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Your Market Dominating Position (Part 1) – Introduction

A Market Dominating Position – Introduction.

Most businesses become established, because of a market demand for their product or service. Many build their business by serving that demand and enjoy growing profit. And without putting much effort into long term planning or marketing.

But questions arise about how long this kind of success will last…

    • 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?

The answer is simple. While growing and maintaining your client base, innovate your business.  Also offer extraordinary value by creating a Market Dominating Position.

Consider this, every choice a customer makes when buying a product or service, represents a point of differentiation between one company and their competitors. These differences, weather subtitle or distinct, determine which customers will buy what you sell.

I will give you an example. Consider the well documented case of Domino Pizza. Why did Dominos become a billion-dollar behemoth in an overcrowded market in a just a few years?

    • Did Dominos make the best pizza?
    • Did they offer comfortable in-house dining?
    • Did they offer the largest selection on their menu?

The answer to all these questions is “No”.

They did pretty much offer the same pizza as all their competitors. They dominated by adopting and implementing one major strategy. They created a market dominating position in an area with lots of colleges, which was fast hot pizza, targeted specifically for hungry college kids.

Is “Price” the answer to differentiate yourself from the competition?

Ask yourself what makes your business different from your competitors as perceived by your targeted prospects and customers? For most businesses that answer: “Price”.

Many years ago, Nike offered the top selling Air Jordan 3 for $150 a pair. At the exact same time Target sold an exact same and excellent imitation of the Air Jordan for around $40. But Nike outsold them 10 to one.

Starbucks is a popular place to buy coffee in many parts of the world. Their prices aren’t low. According to the latest data their typical customer spends four times more than they would at their competitors.

Obviously low price isn’t the driving force here. So, what is?

The answer? These companies stake out a specific and targeted Market Dominating Position.

Nike focused their position around being the best athlete, being hip and in style, along with the perception of quality.

Starbucks focused on delicious hand-crafted beverages, which they claimed is the secret to making life better.

When you create your own Market Dominating Position, you will consistently get business and individuals to choose your business over your competitors.

What exactly is a Market Dominating Position?

You can define it as “ Any valued-added customer perceived benefit, or a combination of benefits, that differentiates you from competitors and does so in a strong enough manner that it makes your business the logic choice in the minds of your prospects and customers”.

Some people also know it as USP (Unique Selling Proposition).

I will give you an example: A dry cleaner that offers pick-up and delivery would be the only logical choice for any prospect or customer that values convenience. This simple distinction represents a market dominating position.

Another example of added value would be a gift shop owner, that offers complementary gift wrapping with every purchase.

The key to create added value.

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 market or customer relation strategy that can take the form of a product or service that is added to your original offer for free or as a part of a discounted package.

Like all the elements in your marketing toolkit, this is designed to attract new customers and retain existing ones.

If you don’t revisit the value of your offer than overtime your customers will be drawn to a competitor who consistently innovates their business, so they offer exceptional value that you don’t. Ultimately your customers will demand additional value for them to remain loyal and they are 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 off hours of your time. There are many ways to enhance your business.

The key to adding value.

The key to adding value for a customer is providing a feeling of being appreciated and that their needs will be taken care off. Example are:

    • Determining what your customers and target market perceive as valuable. You must understand their needs, wants, troubles and inconveniences in order to entice them with solutions through added value products or services.
    • Adding values will also add to your profits, but you don’t focus on generally helping your clients, you will have a difficult time attracting them.
    • Another example to add value works for both products and service-based businesses.
      • If you offer a service like hair styling, try treating your customers by offering them a latte while they wait.
      • Complementary shampoo samples or a free conditioning treatment with every sixth visit.
      • If you sell a product, consider offering convenient services like free shipping or delivery to make the customers experience a seamless one.

Watch the short video “Introduction to a Marketing Dominating Position”.

This video is a part of our first video in a serie of 2. Both videos and the workbooks which go with them, are available. Follow the link ……

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Market Dominating Position (Part 2) – Differentiation

Market Dominating Position – Differentiation

More about what your Market Dominating Position is, is discussed in the previous blogpost “A Market Dominating Position (Part 1 ) – Introduction”

How to differentiate your business from your competitors.

