Below are 5 Steps to create a Market Dominating Position
Step #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
Step #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 #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 low cost, plain vanilla stores strategically located near college campuses and hired additional delivery staff and drivers on a stand-by basis
Step #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 #5… create your market dominating position statement or elevator pitch
• This is a statement you create by combining steps 1 – 4
• This helps you to state unequivocally what differentiates you from your competitors to your target market
• 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”