Do you struggle to rise above the noise of your competition? Do you feel you get lost in the crowd?
Most small businesses are established in response to market demand for a product or service. Many times businesses are built by serving that demand and enjoy growing profits without putting much effort into long-term planning or marketing.
However, what happens when that demand slows or stops? What happens when the competition sets up shop with a “new and improved” version of your product down the road? How do you keep your offering fresh while growing and maintaining your client base?
The answer, Innovate your business and offer extraordinary value by creating a “market dominating position.” Consider this. Every choice you 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.
Consider the well documented case of Domino’s Pizza. Why did Domino’s become a billion dollar behemoth in an overcrowded market in just a few years? Did Domino’s make the best pizza? Not even close! Did they offer comfortable in-house dining? No way! Did they offer the largest selection on their menu? They offered the exact same pizza as ALL of their competitors!
They dominated by adopting and implementing one major strategy. They created a market dominating position, which was fast hot pizza, targeted specifically for hungry college kids.
So now ask yourself what, if anything, makes your business different from your competitors as perceived by your targeted prospects and customers? For the vast majority of businesses that answer is price.
The key is to create added value in everything you do. Prospects and customers DON’T buy based on price. They buy based on the value they receive for the price they pay. Creating added value is a marketing or customer relations strategy that can take the form of a product or service that’s added to your original offering for free or as part of a discounted package.
If you don’t revisit the value you offer, then over time your customers will be drawn to your competitor who consistently innovate their business so they offer exceptional value that you don’t. Ultimately, your customers will demand additional value to remain loyal – and they’re the keystones for your business growth. Everyone can add value to their business. And adding value doesn’t have to blow your marketing budget or take up hours of your time. There are many ways to enhance your business in the eyes of your clients.
If you would like to receive a free workbook on how to create your own Market Dominating Position, leave a comment below and I will email it to you.
Have an Amazing day!