There is a 5-step process to use to set  your business aside from your competitors by creating a Market Dominating Position (Or Unique Selling Point). The 5  steps are:

    1. Find your Strategic Position in the market.
    2. Determine your Primary Market Dominating Position.
    3. Establish your Supporting Business Model.
    4. Create your Market Dominating Position Statement or Elevator Pitch.

Let’s get over them one by one.

  1. Find your Strategic Position in the market.

What specific niche market or segment of the marketplace should your business focus on?

Finding your niche involves combining the skills your business has with the unmet needs of your targeted prospects. And then design your product or service to fulfill those needs.

Examples are:

        • Domino’s Pizza strategic position was fast hot pizza for hungry college kids.
        • Starbucks delicious handcrafted beverages that makes life better.

  1. Determine your Primary Market Dominating Position.

This is the most important step.  This step separates you from your competitors.

For example: Domino’s Pizza 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 position. Hungry college kids that wanted food fast.

  1. Establish your Supporting Business Model.

To establish your Supporting Business Model, you must ask yourself the following questions:

    • 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 constantly on your position and your promise?

For Example: Domino’s Pizza build 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 that promise every time, they were forced to create a supporting business model where they build low cost, plain vanilla stores, strategically located near college campuses.

And since these college kids weren’t the most reliable workers on the planet, they were forced to hire additional delivery staff and have additional drivers on standby basis.

Together these innovations allowed Domino’s Pizza to consistently meet and often exceed their Primary Dominating Position. And that is what you should aim for too.

  1. Determine your Secondary Market Dominating Position.

Your Second Market Dominating Position will provide you with additional competitive advantages.

The question here is, what  does your business offer that your customers will perceive as being different from your competition?

Back to our example again: Domino’s Pizza secondary benefits might include special prizing, assorted sizes, a much broader selection of toppings or additional menu items.

  1. Create your Market Dominating Position Statement or Elevator Pitch.

An Elevator Pitch is a simple statement that you can create by combining all the previous steps.

A statement like that helps you to say, without any doubt, how you are different from your competitors.

This statement shows your leads and customers/clients, why they should buy from you and not from your competitors.

Example: Domino’s Pizzas Market Dominating Position is neatly summed up in their slogan “Fresh hot pizza delivered in 30 minutes or less or its free”

Now you need to define your Market Dominating Position and then we can help you to create a powerful and compelling elevator pitch that will show your value to your marketplace.

I will discuss more about your Market Domination Position in the following blogposts.

Watch the video “Introduction to a Marketing Dominating Position”


This video is a part of our first video in a serie of 2. Both videos and the workbooks which go with them are available. Follow the link ……

 

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The Resources We Provide!

Our E-Learning Marketing System is the largest collection of online resources for small business owners ever created.

Our resources help you dominate your market.

What’s This All About?

Quick Start Program:
The true measure of success for any program is its ability to produce immediate revenue and profit.

  • Our Quick Start Program walks you step-by-step through our proven 5 Step Profit Formula… and then teaches you the basic fundamentals you MUST have in place to instantly maximize your revenue and your profits.
  • Our Quick Start Program is specifically designed to help you learn the revenue-generating secrets that will enable you to out-market and out-sell your competition.
  • We’ll teach you the latest state-of-the-art marketing strategies and tactics, including how to create your very own market dominating position that will instantly separate your business from the competition.
  • We’ll provide you with all the marketing tools, advertising, sales letters, templates and resources you’ll need to generate all the leads, customers and revenue your business can handle.

How would you like a simple, proven and tested way you can double your profits with little time, effort or expense on your part?

What if we gave you our formula for success plus over $1 million dollars worth of done-for-you marketing and advertising collateral that will provide massive exponential growth for your company… starting immediately?

If you ask any small business owner what they need more than anything in their business, you get the same two answers every time… more clients and more revenue.

Our E-Learning Marketing System is designed to help you generate more leads, attract more clients and make more money than you’ve ever made before in your business.

“The same wall that protects you… STOPS you!”
“No longer confuse being busy…with being SUCCESSFUL”

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We walk you through our proven and tested “5 Step Profit Formula” where we show you the exact strategies and tactics we use to increase our leads, conversions, number of transactions, sales price and net profits.

We then teach you how we “systemize” our sales processes… document them from start to finish and then “franchise our business and marketing” by licensing our proven process to others in our industry.

