Market Dominating Position – Differentiation
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:
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- Find your Strategic Position in the market.
- Determine your Primary Market Dominating Position.
- Establish your Supporting Business Model.
- Create your Market Dominating Position Statement or Elevator Pitch.
Let’s get over them one by one.
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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:
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- Domino’s Pizza strategic position was fast hot pizza for hungry college kids.
- Starbucks delicious handcrafted beverages that makes life better.
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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.
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Establish your Supporting Business Model.
To establish your Supporting Business Model, you must ask yourself the following questions:
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- 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.
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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.
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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”