Sean is inspired by an epic rant about his collectibles and how the market is becoming flooded with them. A conversation ensues about knowing the market for your product or service and how find out.
Knowing Your Market
- Being exclusive is not as valuable if it is not scarce
- There is a trust relationship involved between a provider and the market
- Fewer items increase value to the right buyers in the marketplace
- When an item is no longer exclusive, a positive experience can become negative
- Flooding your market is a race to the bottom, making it a commodity, thereby devaluing it
- Too many similar products devalue all products
Links mentioned in this episode
BIZ Tools Podcast host David Specht has released his first book, Old Dogs New Tricks. In it, he teaches how everyone can be a better leader. It is a quick read that offers practical steps to becoming a better leader, regardless of your position or vocation. Buy it on Amazon for just $8.99.
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