Everyone knows customer connections are essential to the growth of your company but how many times a day are you presented with an advertisement that really gets your attention? If you are like most of us, getting your attention has become an increasingly difficult task. Digital marketing experts estimate that most Americans are exposed to around 4,000 to 10,000 ads each day. When I first read this, I was blown away and then I started to track it in my daily life. To my astonishment, the number was right on the money. Ads were everywhere, TV, radio, digital media, print media, on buildings, billboards, bus benches, shopping carts and on and on.
The crazy thing is most of these ads had no draw whatsoever for me. Even when it was something I had real interest in I almost didn’t notice it was there. The experts tell us that the average person needs to see an ad or website or landing page seven times before they will respond to it. That’s a lot of marketing dollars, especially for a small business owner. So, what’s the plan for your business?
Market Dominating Position (MDP) – Unique Selling Proposition
First off – stop marketing a me-too message. If your message to your customer base, is I do what they do only better you are wasting your money and you will only be able to compete on price. That means lower revenue and less profit to grow with. You need to find a unique selling proposition. Something that will differentiate you from the other companies in your business sector. What is it you do that separates you from your competitors?
Domino’s pizza (Domino’s Pizza) is a great example of this. Dominos focused in on a specific segment of the market – college students. Their need was to get something to eat anytime of the day and get it quickly. 30-minute delivery or it’s free! This is a terrific example of an MDP. Does Dominos make the best pizza? Not by a longshot, but they sure sell a lot of them.
Another more relatable example is the Preschool that – guarantees your child will be reading at a second-grade level when they enter kindergarten. Every parent wants their child to exceed in school and life beyond, so this message resonates with them when they see it.
When you can get inside the head of your potential customer by talking about the problem they have that they don’t want and offering the solution they want but don’t have, your marketing will get noticed.
When thinking about your messaging you need to do some research to determine what your customers are focused on when deciding to buy your product or service. The best source for this information is the customers you already have. Ask these questions to start.
- What was it about our product or service that made our company stand apart from the competition?
- What else might you have wanted to see as an added service?
- What other than price was the motivating force behind your decision to use our service or product?
- Was there any downside to the product or service?
- How long were you considering making this purchase before pulling the trigger?
Your customers have the answers, you just need to talk to them until you uncover what it is that makes you unique and will separate you from the pack. There are a lot of companies out there that sell pizza and most of them taste better than Dominos, but the results they have achieved are undeniable. Domino’s market share has stayed between 49–54% from August 2019 to February 2020. All by focusing in on a specific demographic with a specific need – Fast delivery!!
There is no reason you and your company cannot do the same thing with a little focus and some direction. Create your own Market Dominating Position with our MDP workbook and video series (TEC Online Training).
Stop wasting marketing dollars on a message that does nothing to separate you from the other companies offering similar products or services.