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
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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