April 7, 2025

The Position of Market Dominance: How to Become the Only Logical Choice in Your Industry

In this powerful episode, we reveal why most businesses struggle to differentiate themselves. You'll discover the revolutionary "Position of Market Dominance Formula" that transforms your business to the only logical choice for your ideal customers....

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Season 1

In this powerful episode, we reveal why most businesses struggle to differentiate themselves. You'll discover the revolutionary "Position of Market Dominance Formula" that transforms your business to the only logical choice for your ideal customers. Learn how to identify the key problems your prospects face, craft a compelling solution they can't find elsewhere, and communicate it in a way that makes competitors irrelevant - without spending more on marketing or advertising.

Powerful Business Strategies is broadcast live Mondays at 12 Noon ET Music on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com). Powerful Business Strategies is viewed on Talk 4 TV (www.talk4tv.com).

Powerful Business Strategies Podcast is also available on Talk 4 Media (www.talk4media.com), Talk 4 Podcasting (www.talk4podcasting.com), iHeartRadio, Amazon Music, Pandora, Spotify, Audible, and over 100 other podcast outlets.

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WEBVTT

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The topics and opinions expressed in the following show are

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solely those of the hosts and their guests and not

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those of W FOURCY Radio. It's employees are affiliates. We

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make no recommendations or endorsements for radio show programs, services,

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or products mentioned on air or on our web. No

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liability explicitor implies shall be extended to W four CY

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Radio or it's employees are affiliates. Any questions or comments

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should be directed to those show hosts. Thank you for

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choosing W FOURCY Radio.

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Welcome to Powerful Business Strategies, where you will find out

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that everything you have ever learned about growing your business

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is wrong. Finally, a show where you'll learn the right

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way to grow your business by learning business and financial

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strategies that your competition isn't doing. And now here is

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your host the resident of NeXTSTEP CFO Michael Barbarita and

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joining Michael for today's show as an executive moderator is

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chooky Obia.

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Yes, this is Shukey and I believe that gratitude is

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undefeated and growth is.

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About the next step.

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It is an honor for me to moderate today's discussion

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with my good friend Michael. Michael How are you excellent, Choky,

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how are you doing well?

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And my name is Michael Bob Reader, as Chickie said,

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President of nextep CFO. At Next Step CFO is a

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fractional CFO and strategic implementation firm, and business owners hire

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us to double and triple their profit using business and

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financial strategies that their competition isn't doing. And today's show

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is certainly one of those strategies. Our vision is to

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ensure overwhelm business owners achieve the time, freedom, and consistent

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profits to build a legacy and the life they desire.

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And our mission is simple. It's dedicated to guiding small

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business owners to leveraging their time, exploding their profits, and

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building that meaningful legacy. And this show, powerful business strategies

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and our book of the same name, is a step

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toard accomplishing that vision and this mission. So with that,

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I'd like to hand it back to my co author

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and moderator for the show, Chicky Obia.

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Michael, I'm really energized by today's episode speaking of our.

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Book, the topic.

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That we've prepared today, really energized by your insights. It's

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called the position of market Dominance. How to become the

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only logical choice in your industry. And just a quick disclaimer, folks,

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Michael and I are both affiliated with a number of

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different organizations and I currently serve as the managing director

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of business development for Better Price, a global business focused

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law firm.

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In addition to that, it's truly an honor.

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To collaborate with Michael to moderate business roundtables and document

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the insights from these roundtables as part of our book

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called Powerful Business Strategies. But please note that the views

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expressed on this show are personal views based on those

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successful experiences with business owners across our roundtables, as well

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my mission as a fearless moderators to ask the white

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questions to help you, the listener, learn the best strategies

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that the competition isn't doing.

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With that back over to Michael, thank you your kech.

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So let's get right into it today. So, business owners,

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I see you fighting an uphill battle every single day.

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You're up against bigger companies with deeper pockets while your

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customers keep asking for lower prices. You're working harder than

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ever before, and yet your margins keep shrinking, and you're

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wondering if this is just how business has to be

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Well today, I want to show you that there is

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a better way. The most successful businesses don't compete on price.

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They can they create their own category where competition becomes irrelevant.

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They don't just sell products or services, they solve problems

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in ways no one else does. And the strategies that

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we'll share today have improved businesses in over four hundred industries,

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from contractors and retailers to professional services and manufacturers. These

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are theoretical concepts and battle tested approaches that level the

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playing field, and we believe strategic positioning shouldn't be reserved

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for businesses with massive resources. That's exactly why we created

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this show and exactly why we wrote our book. So

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today you'll discover how to become the only logical choice

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in your industry. So let's begin that journey right now,

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and let me start with a simple question that gets

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to the heart of the challenge that most of us

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business owners face. When a prospect is considering you and

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your competitors, why should they choose you? Interesting If your

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answer includes phrases like best quality, great service, years of experience,

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competitive pricing, you're making a critical mistake that's counting your

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customers and forcing you to compete our price. The problem

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is that these phrases are what we call industry jargeon.

