Elevating your business by crafting a market dominating position involves a methodical five-step process. The initial steps will be crucial for creating a robust foundation. Step 1 focuses on defining your strategic position, identifying a niche market or segment that aligns seamlessly with your business’s skills and the unmet needs of your targeted prospects.
Take inspiration from the success story of Domino’s Pizza, a brand that soared by strategically positioning itself to provide fast, hot pizza for hungry college kids. This precise targeting not only met but exceeded the specific needs of their audience, setting the stage for market dominance.
Step 2 in creating your primary Market Dominating Position (MDP) involves identifying the most dominating advantage that separates you from competitors. In Domino’s case, it was their bold promise to deliver pizza in 30 minutes or less, or it’s free. This not only met the needs of their hungry college kid market but also set a clear standard for their service.
As you craft your strategic position and primary MDP, market research becomes a valuable ally. Leverage tools like SWOT analysis, competitor assessments, and customer surveys to gain insights. The aim is not only to meet current market demands but also to anticipate and align with future trends, ensuring a sustained and resilient position in the market. I’ll finish up with steps 3-5 in my post tomorrow.
