Position of Market Dominance Revisited

0:04 Hi, you love done to censure Wow for you your. This is the pipe Man here on the Adventures pipe Man W four c Y Radio and this is our Positively Pipeman segment that we do every Monday, and our resident business expert is with us once again, so welcome to the show. Michael Barbarita. How are you fantastic? Thank you for having me. Dean, You're like my next step CFO hero. And today we got we have to revisit something because it's so so important and it's one of my favorite subjects. So let's talk a little bit about position of market dominance.

0:58 We're gonna revisit this because we've talked that before, but let's expand on it. Yes, yeah, I think we talked about it back in July and Augustine, so I thought I would bring it up again because you know, getting attention is difficult, a B. Not competing on price, it's difficult. The mindset of many business owners out there, it's all about price. The whole world of all is around price with them, and it takes a while to really understand how value can take over from price. But you know, one of the ways that we found have been really effective in terms of getting not only attention, but making price irrelevant and getting creating more value for the customer. And that is what we call a position of market dominance. Now, in order to understand position of market dominance, you have to understand that the key to successful marketing is getting into the mind of the prospect. But how do you do that?

2:00 I mean, it's easy to say, but how do you do that? And so what we found is that there are two major emotions that gets into the mind of the prospect. The problem the customer has it doesn't want the solution they want they can't find and that and and that helped us create what we call the conversion formula. So, uh, and the and the position of market domin it happens to be the first two components of the conversion formula. So let me go through the conversion formula again. And that is so the first step of the formula. And you got to follow the formula in this exact order, otherwise it doesn't work because this is the way the mind works. Yeah, the formula is positioned the way the mind works. So the first step of the formula is what we call captivate. Captivate is a headline or the first thing you say or that your prospect sees when they come in contact with your brand. It's the problem that the customer has and doesn't want, and so that's the first step. The second step we call fascinate. Fascinate is the solution, your solution to that problem that they can't find. So the combination of the captivate and the fascinate is what we call a position of market dominance.

3:23 The more positions of market dominance that you could create, the more value will be given to the to the to the prospect and making making getting their attention number one and number two making price irrelevant. So those first two components captivate, fascinate, that's your position of market dominance. The third step is educate, where you now educate the customer on why your solution is superior. And then the fourth step is the close, and that's where you have to uh relate to the prospect an offer that's so compelling and so irresistible that they can't turn it down. Now, with respect to that, we have separate shows on compelling offers so that you understand what a compelling offer is.

4:16 But the real value here is understanding how to create that position of market dominance, and nine out of ten times a good position of market dominance has to do with how you solve an industry problem. For example, contractors never call you back, you know, that's one example. I have one of those examples right now. Yeah, Or or they don't show up on the day they say they're going to start the job, or they stop the job and then ghost the job for three or four weeks and way, it's just. My daily life you just talked about right there.

5:00 So it's these types of situations that are top of mind to a prospect. Yeah, they you know that that it's these types of situations where they are they are they know that this is kind of commonplace. But what are you going to do to solve that particular problem? And that's where the position of market dominance is the most effective, because if you could provide guarantees around showing up on time, and this is just an example for that. For the trades, it's not you know that there's millions of problems that customers perceive about a number of different industries. But I happen to be picking on the trades. But yeah, so, but but if you could guarantee, uh, make make some type of financial guarantee associated with showing up on time, associated with calling back, associated with uh, you know, once we start the job, we're not gonna leave. That has incredible value above and beyond price and so and then when you're guaranteeing it where you're actually giving them the financial benefits. If you don't follow through with these promises, it just makes it so much more compelling. So the conversion formula and the position so position of market dominance, which is the first two components of the conversion formula, and have multiple positions of market dominance, and we can help you create those. Multiple positions of market dominance is the big separator between competing on price and offering value

6:36 that makes price irrelevant. And get people's attention. Well, and that's a key thing. That's the thing you got to do first is catch people's attention. Right and then but so our research has shown that you have to get into the prospect's mind. Then you do that through identifying the problem that they have. They don't want, solution they want they can't find. And the beautiful thing about the conversion formula two, it follows a pattern. The first two components are the emotional to the emotional components, the problem and the solution. The third component is the logical This is the way we solve this problem. And that's the logical component because people buy based on emotion and then back up that emotion logically, and so the formula follows that exact pattern, that psychological pattern.

7:26 I love it and sales is a transfer of. Emotion, righte absolutely, And so that we found that when clients do it right, you could do it wrong. By the way, let me give you an example of doing it wrong. So a painting company would say, you know, the problem the customer has is they can't pick the right color paint. Well, unfortunately, every painter can pick the right color paint. There's really no no real and there's no way to really guarantee make a guarantee to back up the claim you'll make sure that the client picks the right color paint, you know, unless you got to do the job again with a different color paint and for free, you know that kind of thing. So there are certain problems that people think they you know, customers have, but if everybody can solve those problems, that's not a position of macket dominance, right right, So you have to you have to identify. But there are there are many problems that the industry has that business owners simply ignored and if they really thought about it, what the perception is of the customer and how they can solve that problem and lots of times it can be solved with a simple guarantee. As long as you have the skill set to be able to deliver on that, then it works incredibly well totally.

8:52 So, how do people reach out to you to get some more insight and beneficial advice for their business? Well, I'd like to give them a little template, Dean. So if they go to NEXTTEPCFO, dot net, forward slash contact, fill out the contact form and put in the message set section PMD Position of Market Dominance PMD, I will give them a template that will help them evaluate their own position of market dominance. Nice. Well, it's always a pleasure dealing with you and having you on the show, because, man, you got some of the best business advice and people definitely need to reach out to you. So everybody reach out to Michael no matter what your business issue, solution, whatever you need.

9:48 Michael Barbarita from Next Step CFO is your guy. And thank you once again for helping our listeners. Thank you, Dan, I'll be that. Thank you for listening to the Ventures of Patement on w for c u I Radio M