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These are generic claims that every one of your competitors

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also makes. They're drearily commonplaces, They're very predictable, and they

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lack the power to make you stand out. And so

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when I hear a business owner say we provide the

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highest quality of competitive prices, my immediately thought. My immediate

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thought is, well, I would hope so when any would

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ever claim to provide poor quality and unreasonable prices. So

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this is why so many business owners struggle to differentiate

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themselves and end up in price wars. When you sound

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like everyone else's, price becomes the only distinguishing factor for

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your prospects. So let me tell you about a landscape contractor.

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When I first met him, his marketing materials talked about

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professional service, attention to detail, and being licensed and insured.

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Does that so familiar? Well, he was getting some business,

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but he was constantly being asked the lowest prices, and

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he was losing bids to cheaper competitors. And so when

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I asked him why customers would choose his company over others,

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he gave me a ten minute passionate explanation about how

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his crew handled soil preparation differently than anyone else, resulting

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healthier plants and significantly reduced replacement costs over time. My opinion,

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this was fascinating but completely absent from all of his marketing,

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and so this is the key insight. Most business owners

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have something truly special about their businesses, but they bury

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it on the generic industry jargon that makes them sound

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like everyone else. And what we business owners do is

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try to copy the big companies who have the big

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bucks and the resources to shove that jargon down our

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throats a million times in a massive way. And we

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don't have the resources to copy them. So the solution

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is what we call a position of market dominance, and

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this is a strategic approach that takes your business from

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just another option to the only logical choice for your

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ideal customers. And a position of market dominance, it isn't

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a tagline or a slogan. It's a carefully crafted message

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that addresses your prospects most pressing concerns and offers a

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solution that they can't find anywhere else, and when executed correctly,

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it makes you the obvious choice regardless of price. And

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what makes this approach so powerful is that it enters

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the prospects. So instead of trying to force your way

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into their attention with clever marketing gimmicks and taglines, you

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address the problems that they're already worried about. And unlike branding,

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which requires massive budgets and repetition, to be effective with

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a fraction of the marketing investment, because it resonates immediately

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with your ideal customer. And so today we're going to

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show you how to develop your own formula, your own

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position of market Arment's use an art proven formula that's

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worked across hundreds of different industries. So you'll learn how

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to identify the pressing problems that your prospects face, craft

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a compelling solution they can't find elsewhere, and communicate it

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in a way that makes competitors irrelevant. Michael, this is remarkable.

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You mentioned that most businesses rely on industry jargon that

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make them sound like everyone else. Right, can you give

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us some examples of this jargon and why it's so ineffective?

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Absolutely true, Key, So, industry jargon is rampant across all

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types of businesses. If you go on websites see you

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see it all over the place. You go to networking meetings,

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you'll hear it all over the place. And let me

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give you some specific examples. So, for contractors, it's phrases

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like quality craftsmanship, attention to detail, licensed and insured, or

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satisfaction guarantee. For professional services, it's experienced professionals, personalized service,

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client focused approach, or comprehensive solutions. For retailers, it's great selection,

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competitive prices, friendly staff, or serving the community. Since nineteen ten,

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you know these phrases are ineffective for three critical reasons. First,

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they're expected minimums. They're not differentiators. They're the expected minimum

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result that our clients should expect. When a contractor says

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they're license and insurance, customers say, well, I hope you are.

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That's a baseline expectation, not a reason to choose you. Second,

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they're impossible to verify before purchase. How does a prospect

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know if your quality and your quality craftsmanship is actually

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superior to someone else? They can't, which means these claims

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have very little credibility. Third, and most importantly, they focus

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on you, meaning the business owner, not on the customer

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and the customer's problems. When you say we have twenty

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five years experience, you're talking about yourself. But when you

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say we eliminate the risk of your project going over

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budget with a fixed price guarantee, now you're addressing a

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real customer concern where it's about them. The key to

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breaking free from jargon is to think about the specific

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problems that your customers face, the concerns that they have,

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and how you solve them differently from anyone else. Instead

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of saying you provide exceptional customer service, explain exactly how

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you make the customer's life better. For example, we provide

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same day responses to all service requests and twenty four

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to seven emergency support, so you're never left waiting when

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you need help. That level of specificity cuts through the

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noise and resonates with prospects in a way that well

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generic jargon never will. So let's now dive deep into

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the first step of creating that position of market dominance,

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and that's identifying the problem your customers have and don't want.

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The most powerful marketing doesn't start with your product to service.

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It starts with your customers problems. They don't care about

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your They don't care about your product to service. Quite frankly,

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if they care about their problems. Specifically, it addresses a

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problem that they have that they don't want. And to

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illustrate this, let me share a famous example that many

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of you will probably recognize. When Eminem Mars introduced em

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and MS in nineteen fifty four, they didn't focus on

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the quality of their chocolate or the colorful candy shell. Instead,

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they created a position of market dominance melting your mouth,

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not in your hands. And this brilliantly addressed a real

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problem that chocolate lovers had, especially moms who had kids.

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Chocolate bars melted in hot weather, creating a mess, whether

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it was on their furniture, on their hands, on their faith,

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whatever it was. And Eminem's offered a solution to that

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specific problem and a cannibal catapultan that product to iconic status.

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The key insight here is that Mars didn't invent this problem.

