Market Dominating Position – Part 2
CREATING A MARKET DOMINATING POSITION INVOLVES A FIVE STEP PROCESS.
Step number 1: Determine Your Strategic Position in the Market
What specific niche market or segment of the marketplace should your business focus on? Determining this involves combining the skills your business has with the unmet needs of your targeted prospects and then designing your product or service to fulfill those needs. Domino’s strategic position was “fast hot pizza for hungry college kids.” For Starbucks, “delicious hand-crafted beverages that makes life better.”
Step number 2: Determine Your Primary Market Dominating Position
This is the most dominating advantage that separates you from your competitors. Domino’s claimed it could deliver its pizza in 30 minutes or less, or they would give it to you for FREE! This was the primary advantage that met the needs of their newly defined market position – hungry college kids that wanted food fast.
Step number 3: Determine Your Supporting Business Model
How will you specifically deliver what your strategic position and primary market dominating position promises? What changes, if any do you need to consider making to your business to ensure you deliver consistently on your position and your promise? 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.
Step number 4: Determine Your Secondary Market Dominating Position
What additional competitive advantages does your business offer that your customers will perceive as being different from your competition? Domino’s secondary benefits might include special pricing, assorted sizes, a much broader selection of toppings or additional menu items.
Step number 5: Create Your Market Dominating Position Statement or Elevator Pitch
This is a simple statement you can create by combining steps one through four. This helps you to state unequivocally what differentiates you from your competitors to your targeted prospects and customers. Domino’s market dominating position is neatly summed up in its slogan, “fresh hot pizza delivered in 30 minutes or less, or it’s free.” An expanded version of this might say: “Domino’s provides busy customers with fresh hot pizza and other food items within 30 minutes or less. Our assorted pizza offerings combined with our value pricing makes Domino’s affordable to everyone.” This presentation will focus on helping you to define your market dominating position and then we can help you create a powerful and compelling elevator pitch that will effectively communicate your value to your marketplace.
After reviewing them, select the one or ones that best fit your individual business.
Get ready for the next step!
Hope this read opened your eyes to opportunities that are missing in your business, apply and see the difference it will make in your business!
There are a total of six different areas where you can add value when it comes to service. We will cover that on the next article.
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To Your Success,
Nancy Baki at Best Entrepreneur Solutions