Making a Living Your way logo.

If you would like to be notified when I publish new blog posts, please opt-in here

What the Internet’s Elimination of the “Information Deficit” Means to Every Business

A collection of flags of Italy representing a fun place to live.

Before the internet, a lot of marginal businesses survived with the help of what I call an “information deficit” on the part of customers. Meaning that people often made purchases with limited information about competing companies and products. 

If you lived in Des Moines, Iowa and wanted a ceramic crock for making pickles, all of the choices in crocks that you were aware of were probably what you could find at the local mercantile.

But the Internet has shifted control to the customer and rapidly erased this information deficit by providing easy access to information about companies throughout the world. 

So now, if you covet a racing bicycle, you can shop the WORLD to discover every brand and model choice in existence!

Today, customers often know more about all of their options than do the salespeople for the businesses that they are researching!

And customer reviews/testimonials about which companies provide the best (or worst) products and service travel at the speed of light to millions of people throughout the world! What people are learning from this newfound channel is that there aren’t many stand-out companies.

Think about it for a minute. The typical company is average by definition. So if you copy what the typical company does, you are doomed to being average. If something is a common practice, practicing it makes you common.

To have sustainable success, you need to create an uncommon business, one that has a reputation for doing a better job than average at really taking care of customers.

Related Posts:

“The “Sales Hourglass” – The Most Important Concepts You Must Know and Embrace to Create a Profitable Business”

“The Hidden Aspects of the 80/20 Rule That Can Transform Your Business…Let Alone Your Entire Life”

“Somebody “Out There” Has Whatever You Need for Your Business – Find Out Who It Is and Make It Worth Their While to Share It With You”

“Why Services are More Challenging to Sell Than Products”

“Why the Pricing of Services is Far More “Flexible” Than the Pricing of Products

“Why You Usually See Three-Tiered Service Pricing”

“The Tyranny of Lowest Price”

“MBA Degree in a Blog Post

What is a Brand? Really. You Wouldn’t Believe What a Time Marketers and Entrepreneurs Have Trying to Define It

An Oft-Overlooked but Critical Thing to Understand About Keyword Search Advertising”

“The Short-Sightedness of ‘Just Making Sales'”

Why It’s So Smart for Entrepreneurs to “Fail Fast”!

“Strategies for Practicing Customer-Centeredness”

“Differentiation and Positioning – The Keys to the Value Proposition of Your Business

“The Concept of “Exchange” and How It Impacts the Value Proposition of Your Business”

A Principle You’ll Never Regret Adhering To

“What is ‘Quality’ Anyway?”

“On Being Customer-Centered – the Lifeblood of Your Business”

###

Leave a Comment

Your email address will not be published. Required fields are marked *