Creating your market dominating position
There is no such thing as a perfect business environment or a permanent strategy that would let a company stay on top forever. Some of the biggest challenges of entrepreneurship are the ever-changing trends that test your place in the market. The hard truth is that remaining dominant is a battle that has to be fought on a daily basis. The question is, how do you create that position?
Coca Cola is a great example of a well-positioned company. So, what is their secret? How do they keep their customers always coming back for more? Almost anyone could make a soft drink at home that tastes as good if not better. Their success is more than taste or low cost. Coca Cola’s marketing and strategic partnerships are all about ‘happiness.’ All their marketing shows smiling, laughing people enjoying a Coke. They want to be there every time you get together with your friends and family. time with your family and friends. It is even in the restaurants you grew up with. Blocking out Pepsi and having an exclusive contract with McDonald’s was all part of creating a certain joyful, almost nostalgic appeal that starts when you have your first Coke with a Happy Meal.
Coca Cola has spent decades developing its marketing and relationships to give it such a strong position, so don’t wait around for a recession or a perfect moment to try to be more competitive. By then, it will be too late. You will lose the market share, revenue, and the profits you need to re-invest into your strategic growth plan.
What you need is to create a position that makes your favorite people to serve look at your competitors as a poor imitation. These people are your target market and you have to understand what is going on in their heads and their hearts. It starts with having empathy for their wants and needs. What is most important to them and what frustrates them the most. Once you really understand them, you can start to create your market-dominating position.
Here are the Four Steps to Creating Your Market Dominating Position:
1. What is your strategic position in the market?
Who are the people you want to serve and what niche way can you provide your goods or services? Let’s use Domino’s as an example. They focused on hungry college kids who wanted hot pizza fast. When you know exactly who most enjoy working with, start asking them what they like most about what you do. Ask them how you could make it even better. Look at the reviews of your competitors to see what makes people give them poor ratings. Then focus on the platinum rule: “Treat people the way the want to be treated.”
2. What is that primary dominant position you hold in the market?
Once you understand what creates the 5-Star experience for your target market, you need to formalize it into a promise that resonates and inspires your tribe. Domino’s promised delivery free pizza if it didn’t arrive in 30 minutes or less. What is something exceptional that you can do to set your business apart from everyone else?
3. What is your supporting business model?
Now that you know what your promise is, your systems have to support it. Domino’s invested in simple, low-cost storefronts that were close to college campuses and had extra drivers on standby. This means that you have to think creatively about every aspect of your business and how it impacts the 5 Star experience you want to create for your customers.
4. What is that defining statement that makes you what you are?
Finally, create a powerful tagline or elevator pitch that speaks to the heart of your target market with a compelling message. Domino’s promised, “Fresh, hot pizza delivered in 30 minutes or less or it’s free.” It was short and sweet, but loud and clear. How can you quickly, but powerfully summarize your MDP?
Occupying your top position and remaining dominant is hard, but rewarding work.It takes creativity, strategy, and a commitment to continuous improvement to stand apart from everyone else and keep your loyal following. However, seeing the joy it brings to your customers makes it fun. Learning to listen to them with empathy and understanding makes it meaningful. Creating a business around all of this makes it profitable so you can create a better life by better business.