In my recent conversation with Justin Goodbread, bestselling author and financial expert, we delved into a topic every entrepreneur can appreciate: the value of market share and how to create meaningful value that resonates with customers.
Justin's journey is an inspiring one, and he shared insights that left me reflecting on the importance of persistence, strategic marketing, and the power of capturing even a small slice of a large market. Here are some key takeaways that I believe every entrepreneur should consider on their journey.
Read: Embracing Market Share and Value Creation with Justin Goodbread on The Shades of Entrepreneurship
Understanding the Value of Market Share—Even Just 1%
Justin reminded us that sometimes, capturing even 1% of a market can be transformative for a business.
When discussing Ocata, which recently won Pitch Latino competition by Latino Founders, I highlighted how securing just a fraction of a massive market can yield substantial revenue. In this case, 1% of a billion-dollar market equals $10 million in revenue—a number that’s more than enough for many businesses to thrive.
For entrepreneurs, this underscores the fact that a market doesn’t have to be brand new or devoid of competitors to hold potential. As Justin pointed out, even if the market seems “saturated,” there’s always a chance to create a unique value proposition that sets your product or service apart.
Rather than looking for untapped markets, consider how you might serve a niche in an innovative way. In other words, don’t be discouraged by competition; let it drive you to differentiate.
Building and Implementing a Value-Driven Marketing Plan
Justin’s experience in growing businesses shines through in his advice on marketing. He shared how crucial it is for entrepreneurs to ensure that their marketing tactics align with their end goals. His advice?
Have a clear value proposition and back it up with key performance indicators (KPIs) to measure success. This way, you can identify which strategies are effective and which may need to be adjusted.
For Justin, one of the most powerful ways to achieve this is to give your sales team a solid framework, so they understand the intended results of each campaign.
By tracking KPIs and learning from outcomes, businesses can pivot as needed to stay on the path to growth.
The core takeaway is to be intentional in your marketing, set goals, and measure your success—this is what allows you to “market the hell out of it,” as Justin says, without losing direction.
Developing a Best-in-Class Business with the Right Resources
One unique aspect of Justin’s journey is the story of how he bought back Financially Simple, a company he had previously sold, only to rebuild it into a thriving business once more.
After buying it back for a dollar when the company had no revenue, he used his own strategies to generate over six figures in less than a year. It’s a testament to his belief that with the right plan in place, businesses can turn around and succeed even in the toughest of situations.
His advice to entrepreneurs in this area is centered on the importance of resilience and strategic growth. Through his Value Growth Academy, he offers guidance on hiring best-in-class talent, creating sustainable growth, and focusing on the eight critical areas of business.
For those just starting or feeling overwhelmed, his book, Your Baby’s Ugly, outlines these core principles and gives business owners the tools to honestly assess and improve their operations.
The Courage to Kill Your “Idea”
One powerful insight we discussed was the sometimes difficult reality of letting go of an idea or product that may be meaningful to you personally but is not resonating with the market.
This is a lesson Justin emphasizes: if a product isn’t gaining traction or solving a widespread problem, don’t be afraid to pivot or even abandon it.
In the world of entrepreneurship, it’s okay to “kill your idea” if the market isn’t there for it.
It’s a tough pill to swallow, especially when you’ve invested time, resources, and passion into a product or idea. But as Justin pointed out, having the courage to pivot and adapt is often what separates successful entrepreneurs from those who struggle to find their footing.
Sharing your idea, seeking feedback, and staying open to change are essential for growth.
Challenging Yourself to Take the Next Step
Justin left us with a powerful reminder: each of us has the same 24 hours in a day, and it’s up to us to use that time to drive our dreams forward.
He challenged listeners to take action and to remember that success comes from consistent, intentional steps toward your goals. Whether it’s marketing more effectively, finding the right people for your team, or just pushing through the tough days, entrepreneurship is about perseverance and progress.
In closing, this conversation with Justin Goodbread highlighted the importance of creating value, even within competitive markets, and reinforced the need for strong, goal-driven marketing.
For entrepreneurs, there’s no single formula for success. But with the right mindset, a willingness to pivot, and a commitment to growth, there’s no limit to what you can achieve.
As Justin said, challenge yourself to make the next step. Embrace innovation as your tradition, and don’t be afraid to turn your passion into meaningful progress.
Start improving your market share today! Watch or stream the full episode featuring Justin Goodbread now on The Shades of Entrepreneurship (available December 11, 2024)!
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