What product or service do you sell?
Can your expertise in that product or service actually hurt your business?
Yes, it can.
Remember Blackberry? Not long ago, Blackberry owned about 32 percent of the smartphone market. Today, the company owns about 0.02 percent.
The easy answer is that Blackberry didn’t prepare for the future correctly and they got outfoxed by their competition, namely Apple.
But there is a deeper reason for Blackberry’s failure in the smartphone market. Something we can all learn from.
Blackberry was too good at what they did. They sort of failed through knowledge.
See, they were the first in the market with smartphones with KEYBOARDS. Their engineers knew all about iPhone keyboards. They were real specialists.
And it killed them.
While the smartphone market was growing, Blackberry decided to continue to do what they did best, what they were expert in, and that was keyboards.
Meanwhile, Apple came out with the voice activated iPhone.
Bam. Keyboard phones died a painful death, and the rest is history.
Be careful what you are good at. That’s probably what you (your business) puts most of your attention on. Meanwhile, your competition might be creating something you’re not good at, but the public will love.
Like a voice activated iPhone.
What's the lesson?
The lesson learned is to have a bird’s-eye-view of your business and your competitors. Don’t get too attached to the things you do best, and love the most, without knowing what the public wants and needs and what your competition is up to.
I cover this subject of “failure through knowledge” more completely in my eBook, Unlock Hidden Profit Zones.
For more useful tips on how to scale your business and increase your profits, please download my e-book for FREE, Unlock Hidden Profit Zones.
I help businesses grow and achieve more profits. I work with a network of founder and investors. Need help with your fintech business? Give me a call, let’s chat.