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It already existed in the minds of the customers and

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what they did. What Eminem Bars did was recognize it

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and position their product as the solution to that problem.

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So how do you identify the problems your customers have

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and they don't want. Well, there's three comary research methods.

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First is what we call direct customer interviews. Talk to

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your current customers and ask questions just like what gand

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you to look for solution like ours or what was

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the most frustrating about your previous provider. These conversations often

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reveal points that you haven't considered. Second, competitive research. Study

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your competitives' reviews, both positive and negative, and what are

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customer is applauding what are they complaining about? These applauds

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and complaints represent opportunities for your business to stand out. Third,

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industry knowledge. Use your expertise to identify problems that customers

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might not even realize that they have. For example, a

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roofing company might know that a specific type of installation

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leads to leaks within five years, but homeowners won't discover

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this until it's too late. Hmm. And so let me

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give you another real world example of how this all works.

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And by the way, identifying problems that customers have with

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the industry is another angle to all this. But a

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residential cleaning service was struggling to differentiate themselves in a

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crowded market, and when they interviewed their customers, they discovered

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their biggest frustration wasn't the quality of cleaning, which which

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most services could provide adequately. It was the inconsistency of

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service when cleaning crews changed, so every time a new

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person cleaned their home, they had to re explain their preferences,

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point out areas that needed special attention, and often found

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things that were messing. And this was a significant pain

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point that no other cleaning service in their area was addressing.

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So using this insight, this company created a position of

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market dominance and that was the only cleaning service that

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guarantee it was the same cleaning team for every visit.

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If your regular team can't make it, we reschedule, rather

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than sending strangers into your home. With the way that

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sounds to the strangers into your home, Oh God, is

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a real problem. Customers had and didn't want a consistency

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and discomfit of strangers in their home. With a solution,

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they couldn't find anywhere else a guaranteed same team. Within

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three months of implementing this position of market dominance, their

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new customer acquisition increased by forty percent and they were

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able to chry fifteen percent more than their competitors because

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they were solving a problem no one else was addressing.

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And now it's important to understand that the problem you

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identify must be something that truly matters to your customers.

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Sometimes business owners focus on technical problems and they find

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they find that's a important to them because resonate with

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the customer. For example, the software developer might focus on

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their superior coding architecture, but customers don't care about the code.

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The care whether the software is reliable, ready to use,

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and solve their specific needs. To ensure they're identifying problems

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that actually matter, ask yourself these three questions. Number one,

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is this problem emostly significant to my ideal customer? Second?

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Is this problem currently unsolved or inadequately solved by existing options? Third?

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Is this problem something my business is uniquely positioned to solve?

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And if you can answer yes to all three questions,

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you've likely found a powerful foundation for your position of

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market dominance. Can I give you a special nugget here? Yeah?

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You know.

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One more way to identify a customer a problem that

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customers have is doing a customer avatar. Now, if you

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do a customer avatar right and focus on one person,

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not a group of people, and you do it with

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great detail, then you'll identify that problem that they have.

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And by the way, you probably identify more than one problem.

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So let me give you an example. A financial advisor

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was struggling to stand out in the crowded market where

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everyone claimed to offer personalized financial planning and expert investment advice.

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And when he interviewed his ideal clients, which were successful

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business owners by the way, nearing retirement, he discovered a

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specific problem that kept them up at night. These business

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owners had spent decades building their companies. They had no

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clear exit strategy. They were worried about transitioning ownership, minimizing

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their tax implications, and ensuring that their business says, continued

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to thrive after they stepped away. Traditional financial advisors were

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adequately addressed in these complex business transition issues. So this

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insight led to a powerful position of market dominance, the

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only financial advisory firm that specializes in helping business owners

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triple their retirement income through strategic business exit planning. Notice

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how specificness is compared to generic personalized financial planning language

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that was used by all the competitors. It speaks directly

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to his ideal clients problem. Lack of exit strategy offers

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a specific solution. They can't find anywhere else strategic exit

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planning that trimple's retirement can come. And then within a

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year of implementing this position, this advisor was able to

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double his fees while maintaining a full client roster. Because

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he was no longer competing with every other financial advisor,

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he created his own category. Yeah, Michael, this is really interesting.

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I'm just kind of taking this all in, by the way,

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a lot of business owners are tuned in. We do

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have a question from a listener, Michael. You've talked about

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identifying problems that customers have, right, but what if multiple

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competitors are already trying to solve that same problem?

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How do you differentiate from that perspective.

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Yeah, that's a great question from a listener. Yeah, Terrifect, Well,

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you know, when multiple competitors are addressing the same problem,

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the key to differentiating becomes how you solve that problem

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differently or better than anyone else. And let me give

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you an example that comes to mind. In the home

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service industry, many companies try to address the problem of

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technicians are arriving late. It's a common pain point, by

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the way, it's an industry problem, and it's a common

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pain point for customers who have to take time off

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from work to wait for the service. So most companies

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respond with what I call me two solutions. They all

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offered similar two hour appointment windows and perhaps a phone

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call and the technicians on their way. That's not differentiation,

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that's just meeting the baseline expectation. A company in the

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HVAC industry took a completely different approach, and so instead

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of just promising punctuality, they completely reimagined the solution. They

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created a no weight guarantee, so if their technician wasn't

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there at the exact scheduled time, not a window, an

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exact time, service was free. And to make this work,

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they invested in advanced scheduling software, GPS tracking, and trade technicians,

305
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and they trained those technicians differently, of course, and so

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they also charged fifty percent more for competitors to support

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this model. And then, but here's the key. Customers were

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happy to pay the premium because the certainty was worth

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more than the extra cost.

