EP 236: Expertise Matters
In today’s episode, we’re talking about the topic of expertise. The gurus out there are telling people that they only need to be a step or two ahead of their audience and don’t need actual subject matter expertise in order to make money.
But the reality is that you do need expertise if you want to build a business that will be successful in the long term. We’ll look at why you need expertise in both a crowded market and a brand new market and why being only a step or two ahead of your audience could backfire.
What You'll Learn in Today's Episode
- The 3 reasons you need expertise
- You’re in a crowded market
- You’re going to have a tough time standing out if you can’t be at the top of your market
- How can you position yourself as an expert in the market if you don’t have expertise and why would people choose you (unless you were significantly cheaper…)
- You’re in a market with no competition
- No competition suggests it’s not a viable market or you’ll struggle once others enter your market
- If there is no competition, you need to ask why. Chances are there isn’t a real market.
- If you are able to create a new market, without expertise, you’ll struggle to maintain your position
- Without expertise, you won’t be able to create barriers to entry
- Amount of money you can make = number of people you can help x the severity of the problem you can solve
- If you don’t have expertise, how serious of a problem can you solve?
- If you don’t have expertise, you become a commodity
- You can’t continue to serve your audience
- What will you do when your audience catches up with your expertise?
- Expertise allows you to charge more and be able to stay on top of your field
- Trying to build expertise along the way is much harder
- Tough love, if you don’t have real expertise, don’t create a product. Instead, make the effort to build expertise