5 STRATEGIES TO DOMINATE A MARKET
Would you like to become the leader in your industry? Today, you’re going to discover five strategies that you can use to go into a market, crush your competitors, become the authority and dominate the industry.
If you would like to listen to the podcast episode that goes along with this article, it’s over at Marketers Paradise.
Strategy #1: Create Demand
The most efficient method for total market domination is to create your demand for your product in a niche with little or no competition.
For example, when Bethenny Frankel created the Skinnygirl Cocktail company in April of 2011, it was the first of it’s kind on the market and became an instant success. All of her drinks were formulated to attract women that want to have a drink, but don’t want to pack on the calories that come with having a few cocktails.
Her company was so much of a success, in fact, she later sold it for an estimated $100 million dollars.
Strategy #2: Diversify Your Product Line
If your business is successful now, it doesn’t mean that it possesses the elasticity to survive in the long term. Especially if you’re in a hyper-competitive market.
Think of how you can offer modified or new products to your current audience while keeping your business relevant in your ever changing industry.
For example, Starbucks started off just offering coffee. Now it has coffee, cappuccinos, frappuccinos, pastries, sandwiches, teas and more.
How can you be the Starbucks in your industry?
Strategy #3: Deliver Value
What problems are you solving? What value are you bringing to your market?
Your products and services should not only offer a solution to your customers but provide value in a way that will make you stand out from your competitors.
Identify the biggest problems your potential customers face each and every month, and then be the first to solve their problems. Do that, and they will forget everyone else.
Strategy #4: Communicate
Creating a natural conversation with your customers will not only provide insight into where they find the most value from your products and services, but you’ll also discover where you fall short.
You can initiate the conversation using contact forms, surveys, live chat, website forums, and even a Facebook group dedicated specifically for your customers.
Strategy #5: Competitive Intelligence
If you want to establish and maintain a competitive advantage over your competitors, you need to be able to identify and target their weaknesses.
Once you see how you can provide a stronger benefit than your competition, you will quickly dominate your market.
The best way to do this is to use a tool such as Mention.com, and start tracking all the keywords of your competitor. Track their business name, product names, owners, founders, everything!
Then, as soon as something goes out on the Internet that contains any of the keywords you’re tracking, you’ll be the first to know.
While dominating your market can make your business exponentially more successful today, you should always develop your business in a way that will give you the competitive advantage.
ABOUT THE AUTHOR
Chris Luck builds businesses. Since 1999, he has been building Internet businesses in the education and technology industries generating over $25 million dollars in revenue.
Chris is the Founder of Marketers Paradise.
Marketers Paradise is the place where marketers go to get the latest marketing news and education they can use to help them grow.