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That's brilliant.

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So the company didn't just say they solved the problem better,

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they backed it with a guarantee that demonstrated absolute confidence

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in their solution and their competitors could match this because

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they hadn't built the operational infrastructure to support it. And

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the lesson here is that true differentiation often requires innovation

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in how you go about delivering the product or service,

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not just in how you talk about it. When multiple

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competitors recognize the same problem, the win. It isn't necessarily

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the one who shouts the loudest. It's the one who

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solves it in a way that no one else can replicate.

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And this might require it's been a technology specialized tin

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unique processes, or even changing your model a little bit.

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But that investment, that investment creates a competitive advantage that

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can't be easily copied because everybody else would have to

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change their operating basis, allowing you to establish a true

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position of market dominance, even in crowded markets. So before

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I continue this discussion, we're going to take the ninety

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second break. Hey there, business owners, let me ask you something.

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Are you tied of blending in with your competitors? Frustrated

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00:22:13.759 --> 00:22:17.119
with slow growth and slim margins? Well, I've got news

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00:22:17.119 --> 00:22:20.599
for you. Everything you've ever learned about growing your business

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00:22:21.119 --> 00:22:24.519
is wrong. Don't worry. I'm here to let you in

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on a secret weapon your position of market dominance. It's

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what sets you apart, makes you irreplaceable, and has customers

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lining up at your door. My name is Michael Babarta

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from Next Step CFO. I know what you're thinking. Sounds great, Michael,

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00:22:40.960 --> 00:22:44.400
How do I find my position of market dominance? Well,

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00:22:44.440 --> 00:22:48.079
that's exactly why we've created our game changing impleitation program

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00:22:48.200 --> 00:22:51.960
called Next Step to Market Dominance. In just ninety days,

340
00:22:51.960 --> 00:22:54.039
we'll guide you step by step to a position of

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00:22:54.079 --> 00:22:58.440
market dominance by uncovering your unique strengths that competitors can't touch,

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00:22:58.759 --> 00:23:02.200
by crafting a message that resonates deeply with your ideal customer,

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by building a strategy that turns you into the go

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to expert in your field. Now this is in theory.

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These are battle tests and strategies that have helped businesses

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00:23:11.759 --> 00:23:16.359
like yours double, triple, and quadruple their revenue. Don't let

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00:23:16.400 --> 00:23:19.519
another quarter go by struggling the standout. It's time to

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00:23:19.640 --> 00:23:24.880
dominate your market period. Go to NEXTSTEPCFO dot net, forward

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00:23:24.920 --> 00:23:28.319
slash contact, Fill out the form and in the message

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00:23:28.359 --> 00:23:32.400
section put the word dominate or call us at seven

351
00:23:32.440 --> 00:23:36.039
eight one three two six three A two two. That's

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00:23:36.160 --> 00:23:40.079
next STEPCFO dot net, forward slash contact or call us

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00:23:40.119 --> 00:23:43.359
at seven eight one three two six three A two

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00:23:43.440 --> 00:23:46.880
two Welcome back. And remember if you miss any part

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00:23:46.920 --> 00:23:49.599
of the show, or if you're driving and can't take notes,

356
00:23:49.720 --> 00:23:52.240
you can go back to our replace at Powerful Business

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Strategies dot com. So that now that we've identified the

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problem our customers have and don't want, let's move to

359
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the second step of creating your position of market dominance,

360
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and that is developing the solution they want but can't find.

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This is where many businesses fall short. They identify a

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valid customer problem, but offer a solution that's essentially the

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same as everyone else in the marketplace. Well, the key

364
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to a powerful position of market dominance is not just

365
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solving the problem, but solving it in a way that's

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uniquely valuable and difficult for competitors to replicate. So let

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me share a framework for developing these distinctive solutions. I

368
00:24:32.519 --> 00:24:37.519
call it the solution Innovation Matrix, and it has four components.

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The first component is process innovation. This means developing a

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unique methodology or approach that delivers better results. And they'll

371
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give you an example. Domino's Pizza revolutionize the industry with

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thirty minutes or It's free guarantee. This wasn't just a

373
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marketing gimmick, required completely reimagining their operational process from order

374
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taking to delivery. The second component is a business model innovation.

375
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This means changing how your product to service is packaged, priced,

376
00:25:16.000 --> 00:25:20.759
or delivered. So the company called Dollar Shave Club disrupted

377
00:25:20.799 --> 00:25:23.799
the razor industry, now with a better razor, but with

378
00:25:23.920 --> 00:25:26.680
a subscription model that solved the problem of the high

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00:25:26.720 --> 00:25:30.400
cost and inconvenience in a way that traditional retailers couldn't

380
00:25:30.400 --> 00:25:37.359
easily match. The third component is experience innovation. This means

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00:25:37.440 --> 00:25:41.839
creating a customer experience that's meaningfully different from the competitors.

