OVERVIEW:
Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast discusses the dangers of obsessing over your competition instead of focusing on your own customers and your business.
EPISODE HIGHLIGHTS:
- Do a market analysis and gather market intel about your competitors in order to refine your business idea.
- Don’t obsess over your competition and copy their every move. This can result in stress, anxiety and your business’ demise.
- Avoid having a copycat mindset and groupthink.
- Jason shares an example of how Blockbuster and Hollywood Video entered the movie rental market but then focused on each other vs their customers, ultimately causing their demise.
- He also highlights how Redbox entered the arena by offering movie DVDs via a kiosk. And how Netflix entered the market by mailing DVDs to their customers before eventually switching over to streaming services.
- In both cases, Redbox and Netflix found success because they analyzed how they could better serve their customers and remove pain points.
- It takes innovation to excel in business.
- Always put your customer first.
- Jason provides updates on his Course Creator Academy, including one student who earned $12,000 for her beta webinar.
3 KEY POINTS:
- A lot of entrepreneurs tend to overanalyze their competition. Gathering intel to keep up with their pace is fine, but trying to constantly one-up them doesn’t help your business.
- Instead of focusing on your competitors, analyze your market and think of how you can innovate your business.
- Always keep your customers and your business’ survivability in mind.
TWEETABLE QUOTES:
“It takes innovation to really excel in your business.” - Jason Duprat
“Think about and focus on how you can better serve the customer.” - Jason Duprat
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