Every choice you (or your clients and prospects) make when buying a product or a service represents a point of differentiation between one company and their competitors. These differences, whether subtle or distinct, determine which customers will buy what they sell.
If you want to dominate the competition in your market, you must find ways to do business that your competition is not doing. You must add value. Today we are going to explore 6 ways that you can add value that your competition might not be doing.
- Convenience: The first area where you can add value to your service is Convenience. I have covered that in another post, so I won’t go into depth here, but there are 6 ways of adding convenience to your service. Be sure to check out ‘6 Ways to Add Value In Your Service’ for the details.
- Speed: The second method of adding value when it comes to service is speed. In today’s fast-paced society, speed and convenience are becoming major players in our customer’s buying decisions. Find opportunities here you can exploit, and your business can quickly dominate your market.
- Education and Training: Prospects, as well as customers, value education and training as much as they do value and price. In order to take advantage of all the benefits your product or service provides them, they know they need to obtain all the training and education you offer in order to reach that goal.
- Remove all potential purchase risk: 100% money-back guarantees and generous return policies are quickly becoming the norm in most industries. However, look at your industry closely and if you find that none of your competitors offer a 100% money back guarantee, then you have the opportunity to make your business the only logical choice by doing so.
- Quality: Although quality is a vague term, it can be a powerful differentiator. Think of quality as the perceived benefit received by the customer. Papa John’s Pizza’s market dominating position is substantially different from Domino’s.
Since Domino’s focus was on hungry college kids that wanted pizza fast and cheap, they focused on providing low-cost pizza that used lower quality ingredients such as canned sauce, imitation cheese, lower quality meats and vegetables and so on. Papa John’s focused on providing only the finest ingredients and a special recipe crust. Both businesses use the exact same methods for making a pizza, but Papa John’s carved out a targeted niche that made them the logical choice for people seeking better quality pizza.
- Security and Safety: With Internet scams and online fraud making headlines daily, not to mention overall crime rates at all-time highs, security and safety have now entered into the decision-making process for most prospects when it comes to purchase selection. If your business is located in a less desirable neighborhood or you deal with children or the elderly, ask yourself what steps you can take to make your prospects feel totally safe.
Now that you know these six areas, take a look at your business and see how you can innovate it to provide these added value services.
Hope this helps as you look at how to create your Market Dominating Position!
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