#6: Why "Best known beats best" destroys businesses

"Best known beats best"

This phrase is commonly thrown around in the marketing circle.

I've heard the gurus say this many times.

On the surface, it makes sense.

Because a business will die if nobody knows about it.

It doesn't matter how good they are.

People must know about them.

And marketing helps to get visibility for a business.

Great products die with bad marketing.

Great marketing can even sell crap products.

Sad. But true.

This means any Tom, Dick, or Harry can earn a huge load of money...

If they just get good at marketing.

But this is only part of the story.

I don't hear people talking about what happens after.

You see...

Fast cash is always appealing to the masses.

So many people focused on getting good at marketing...

Without working on the core product or service they offer.

What happens next is expected:

A huge group of people got burned.

They spent big money but didn't get the outcomes they expected.

Because the product or service isn't as good as the marketing claimed it to be.

It was a blatant case of "Over-promising but under-delivering".

And it didn't stop.

Businesses tried to "out-market" each other by making bigger claims.

They promised more outrageous results...

Which they couldn't fulfill.

They created high expectations in their marketing.

Only to let it come crashing down with their disappointing product or service.

Those businesses got rich in the process.

It fulfilled the "Best known beats best" philosophy.

But it came at a cost.

Controversy.

Bad reputation.

Getting called a "scam".

Getting trapped in a hamster wheel of endlessly chasing new leads and new sales.

To them, humans are treated like numbers on a stats sheet.

People are cash cows to be milked.

Sounds like injustice?

You bet.

Seems like they got away with exploiting people?

In the short-term, yes.

Long-term, no.

There's a reason why many "$10K per month" coaches have already gone out of business.

A few years ago...

There were many "business coaches" who pitched me through Facebook DMs.

And they promised me they could get me to an income of at least $10K per month.

A few years later...

What I discovered shocked me.

I looked at my DM history.

Some have deleted their Facebook accounts.

Some have pivoted into doing "influencer" stuff.

Some accounts were left dormant...

As if they just vanished into thin air.

If their business is really doing well as they claimed...

Why disappear suddenly and quietly?

Of course, not all were wiped out.

Some continue to survive by preying on the newbies.

They must be thinking they'll never run out of leads.

Because the world is so big, right?

WRONG!

Here's the truth: Great marketing can only bring in the first sale.

It only works when people don't know about you yet.

Once the first purchase is made...

The quality of the product or service determines the buyer's experience.

If the customer or client had a poor experience...

It's unlikely they'll return for the second purchase in the future.

The "Best known beats best" philosophy leads their business to doom.

The "I'll never run out of new leads" mindset is a fallacy.

Because there's something called the "Total Addressable Market".

Not everyone in the world wants your product or service.

If the total addressable market is small...

The business can face difficulty in generating new customers or clients.

Especially when there are many competitors.

Then there's something called "Market sophistication".

As the market gets more sophisticated...

Consumers are more well-informed.

When many people have already been burned and lost money.

Skepticism in the market naturally increases.

Trust levels will be low.

No trust = No sale.

Buying cycles get longer.

Because people don't buy as readily right now.

They do their due diligence.

They wait and observe to see if you're trustworthy.

So it's harder to get a new lead and sale.

What's the solution then?

Ditch the "Best known beats best" philosophy.

Adopt the "People > Profits" philosophy.

It's time for a mindset shift.

Rule #1: Businesses exist to solve problems for people.

Rule #2: Money is a by-product of the value we create through the problems we solve.

Rule #3: We value our customers and clients. They're humans. They're not numbers or dollar signs.

These 3 rules mean:

You'll prioritize the interests of the people you serve...

Instead of thinking "How much money I'll make".

You'll discover "Trust leaks" in your business easily.

And be more mindful of the experience you're creating.

Now is the time we realize that "Best known beats best" is a short-term play.

It's time we recognize it's a philosophy adopted by "Profits-first" businesses.

If you want to build a sustainable business...

Where customers and clients willingly return time after time.

Where they may even become loyal fans and advocates for your business.

Then your product or service matters as much as your marketing.

Retention isn't a marketing problem.

It's an "expectations management" problem.

Unfulfilled promises break trust and pisses people off.

Fulfilled promises and overdelivery delight people.

Which path do you want to take?

That depends on what kind of legacy and reputation you want to build.

That depends on whether you want to sleep peacefully every night.

Money can't buy peace.

I know what I'll choose.

How about you?

- Herek