A locksmith analogy breaks down three competitive advantages: traffic, offer, and market. The speaker argues that choosing the right market—customers with real money—matters most. High-paying clients will pay premium prices regardless of how you deliver.
Let's say you had to choose between 3 competitive advantages and you're a locksmith. You're really good at opening locks. You could choose between having an ad in the best part of town, that's traffic. 2, you could be the best locksmith in the world and open those locks fast, that's offer. And the 3rd one is you could be in a hot parking lot with a bunch of moms that left their kids inside their car with their keys and they can't open it, that's market. So which one would you choose if you had the 3? Most people would choose market because they're gonna pay you a premium, whatever. You could break the window for all I know and you would still make money. So my audience building and monetization approach starts with picking the right market, because how you're going to sell it isn't as important as what you're going to sell, which isn't as important as who you're going to sell it to, because we want to sell to people with a lot of money that can pay you, that are great clients.