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So Zappos, they didn't just sell better shoes, they created

383
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a radically different buying experience with free shipping both ways

384
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and a three hundred and sixty five day return policy.

385
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The four component is guarantee innovation. This means removing risk

386
00:25:59.160 --> 00:26:01.799
for the customer in a way that competitors aren't willing

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to or able to match. We call that a risk reversal.

388
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So a roping company offered to make a to not

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00:26:12.079 --> 00:26:15.839
take any payment until the materials were delivered to the roof,

390
00:26:16.359 --> 00:26:21.400
addressing the widespread fear of contractors taking deposits and disappearing.

391
00:26:21.799 --> 00:26:25.240
That was an industry problem that they addressed. It's just

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00:26:25.799 --> 00:26:29.920
a problem that customers knew existed in the industry, and

393
00:26:29.960 --> 00:26:33.799
they solved it. The most powerful position of market dominance

394
00:26:33.880 --> 00:26:37.400
often combines multiple types of innovation. The key is is

395
00:26:37.440 --> 00:26:40.920
to develop a solution that's both valuable to customers and

396
00:26:41.200 --> 00:26:45.720
difficult for competitors to imitate. So let me give you

397
00:26:45.720 --> 00:26:50.079
another example. So a residential painting company that was struggling

398
00:26:50.079 --> 00:26:54.160
in a competitive market where everyone claimed to offer quality

399
00:26:54.240 --> 00:26:58.880
painting at reasonable prices. When they researched their customer pain points,

400
00:26:58.880 --> 00:27:02.039
they discovered that the home the biggest frustration wasn't the

401
00:27:02.160 --> 00:27:06.200
quality of the painting, but the disruption to their lives

402
00:27:06.519 --> 00:27:10.160
during the project, the noise that dust, the inconvenience of

403
00:27:10.240 --> 00:27:12.839
having people in the home hustling and bustling all over

404
00:27:12.839 --> 00:27:18.599
the place the days, and they developed a comprehensive solution. First,

405
00:27:18.839 --> 00:27:23.880
their process innovation was that they developed a speed painting methodology,

406
00:27:24.279 --> 00:27:28.079
then completed projects in half the time of traditional painters

407
00:27:28.400 --> 00:27:32.680
through careful preparation and team coordination. That's required work by

408
00:27:32.680 --> 00:27:37.000
the way. Second business model innovation, they shifted to a

409
00:27:37.240 --> 00:27:40.920
whole hold pricing model rather than charging by the room,

410
00:27:41.400 --> 00:27:47.039
with guaranteed completion dates. Third experience innovation, they implemented a

411
00:27:47.160 --> 00:27:51.200
clean as we go approach where teams cleaned thoroughly at

412
00:27:51.200 --> 00:27:54.640
the end of each day rather than just at the

413
00:27:54.680 --> 00:28:00.240
project completion. Fourth guaranteed innovation, they offered a b will

414
00:28:00.240 --> 00:28:03.160
guarantee We'll complete your project on time and on budget,

415
00:28:03.599 --> 00:28:07.559
or it's free. That's pretty bold. The resulting position of

416
00:28:07.640 --> 00:28:11.559
market dominance was very powerful. The only painting company that

417
00:28:11.599 --> 00:28:14.519
guarantees to complete your entire home in half the time

418
00:28:14.559 --> 00:28:17.759
of traditional painters, with no disruption to your family life,

419
00:28:17.839 --> 00:28:19.240
or it's free.

420
00:28:19.839 --> 00:28:20.000
Now.

421
00:28:20.039 --> 00:28:24.880
This position addressed a real pain point disruption during the

422
00:28:24.920 --> 00:28:29.519
painting product process with a solution that customers wanted but

423
00:28:29.559 --> 00:28:33.880
couldn't find elsewhere, which was dramatically fastest service with minimal disruption.

424
00:28:37.960 --> 00:28:40.880
The company was able to be overcompetitors while maintaining a

425
00:28:40.920 --> 00:28:45.200
full schedule because they just weren't competing on price. Once again,

426
00:28:45.480 --> 00:28:49.480
they were solving a problem in a unique way. Now,

427
00:28:50.960 --> 00:28:57.119
developing innovative solutions often requires investment and operational change. It's

428
00:28:57.160 --> 00:28:59.960
not all the time, but it certainly can in this

429
00:29:00.079 --> 00:29:03.960
case with the painter. This is where many business owners hesitate.

430
00:29:04.839 --> 00:29:11.039
They want the differentiation without making the necessary changes to

431
00:29:11.119 --> 00:29:14.640
their business or with their business or their process. But

432
00:29:14.720 --> 00:29:19.559
here's the reality. Meaningful differentiation requires meaningful difference in how

433
00:29:19.599 --> 00:29:22.599
you operate. And the good news is that these investments

434
00:29:22.960 --> 00:29:27.359
typically deliver substantial returns Because they create barriers to competition,

435
00:29:28.920 --> 00:29:32.640
it's hard to replicate, and it justifies that premium pricing.