“After my one month trial I soon realized the missed opportunity in my past clients and immediately implemented a follow up program I duplicated using the online system. That program alone helped me generate a $1 million contract. I’ve worked one to one with the likes of Arnold Palmer and many of the greats of golf… this system is a GREAT online marketing coach! …Helped Me Generate A $1 Million Contract!”

Sean Boake – SPB Contracting

There are a few ways we help you do this:

  1. Our entire library of proven and tested marketing strategies, advertising and tactics that will position your business light years ahead of your competition.
  2. You will discover how to market your business on Google, driving leads straight into your inbox so you wake up to new business each morning.
  3. Create your own ads and marketing collateral using our state-of-the-art and dummy proof marketing templates and done-for-you ads and scripts.
  4. Instantly build your own revenue-generating website
  5. Access to 150 hours of our world-class instructional training videos on every business related topic imaginable including both offline and online marketing.
  6. Learn how to build a million dollar business using our 52 week E-Learning Internet Marketing and Business Growth Program.
  7. Our seven day four video series will show you how to generate all the leads your business can handle… without spending a cent on marketing or advertising.
  8. A complete diagnostic that analyzes the strengths, weaknesses and opportunities available for your business.
  9. 24/7 access to your step-by-step roadmap to guide you through the entire E-Learning Program.

Curious How this all can help you???

Make an appointment to chat. It’s FREE 🙂

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When coaching-offers are “cheap”

Do you think business coach’s should ask at least $1K? Do you think when coaching is offered for less, which makes it affordable for you, it is probably useless and a waste of money?

If this is you, but you are in desperate need of a coach, then let this assumption go. For you and your business. Just because you can not do everything by yourself when you are new to the “running a business”. You may need help!

Read further why……

Let me tell you something about how I see it.

First of all a lower price doesn’t mean cheap or fake or worthless. People who say this about coaches who offer their services for less then $1K, are maybe “overpriced” coaches who see it as a treat or they are “old fashioned” coaches or business owners who are paying a lot of money for their coach. Btw, I am absolutely not saying that these coaches don’t deliver what they are payed for. They probably just earn their money by only offering one-on-one coaching. Nothing wrong with that.

So how can good coaches offer these lower prices?

Welcome to the 21-the century where computers, internet and programs like Zoom are common. Where a lot of coaches (especially nowadays with the COVID epidemic) found out that they are able to offer their services by using these options so they can give you a lower price, but still earning more.

How? Simple. Group-coaching.

The advances of group-coaching are enormously. For instance:

  • For the coach, they can help multiple business owners at the same time by answering the same question once.
  • They save a lot of money and time by going online instead of driving around from one client to another.
  • For the business owners, they hear about resolving problems they didn’t think about yet.
  • Also being a part of a group makes you more motivated to keep going, to do the right things, to not procrastinate.

At least, that is how I do it.

That is why I would like to see you becoming a part of my group.

I want to help the group of business owners like you.

  • The business owners who are not able to hire an expensive business coach.
  • Who are of no interest for these expensive coaches, just because of their lack of money.
  • Who are passionate about their product, but are not entirely clear how to do their business (but they try!!).
  • Who work hard, without seeing much of results. 

And last but not least ….. who don’t mind to be part of a group of people, all with the same goal: Become successful in their business.

Like to learn more about my program? Or like to see where you are now and where you can approve your business? Make an complimentary appointment and block off 45 minutes.

Baudina

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Why Do Businesses Fail In The First Year…

An extremely high percentage of business owners give up their dreams of having their own, successful, business within a year after they started. Some manage to keep on struggling till at least 5 years, but eventually these struggling owners throw in the towel too.

There are a lot of reasons why, but what I am surprised about is that the reason isn’t always about the money. There are an entire list of reason. You are probably struggling with one or more of them.

Like overwhelm. “I have so many things to do, I don’t know where to start.”

Or fear, which results in not getting out there or not enough. “I look terrible, I am not making a video”. Or “I got a terrible review. I hate that”

Or imposter syndrome. “There are so many people out there who are way better than I am. That’s the reason why I can’t find clients”.

And these are only 3 of many.

What are you struggling with??

Comment below.

How can you prevent all of this?

You can’t. Simple as that. You will certainly run into them. All of them.

