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Focus On Customers Not Competitors
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Key takeaways
- I had a competitor come out and make a new offering and I thought I had to change my business in response to that.
- The same amount of customers stayed, they just paid less and I took all of that off of my profit.
- All because I was thinking about my competitors more than my customers.
- [music] Losers focus on winners, winners focus on winning.
Chapters
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0:00
Abschnitt 1 I lost $35 million.
Full transcript
Locally archived YouTube transcript with timecodes. Speakers are assigned heuristically and may be corrected editorially.
0:00I lost $35 million. I had a competitor come out and make a new offering and I thought I had to change my business in response to that. And so what I did was I added more services to my main service [music] and I decreased my cost and nothing happened. The same amount of customers stayed, they just paid less and I took all of that off of my profit. When I sold my company for $46.2 million a few years later, I never had recovered that profit that I lost and the difference was $35 million. All because I was thinking about my competitors more than my customers. [music] Losers focus on winners, winners focus on winning.