Continuing the exploration of the blueprint for success, we delve into Steps 3-5 for crafting a powerful Market Dominating Position (MDP) statement that will set your business on the path to dominance.
Step 3 involves designing a supporting business model that ensures consistent delivery on your primary MDP. Domino’s strategically built low-cost, plain-vanilla stores near college campuses, enabling them to meet their commitment of delivering fresh, hot pizza within 30 minutes. This supporting business model was instrumental in Domino’s consistently exceeding their primary MDP.
Step 4 introduces the concept of a secondary Market Dominating Position. Identify additional competitive advantages that your business offers, diversifying your appeal. In Domino’s case, secondary benefits might include special pricing, varied sizes, a broader selection of toppings, or additional menu items.
The final step, Step 5, centers on creating your MDP statement or elevator pitch. This concise statement combines the strategic position, primary MDP, supporting business model, and secondary MDP. Domino’s succinctly captured their market position with the slogan, “fresh, hot pizza delivered in 30 minutes or less or it’s free.”
Crafting a powerful MDP statement is not just a box to check. It is not something you do, pat yourself on the back for having done it, and then put the MDP statement on the shelf. Creating and using your MDP is a continuous process of refinement and adaptation. It marks the launch point for your blueprint for success, propelling your business toward a position of dominance in your industry. Regularly revisit and refine your MDP statement to stay aligned with evolving trends and expectations, ensuring your business remains a relevant and impactful player in the market.
