Category: Startups

Create a Market Dominating Position or Perish

Most businesses are me-too with very little differentiation. They have not created a unique position in the market place, and if they have, are not communicating their uniqueness to the outside market. A market dominating position (MDP) is simply any value-added customer perceived benefit, or a combination of benefits, that differentiates you from your competitors, and does so in a strong enough manner that makes your business the logical choice in the minds of your prospects and customers. One great example is Domino’s Pizza, which built stores in areas with lots of colleges, which was fast hot pizza, targeted specifically for hungry college kids. A contemporary example would be stock trading start-up Robinhood with a hassle-free signup process, a sleek website design and zero fee trading.

Some key ways to differentiate yourself from the competition includes level of service:

Convenience – location, availability, ordering, delivery, and ease of payment

Speed – loan approval time

Education and training – on-line training for 24/7/365 access

Removal of potential risk – what is your guarantee

Quality

Security and safety – are your restaurant strictly following CDC guidelines

Another key category is selection. In Netflix’s case, all they had to do was match their competition in the areas of selection, and innovate int he area of convenience.

And finally, price such as single or fixed pricing. Businesses can differentiate themselves by offering a set price. Fixed pricing can be used for most businesses to establish an MDP when you use a little imagination. What about a divorce attorney that charges a fixed price for a divorce?

Your MDP will never be 100% complete and you will need to continuously innovate your business to stay unique. With the proper marketing you can then communicate that uniqueness to the market and crush your competition.

P.S. Do not leave this blog until you have a plan of action!

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Kick Start Your Marketing

Today I’d like to teach you about the three most important start up marketing tools you need to get and keep new customers.

  1. In person: It’s essential you meet with customers/clients in person whenever possible. This shows you respect them and take the time to work with your clients to give personal attention to each of them.
  2. Follow up letter: Always take a moment to send a follow up letter about what you talked about, new agreements or partnerships made and to thank them for taking the time to meet with you. Likewise, you should always send thank you letters or small gifts to partners you find success with.
  3. Phone call: Use a telephone call to follow up with them to talk again about the matters you talked about in your meeting and offer any assistance you can to help their business run smoothly and more successfully.

None of these will work if you don’t have a quality product/service to back you up!

Here are the key steps for putting together your start-up marketing tools:

  1. Research potential customers, buyers, competitors and their preferred methods of distribution.
  2. Talk to potential customers. Take a hard look at your product from a customer’s perspective and see what it needs to be successful.
  3. Follow up with your 3-step process from above.
  4. Develop systems for contact follow through, quality control standards and customer service.
  5. Develop post-sale follow up system to keep lines of communication open is customers and build on your current relationship which increases future purchases.

“Marketing and innovation produce results; all the rest are costs” Peter Drucker, management consultant

Here’s another one I love from an icon:

“If there is any one secret of success, it lies in the ability to get the other person’s point of view and see things from that person’s angle as well as from your own.” Henry Ford, Founder of Ford Motor Company

This lesson has offered you the tools to put together a start-up marketing plan that can be used over and over again to help your customer base and business grow in a manageable way.