What is more important is how you handle them. How you overcome them. How you overcome your fear. How you get rid of your overwhelm.

So the question is more, what do you do to get over all these temporarily problems? Yes, temporarily, because if you let them become permanently you certainly can give up your business right away.

1. Start with your Mission and your Vision.

These two are extremely important. They show you every day why you are doing what you do and where you want to end. What your goals are.

I like to say, read them every morning, so you are motivated to keep going.

My mission is to help as many entrepreneurs as possible to get a successful business, to earn enough money to create at least a reasonable life for themselves and their family. Just so that they don’t need to go back to their old job. And that they have a legacy to leave behind for their children or be able to sell their business and create an good retirement fund.

I see myself teaching a group of people, discussing a weekly topic and helping to implement them into their business. I see my clients grow and happy to be part of this group.

This keeps me going when I start doubting myself.

2. Create an end goal and focus for a month or a week.

Work towards an end goal, which you need to finish at the end of the month. Or week if it is a small goal.

Don’t make it easy for yourself by creating an easy goal and use the entire month to finish it. You won’t help yourself or your business when you do that.

Cut this goal in small steps. Every week you finish 1 to 3 steps. Not more! And it won’t be a disaster if you can’t finish them all. You can only do as much as you can do.

Every day you make a to-do list of what you have to do to complete that week’s task.

And you also make an not-to-do list. Yes, you read it right. A NOT-to-do list. This will prevent that you get sidetracked by doing minor things you don’t need to do and which only takes time away from the important stuff.

Focus on this one goal for one month to create an habit.

Examples are:

  • Write a blog post once a week and create a post for your social media platforms 3 times that week, all referring and linked to that post.
  • Do a live video about your business 3 times a week. Give them some information about how your product helped a customer or how a customers loved your cookies. Tell a story. Something funny what happened to you. It doesn’t even have to be about your business. By doing video’s your customers learn to know you, who you are as a person. People buy sooner from someone they know, then from a complete stranger with the same product.
  • Create a newsletter.
  • Set up follow-up emails, 2 emails every week, which you can send out when someone became a customer.

3. Get help.

Almost all the business owners who just started their business are trying to do everything by their selves. Yes, I am guilty too. Nobody is perfect.

I created my own website, created my webinars, created courses, set up emails, created all my social media posts. the list went on and on. And everything together took me away from building my list and getting clients.

My general comment was “I don’t have the money to have some one else do it” Sounds familiar??

Funny thing is, if you spend a small amount of money to hire some one to take care of your email a few hours a week, you have these few hours extra time. And I bet that your time will bring in way more money.

For example if you pay a virtual assistant $20 a hour and you use her for 5 hours a week, it will cost you one hundred bucks. If you can use these 5 hours to bring in a new client and you can sell this client your product or service for $200, isn’t that worth the payment of this v.a.?

And it would probably saves you a lot of time and frustration too, because you don’t have always the expertise they have. So they can do twice as much as you can do in the same time!!

4. Get an coach

I know. I am only saying this because I am a coach. But no, that’s not the reason.

A coach can come in all forms and disciplines. Google “coach” and there is an endless list of different kind of coaches, all focused on their own small discipline. Life coach. Sport coach. Success coach. Yes, business coach.

But a coach can also be a good friend. Or your spouse. Or a complete stranger who is part of the same club as you are. A coach can be free. A coach can be payed for.

Most important is that this coach keeps you accountable. Keeps you motivated. Keeps you going. Pushes you when you need to be pushed. Helps you through the tough times when you need that help.

What do I do?

I don’t really see myself as a coach. I see myself as a teacher. I always loved to teach.

And love to help others to stay focused and motivated.

More like the high school teacher, then a modern day business coach. End goal is probably the same though.

I also follow my own e-learning program to help entrepreneurs to build their business step by step. To see them and their business grow and become successful. That make this e-learning special. You are kind of in the classroom and you have an assignment every week.

Baudina

I hope this blog post was useful. Although I only touched the tip of the iceberg, I hope it helps you to start change yourself and your business a little bit for the good. If you are interest in more information about my program just follow this link.

If you like to chat a bit about your business, you can use the messenger or email (I will respond as soon as possible) or my contact form or even make an appointment for a short chat by following this link.

Hope to hear from you soon!!