436
00:29:33.559 --> 00:29:36.119
So let's look at another example. This is a CPA

437
00:29:36.240 --> 00:29:39.960
firm that who've discovered that small clients were frustrated by

438
00:29:40.000 --> 00:29:44.440
the traditional accounting model where they have minimum contact throughout

439
00:29:44.440 --> 00:29:47.200
the year and then a rush of activity at tax time.

440
00:29:48.200 --> 00:29:51.559
So business owners want an ongoing financial guidance, not just

441
00:29:51.839 --> 00:29:55.680
not just annual tax prep. So instead of just promising

442
00:29:55.759 --> 00:30:01.680
more attentive service, which be jargon, this firm completely reimagined

443
00:30:01.680 --> 00:30:07.160
this service model. First, once again following the framework process innovation,

444
00:30:07.240 --> 00:30:13.160
they developed a monthly business review system that included forward

445
00:30:13.200 --> 00:30:18.359
looking financial analysis, not just backward looking reporting, a business

446
00:30:18.400 --> 00:30:25.119
a business model innovation where they shifted from out fully

447
00:30:25.240 --> 00:30:30.200
billing to effect limited phone and email support. Second, the

448
00:30:30.319 --> 00:30:37.319
experience innovation where they created a proprietary financial dashboard that

449
00:30:37.440 --> 00:30:41.880
gave clients real time visibility and to keep business metrics.

450
00:30:43.279 --> 00:30:50.160
Sounds like they turn next CFO the presented of market

451
00:30:50.240 --> 00:30:53.039
dom and it's decay. The only accounting from the guarantees

452
00:30:53.079 --> 00:30:55.920
to do w profitability through a monthly strategic guidance, so

453
00:30:56.000 --> 00:30:59.680
your money back. So this position so compelling they were

454
00:30:59.680 --> 00:31:02.200
able to cover eighty percent of the traditional clients to

455
00:31:02.279 --> 00:31:06.359
the new model at higher phase while attracting a steady

456
00:31:06.359 --> 00:31:09.559
stream of new clients we're tired of going to take

457
00:31:09.759 --> 00:31:13.319
the traditional accounting services. And the key insight here is

458
00:31:13.319 --> 00:31:18.799
that developing a solution customers want but can't find often

459
00:31:18.880 --> 00:31:24.160
requires reimagining your entire business approach, not just tweaking your

460
00:31:24.160 --> 00:31:29.079
message since challenging work, but it's what truly creates sustainable

461
00:31:29.160 --> 00:31:32.119
competitively sustainable competitive advantage.

462
00:31:33.079 --> 00:31:34.960
Michael, and the interesting model listeners, I want to pick

463
00:31:35.039 --> 00:31:38.839
up on that last point, reimagining your entire business approach.

464
00:31:38.960 --> 00:31:42.599
So these are really powerful examples, Michael, But many business

465
00:31:42.640 --> 00:31:47.039
owners might be wondering and brainstorm. I mean, how do

466
00:31:47.119 --> 00:31:52.720
they know, sincerely know if their innovative solution will actually

467
00:31:52.759 --> 00:31:57.559
resonate with customers before they make necessary investments in changing

468
00:31:57.559 --> 00:31:58.359
their operations.

469
00:31:59.640 --> 00:32:05.599
That is crucial question shooky, and before making any significant

470
00:32:05.640 --> 00:32:10.240
operational changes, one should absolutely want validation that your solution

471
00:32:10.359 --> 00:32:12.920
will resonate with your customers and the three approaches that

472
00:32:13.680 --> 00:32:19.559
are good for testing your solution. First, conduct solution interviews

473
00:32:19.559 --> 00:32:24.119
with current and prospective customers, Present your concept and ask

474
00:32:24.119 --> 00:32:28.880
specific questions. Would this solving significant problem for you? How

475
00:32:29.000 --> 00:32:32.720
valuable would this solution be? Would you pay a premium

476
00:32:32.759 --> 00:32:37.240
for it? You see, these conversations often provide invaluable feedback

477
00:32:37.359 --> 00:32:40.440
that helps refine your approach. A lot of business owners

478
00:32:40.480 --> 00:32:45.000
are afraid to have these conversations. I still don't know why. Second,

479
00:32:45.359 --> 00:32:48.559
create a pilot program or beta offering with a small

480
00:32:48.680 --> 00:32:52.359
group you know, testing We say it a thousand times

481
00:32:52.359 --> 00:32:55.720
if we send it once on this show how the

482
00:32:55.759 --> 00:32:58.359
business owner has such an advantage because they have the

483
00:32:58.440 --> 00:33:02.920
ability to test. So create a pilot program or a

484
00:33:03.000 --> 00:33:07.000
beta offering with a small group small group of customers.

