Erika Jones, CFO, CCTAProfit First Professionals · Certified Fractional CFO and Profit First Professional

❓ What's wrong with your industry? #smallbusiness #salestips #marketing

27 Apr 2024 · 1 min

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0:33

In this brief video, the speaker advises business owners to stop asking customers directly what they are doing wrong, because customers are unlikely to be honest due to social consequences. Instead, he suggests asking customers what they perceive as problems in the broader industry. Since customers are not directly involved in the business, they can speak more freely about industry-wide issues. By identifying and fixing these industry problems, a business can position itself to dominate the market. The speaker frames this as a hidden truth, emphasizing the strategic advantage of focusing on industry-level improvements rather than personal criticism.

Chapters

If you're a business owner who wants to improve their business, there's a secret way of doing it. Do not ask your customers, what am I doing wrong? There's no social consequence. They won't tell you. Instead, ask your customers, what's wrong with the industry. Now it's the person who's not in the room. And they can speak the truth about your industry. You fix that, you dominate the industry. I've been hiding behind this bar to make sure no one was here so you could hear the truth. Don't ask what's wrong with you. No one will tell you the truth. Ask them what's wrong with the industry and that's the thing you need to fix.