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

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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.

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