485
00:33:07.000 --> 00:33:09.160
This allows you to test your solution on a limited

486
00:33:09.160 --> 00:33:13.880
scale before fully committing. One of my retail clients tested

487
00:33:13.920 --> 00:33:17.359
a personal shopping service with just twenty customers before rolling

488
00:33:17.359 --> 00:33:19.960
it out broadly, and the feedback they received, but to

489
00:33:20.119 --> 00:33:23.559
several improvements that made the final offering oh so much

490
00:33:23.599 --> 00:33:28.160
more compelling. Third, use what I call the presell test.

491
00:33:28.240 --> 00:33:32.519
This involves marketing your new solution before it's fully implemented

492
00:33:33.160 --> 00:33:37.440
to gauge market response. And if you get strong interest,

493
00:33:37.799 --> 00:33:41.079
that's validation to proceed with the investment, and if the

494
00:33:41.160 --> 00:33:46.240
response is looke warm, you can adjust before committing significant resources. So,

495
00:33:46.480 --> 00:33:49.880
for example, a landscaping company wanted to launch a comprehensive

496
00:33:49.920 --> 00:33:54.720
outdoor living design service, and that would require hiring specialized

497
00:33:54.759 --> 00:33:58.839
designers and purchasing new software. But before making these investments,

498
00:33:59.039 --> 00:34:02.559
they created a detail heal service description and offered consultations

499
00:34:02.599 --> 00:34:07.559
to the current clients. The enthusiastic response and pre bookings

500
00:34:08.000 --> 00:34:11.519
confirmed that they would strong demand for this type of service,

501
00:34:12.280 --> 00:34:15.960
and so the key is to gather real market feedback,

502
00:34:16.039 --> 00:34:20.599
not just opinions. What customers say they want and what

503
00:34:20.679 --> 00:34:25.039
they'll actually pay for can be very different. That's why

504
00:34:25.079 --> 00:34:28.920
I prefer tests that involve some level of commitment from customers,

505
00:34:29.440 --> 00:34:32.880
even if it's just a refundable deposit or expression of

506
00:34:32.960 --> 00:34:40.199
serious interest. Remember, innovation always involves some level of risk,

507
00:34:40.719 --> 00:34:45.440
but these validation methods can significantly reduce that risk while

508
00:34:45.760 --> 00:34:51.880
still alone you to truly developed, truly distinctive solutions.

509
00:34:52.639 --> 00:34:53.719
Michael, You're making.

510
00:34:53.480 --> 00:34:56.440
A lot of points into the show, just really resonating.

511
00:34:57.159 --> 00:34:58.480
Got some questions from listeners.

512
00:34:58.719 --> 00:34:59.239
Let's go with this.

513
00:34:59.280 --> 00:35:04.400
One mentioned guarantees as a powerful component of a position

514
00:35:04.440 --> 00:35:09.880
of market dominance, but some business owners might be concerned

515
00:35:09.880 --> 00:35:14.760
that the risk of offering strong guarantees.

516
00:35:15.679 --> 00:35:18.239
Might not necessarily be worthwhile. I mean, how do you

517
00:35:18.239 --> 00:35:19.559
help them overcome this concern?

518
00:35:20.440 --> 00:35:23.119
Yeah, that's a that's a valid concern, and I hear

519
00:35:23.199 --> 00:35:28.079
that a lot well. Many business owners fear that bowl

520
00:35:28.119 --> 00:35:31.000
guarantees will be exploited by customers. So we talked about

521
00:35:31.119 --> 00:35:33.639
the ski Town story that when I was at ski

522
00:35:33.760 --> 00:35:36.920
Town and we had to ski guarantee, we you ski

523
00:35:37.000 --> 00:35:40.559
the ski three times and bring it back for a

524
00:35:40.559 --> 00:35:42.800
brand new pair if you don't like it, And how

525
00:35:43.800 --> 00:35:46.440
my employees thought that thousands of pair of schemes would

526
00:35:46.440 --> 00:35:49.320
come back with less than tenth of one percent came back.

527
00:35:50.599 --> 00:35:53.440
But there are three critical insights that help you overcome

528
00:35:53.480 --> 00:35:57.199
this fear. First, the math almost always works in your favor.

529
00:35:57.280 --> 00:36:00.719
Let's say an offering you're offering a strong guarantee and

530
00:36:00.760 --> 00:36:03.840
increases your conversion rate by thirty percent and allows you

531
00:36:03.920 --> 00:36:07.239
to charge ten percent more. Well, even if guarantee claims

532
00:36:07.360 --> 00:36:11.360
increased by five percent, you still come out way ahead financially.

533
00:36:12.599 --> 00:36:14.440
I can't tell you how many times this works in

534
00:36:14.480 --> 00:36:19.199
your favor. It feels really aggressive, but the customer just

535
00:36:19.239 --> 00:36:21.800
wants a great experience for your product to service. That's

536
00:36:21.800 --> 00:36:23.960
all they're looking for. If they get that, they're not

537
00:36:24.000 --> 00:36:26.559
going to complain. Sure, there'll be a percentage of people

538
00:36:26.599 --> 00:36:32.639
who take advantage, no question about it. But it's mental.

539
00:36:32.960 --> 00:36:37.039
You know. Guarantees actually tend to improve quality and reduce claims.

