory Mosley and Lon Graham dive deep into the art of generating revenue and the pivotal role of differentiation in business.

Get ready to learn how outfoxing the competition is not just about innovation, but about truly understanding and catering to your target audience.

Cory and Lon discuss the power of exceptional customer service and the impact of setting and meeting clear expectations.

They conclude by sharing wisdom on developing a competitive advantage, shedding light on the dangers of competing solely on price and why understanding your competitors is key without falling into the trap of imitation.

Timestamps:

  • 00:00 Long day, wondering about energy levels. Waiting.
  • 06:32 Understanding competition is essential for competitive advantage.
  • 08:14 Buying a cash-flowing business is smarter.
  • 12:55 Virtual learning session discussed the power of perspectives.
  • 16:11 iPad upgrade for service lounge customer feedback.
  • 20:05 Understanding needs and preferences is crucial.
  • 21:43 Identify differentiation by understanding competitors and action.
  • 24:46 New customer, set up Zoom, discuss details.
  • 30:24 Authorize communication, set expectations, follow through completely.
  • 33:16 “Don’t justify pricing, focus on value.”
  • 35:47 Redundancy holds power in conveying messages effectively.
  • 37:29 Outperforming competition, invest and improve resources.
  • 41:35 Questioning lack of high speed rail connectivity.
  • 44:34 Challenges of business growth and investment decisions.
  • 46:40 Trackable, valuable digital marketing absence of fear.
  • 52:54 Frustrated with lack of genuine business owners.
  • 53:41 95% of my ecosystem aims for success.
  • 56:58 Radio Republic shutting down, will not stream.

Bullet Points:

  • Understanding Competitive Dynamics
  • Importance of not being reactive to competitors
  • Lessons from businesses like Blockbuster and Kodak
  • Out-marketing, out-selling, and out-servicing competitors
  • Critical for business survival
  • Revenue versus brand erosion
  • Brand Differentiation
  • Intentional brand differentiation and clear messaging
  • Customer expectations and competitive advantages
  • Managing customer touch-points effectively
  • Setting and delivering on clear customer expectations
  • Importance of fulfilling promises to customers
  • Enhancing customer service by reliability
  • Pricing professional services and avoiding market pricing out
  • Defending established pricing strategies
  • Market changes and sales implications
  • Strategic improvements and avoiding overwhelming change
  • Need for narrow focus on specific audience segments
  • Leveraging understanding of the target audience for success
  • The indispensability of a diverse marketing approach
  • Reaching potential customers through new platforms like TikTok

Disclaimers