Are You Creating a “Market Dominating” Position?
A market dominating position is the result of doing business in a way that fosters customer loyalty. It happens when the customer receives such tremendous value in the quality, quantity and price of your products and services that they will not buy elsewhere. It happens when the customer service you provide is undeniably superior, and when you completely satisfy their wants and needs on a consistent basis. Simply stated, when you have created a market dominating position, customers will come to think of your business first and foremost.
Attracting customers and keeping them has nothing to do with smoke and mirrors or taking advantage of others. We all have had the experience with a company or person who just wants to “make the sale” – who sees people as dollar signs and nothing more. There is no denying how distasteful this is, and how it destroys the customer relationship.
One of the great fallacies of business marketing is the perception that you need to take “advantage” of people’s insecurities, vulnerabilities and fears in the buying process, that who they are must be used against them in order to close the deal. This is not marketing, it’s manipulation. Approaching business this way is not necessary or wise.
Creating a market dominating position is not about competition either. It is far wiser, and much more effective, to be the best you can be in your pursuit of excellence. Each business has its own potential. Staying focused on your business’s potential, rather than becoming distracted with the “competition,” will serve you well in the process of reaching your greatest potential sooner.
The truest, most integrity based and powerful way to do business, is it to treat customers with dignity and respect. Care about them and their well-being just as much as you would for your own friends and family members. With this type of business approach, no one is taken advantage of and everyone benefits from the transaction.
Customers have a choice whether to do business with you or not, and their decision becomes an easy one when your company consistently delivers exceptional value. It’s not just the product or service you offer; it is also the customer service that you provide. It’s a package deal, that all together, keeps them coming back and referring others.
Effective marketing is also an essential factor in creating a market dominating position. Potential customers have to know that you exist. They need incentives or a reason to do business with you, and you must deliver on your promise to them when they do make the choice to give your company a try.
As a business owner who is engaged in the day-to-day operations of your company, it can be difficult – if not impossible – to see and understand how your success is being limited. Therefore, it is imperative to work with a competent, knowledgeable, unbiased and objective business coach and/or consultant to help you in creating a market dominating position for your company. This invaluable assistance will help you develop a comprehensive view of your business model and bring clarity to the areas of the operation, that when improved, will catapult your company to the ranks of the exceptional.
In the end, creating a market dominating position where customers think of you first when looking to satisfying their wants and needs, is about integrity. This involves consistently doing your absolute best in meeting, and even exceeding, the desires of your current and potential clientele. It’s about delivering maximum value to the people who make your business possible.
Your business does not have to be perfect to create exceptional value for your customers. And it won’t be. Your company simply needs to operate with a high degree of accountability, integrity and caring on an ongoing and consistent basis. Your customers, and the communities you serve, deserve the very best you have to offer. Upon achieving this level of professionalism you will experience new levels of personal and professional satisfaction.