How to profit from your ignorance...

Hi Mike,

> He split markets, just like Richard Koch
> suggested to do. Just like Ted Nicholas did.
> Mr. Wurman took old, worn-out and seemingly
> 'time-tested' business cells like maps and
> directories and split them.

> He didn't just take the current information
> and re-word it, which is where the majority
> of information marketers fail. He took the
> information and presented it in a totally
> different manor. A person could instantly
> look at another directory and one of his
> directories and instantly 'see' the
> difference.

I agree with you fully here.... I think there's a lot of benefit in being "distinctive"!

I think there are several ways of looking at something, and often different ways of looking at something will come up with the same result!

Recently, I've been thinking (and reading) a lot about the notion of "competitive advantage".... (Mike, if I remember right, you are interested in military strategy - which I'm interested in too. I think considering "competitive advantage" is a very strategic way of thinking about business....)

From this point of view, you have to think about BOTH what customers want, and what competitors are already offering. The way I see it, you can only have a "competitive advantage" if you can offer something your customers will value, which your competitors are not offering. If your product is just like what your competitors have, then often the only way you can compete with them is by cutting your prices! Of course, if you keep cutting your prices, eventually you won't have any profit left!

The only other way is to be DIFFERENT, in a way which some of the market will value. It's exactly as you say, you have to "split the market" that way. :)

I guess Richard Wunderman bets on the possibility that enough people in the market will be just like him. If he realizes he would find a travel guide more useful if it was organized a different way, he's betting that there are enough people out there who will think just like he does, and who will therefore want his products!

He really creates his products for himself, and bets there are enough people out there who agree with his sentiment that they'll want his stuff. But as you say, one key is that what he creates is quite different from what exists already....

> How often can you say that with
> all the "Get Rich Quick With (Emailing,
> Ebooks, Search Engine Positioning, Real
> Estate, Stock Tips, Classified Ads, MLM's,
> Ecommerce...or substitute your own
> 'niche')" books, courses or what not on
> the market today? Doesn't happen too often
> does it? One just looks and reads like
> another. And then originators just sit back
> and wonder why they don't sell...

I agree with you fully, Mike. Thanks for those insights. :)

- Dien