7 steps to a market dominating position
A Market Dominating Position when you have an actual or perceived distinctive advantage over your competitors. It is based on your ability to address a pain that your target market has. It may also address a desire or need that they have.
It is often stated succinctly as: A problem they have but don’t want or a result that they want but don’t have.
Your offer will trigger one or both of those. What marketing refers to as “Hot Buttons”. It is such a fundamental factor in successful marketing that creating a strong Market Dominating Position can increase the revenue of a business by as much as 75%.
Step 1 – Identify a customer to focus on. (target market)
This is important, I am not going to go into the details in this post but a clearly identified target market (ideal customer) has a massive impact on marketing success. For those who have several target markets, the strategy is to tackle one at a time for a defined period.
Sometimes you have a product (goods or services) that can be sold to different types of customer. But you still treat each type as a separate target market.
Step 2 – Identify something they are likely to have but don’t want
Start with your clearly defined target market (or one of them) and identify something that causes them pain or problems. This can be easy if you know your ideal customer well or you may have to do some research. You can even poll or interview existing or potential customers.
Step 3 – Identify something they want but don't have.
Next you look for an outcome that would appeal to them by eliminating a problem or providing a new benefit. Again research is appropriate.
Step 4 – identify how your competition is marketing (their claims)
It is a good idea to know your competition and how they market. After all if you are trying to be different you need to know what you are different from. It doesn’t mean you can’t have all the same features and benefits as your competitors, but you must also have at least one thing different.
Step 5 – find something different, if possible unique that you can offer
This in addition to the usual benefits. When you identify your special benefit, a good question to ask yourself is “Who else can claim this”.
Step 6 – carefully craft a statement that clearly articulates your unique benefit (value proposition)
This is the most powerful part of your strategy. It should be done with great care and attention. I have a separate post that goes into detail on creating a value proposition but you can get lots of advice and some good examples from a Google search.
Step 7 – broadcast your value proposition in as many ways as possible
Once you have you value proposition, work it into everything you do in marketing.
Don’t be afraid to test it and refine it over time.
Expected results
If you do this well you can acquire a market dominating position, which means that potential customers will come to you first when comparing options. Price will almost never be a factor.
Examples (USA & UK)
Who Am I and Why Should You Care?
My name is Peter Messervy, the UK’s leading combination of business analyst, business architect,…
