So, you want to dominate your market? Then you need to master these 5 basic steps.
1. Determine your strategic position in the market.
Have you determined the specific ‘niche’ or segment of the marketplace that your business should focus on? Take a look at the skills that your business has and match that up with the unmet needs of your targeted prospects, and then you can design the product or service to meet those needs.
2. Determine your primary market dominating position.
What is your number one advantage that separates you from your competitors? If you recall, Domino’s Pizza could deliver a pizza in 30 minutes or less or it was FREE.
What do you do to meet your client needs that no one else does??
3. Determine your supporting business model.
Your strategic position and primary market dominating position make certain promises to your prospects. How will you deliver on those promises?
Domino’s built a supporting business model that enabled them to consistently provide their promised primary advantage, which was fresh hot pizza delivered within 30 minutes. To make good on this promise every time, they were forced to create a supporting business model where they built low-cost, plain vanilla stores strategically located near college campuses.
And since college kids aren’t the most reliable workers on the planet, they were forced to hire additional delivery staff and have additional drivers on a stand-by basis. Together, these innovations allowed them to consistently meet and often exceed their primary market dominating position.
What will you do to innovate your business to be able to deliver, or even over-deliver, on your promise?
4. Determine your secondary market dominating position.
What is the second thing that sets you apart from your competition. What do you offer that will cause your prospects and customers to perceive you as being different from your competition?
5. Create your market dominating position statement otherwise known as an elevator pitch.
Combining steps 1 through 4 allows you to state very clearly what differentiates you from your competition.
For Domino’s, it was ‘fresh hot pizza delivered in 30 minutes or less, or it’s free’.
Now that you have the 5 steps, I would love to hear what you come up with for your Market Dominating Position! Let me know in the comments below.
Be sure to come back for more information on the additional elements to successfully creating a market dominating position.