CG #32 - Market-Dominating Position
Hey - it's Nathan. 👋
Today I'm adding something new to the Client Getting mix:
I normally share things that are more tactical in nature, but if you don't have the right foundations, the tactics you choose to get clients won't matter much.
(I know this from experience.)
So every few issues I'm going to talk about a foundational element you need to put in place that will make whatever client-getting strategies and tactics you use work that much better.
So, on to the show...
Client-Getting Strategy of the Week:
Innovate your business and offer extraordinary value by creating a “market dominating position” that will separate your business from your competition and give you a competitive edge.
Who / What it Works For:
Every. Single. Business.
Most businesses do not have a market-dominating position. Every plumber in your area is like every other plumber. Every life coach promises basically the same thing as all the other life coaches.
Which is why if you can develop one for your business, you will consistently get businesses and individuals to choose you over your competitors.
How it Works:
First, what exactly is “market-dominating position”?
Market-dominating position is the extent to which you create a virtual monopoly in your prospects' minds and stand out to them as the only option for the particular thing they need.
You do this by creating additional value in the form of a benefit, or benefits, that your customer perceives as so valuable that it differentiates you from your competitors and makes your business the logical choice for them.
Here are some examples you will be familiar with:
- Dominos - hot pizza in 30 minutes or less for hungry college kids
- Nike - hip, stylish and quality sneakers for the best athletes
- FedEx - for people who absolutely, positively have to have it there overnight.
How do you create a marketing-dominating position?
Here are 9 steps to follow:
1. Determine where you sit in the market.
What industry or vertical are you in? What specific niche market or segment of the marketplace does (or should) your business focus on? How are you positioning your business?
The words you use to describe what kind of business you are and what you do will determine which category people put you into in their minds, and which competitors they compare you to.
2. Understand your ideal client/customer
Who is your ideal client? What problems do they have that they don't want? What do they want that they don't have?
What are their frustrations, fears, dreams, questions and needs?
The more you understand what matters to the people you are trying to attract, the better chance you'll have to create a market-dominating position that acts like a magnet for them.
3. Research what the competition is doing
Review your main competitors' market-dominating positions (if any) and put them in a list.
Then, for each competitor, list their three biggest weaknesses or shortcomings.
4. Brainstorm possible market-dominating positions
Think about the advantages you offer which makes you exceptional in the eyes of the marketplace.
Stay away from platitudes like "I care more", "I treat customers like family", "We work harder", etc.
Try to list at least three.
Now write down the benefits you offer that might be the same as your competitors but that they aren’t communicating at all.
5. Select a market-dominating position to test
Review the results of your audience and competitor research and brainstorming and identify what you think is the biggest area of opportunity.
Write it out as succinctly as possible.
Remember: This involves combining the skills your business has with the unmet needs of your targeted prospects, and you may need to redesign your product, service or business to deliver on your new positioning.
6. Test it in the wild
Now you've got to see how people respond to your new positioning in real life.
Ask existing clients for feedback. Update the bio in one of your social media channels to see if it gets more attention. Send an email blast with the new messaging to test open/response rates.
7. Gather feedback and iterate
Collect the feedback and data from your tests and determine if you need to make further modifcations to your positioning or if you've got something that connects with your target market.
8. Implement throughout your business
Determine how you will implement your new positioning in a way that will cause the least disruption to your current business, but will have the greatest impact.
Most important if you have a team: ensure everyone understands and internalizes your market-dominating position.
9. Don't stop innovating
Periodically revisit your market-dominating position and innovate to stay ahead of the competition.
Keys to Success:
It's important to understand that this is not just an elevator pitch or a slogan (though your elevator pitch and slogan should reflect your market-dominating position).
It goes much deeper than that.
It is (or should be) the foundation of your business.
The "thing" that sets you apart.
If you get this right, it should make everything else you do in your business easier or redundant.
Now, your market-dominating position doesn't have to be world-changing or earth-shattering.
But it does need to matter enough to the people you are trying to attract that you will stand out to them when they make their buying decision.
The key is to create added value in a way that touches on your ideal client's hot button issues and do so in a way that NONE of your competitors are doing.
Tweet of the Week
From Someone Else:
Something Else You Might Like
Deliverit is a free newsletter which teaches different tactics to grow an email list from scratch. One of my favorite parts is how they rate the experience, effort, cost and impact of each one.
Do you have a market-dominating position? Struggling to figure out what yours should be?
Either way, reply and let me know.
If you've got one, I'll give you my objective feedback on it. If you're trying to figure yours out, I'll give some suggestions on how you can get clearer on it.
Have a great weekend!