540
00:36:37.239 --> 00:36:40.559
When you publicly commit to certain standards that your team

541
00:36:40.639 --> 00:36:44.119
becomes hyper focused on meeting those standards. It makes everybody

542
00:36:44.119 --> 00:36:47.480
in the company better. A remodeling company I worked with

543
00:36:47.519 --> 00:36:51.320
implemented a done right or done free guarantee they fit

544
00:36:51.400 --> 00:36:54.559
it would lead to some constant rework, but instead their

545
00:36:54.679 --> 00:36:58.400
quality metrics improve dramatically because everyone knew what was at stake,

546
00:36:58.440 --> 00:37:03.519
and they work harder and they hey closer attention. Third,

547
00:37:03.800 --> 00:37:07.320
most customers are reasonable and honest. The fear of rampant

548
00:37:08.239 --> 00:37:13.159
exploitation really materializes in actuality in over twenty years of

549
00:37:13.199 --> 00:37:16.760
helping business owners iflement guarantees, I've never seen a case

550
00:37:16.800 --> 00:37:20.039
where guarantee claims exceeded three percent of sales, and it's

551
00:37:20.119 --> 00:37:25.400
typically much lower. That said, you can design guarantees with

552
00:37:25.480 --> 00:37:29.920
reasonable safeguards. You can have contingencies and a garden set

553
00:37:29.960 --> 00:37:33.280
and offered of plants plant guaranteed for life program but

554
00:37:33.400 --> 00:37:36.000
required customers to bring back the dead plant and show

555
00:37:36.000 --> 00:37:40.079
their receipt. This prevented abuse while still providing compelling assurance

556
00:37:40.480 --> 00:37:44.840
to legitimate customers. And the key to successful guarantees is

557
00:37:44.960 --> 00:37:50.119
ensuring your operational capabilities can consistently deliver what you're promising.

558
00:37:50.639 --> 00:37:54.280
A guarantee should should stretch you beyond your comfort zone,

559
00:37:54.679 --> 00:37:58.239
but remain within the realm of what you can reliably

560
00:37:58.280 --> 00:38:02.719
achieve with the step. And remember your competitors are likely

561
00:38:02.840 --> 00:38:06.519
avoiding strong guarantees due to the same fears you have,

562
00:38:07.800 --> 00:38:11.519
and this creates a tremendous opportunity for differentiation if you're

563
00:38:11.559 --> 00:38:14.440
willing to address those fears and move forward. By the way,

564
00:38:14.480 --> 00:38:18.079
even after it was working, my competitors did not implement

565
00:38:18.119 --> 00:38:23.719
a Skik guarranty, even the best competitors, the largest competitors.

566
00:38:23.800 --> 00:38:26.800
It's amazing. So before I continue this discussion, we're going

567
00:38:26.840 --> 00:38:29.960
to take a ninety second break. Hey, their business owners,

568
00:38:30.039 --> 00:38:32.679
let me ask you something. Are you tied of blending

569
00:38:32.719 --> 00:38:37.440
in with your competitors, frustrated with slow growth and slim margins. Well,

570
00:38:37.559 --> 00:38:40.760
I've gotten news for you. Everything you've ever learned about

571
00:38:40.800 --> 00:38:45.280
growing your business is wrong. Don't worry. I'm here to

572
00:38:45.360 --> 00:38:48.199
let you in on a secret weapon, your position of

573
00:38:48.320 --> 00:38:52.199
market dominance. It's what sets you apart, makes you irreplaceable,

574
00:38:52.599 --> 00:38:56.039
and has customers lining up at your door. My name

575
00:38:56.079 --> 00:38:59.519
is Michael Barber Rita from Next Step CFO. I know

576
00:38:59.559 --> 00:39:03.039
what you're thinking. Sounds great, Michael, How do I find

577
00:39:03.039 --> 00:39:06.679
my position of market dominance? Well, that's exactly why we've

578
00:39:06.719 --> 00:39:10.559
created our game changing implementation program called Next Step to

579
00:39:10.639 --> 00:39:14.039
Market Dominance. In just ninety days, we'll guide you step

580
00:39:14.079 --> 00:39:17.079
by step to a position of market dominance by uncovering

581
00:39:17.119 --> 00:39:20.639
your unique strengths that competitors can't touch. By crafting a

582
00:39:20.679 --> 00:39:24.400
message that resonates deeply with your ideal customer, by building

583
00:39:24.400 --> 00:39:27.119
a strategy that turns you into the go to expert

584
00:39:27.159 --> 00:39:30.519
in your field. Now, this is in theory. These are

585
00:39:30.599 --> 00:39:33.440
battle tests and strategies that have helped businesses like yours

586
00:39:33.480 --> 00:39:38.280
double triple and quadruple their revenue. Don't let another quarter

587
00:39:38.360 --> 00:39:41.559
go by struggling the standout. It's time to dominate your

588
00:39:41.639 --> 00:39:47.000
market period. Go to NEXTSTEPCFO dot net forward slash contact.

589
00:39:47.519 --> 00:39:50.320
Fill out the form and in the message section put

590
00:39:50.360 --> 00:39:54.119
the word dominate or call us at seven eight one

591
00:39:54.440 --> 00:39:58.360
three two six three a two two. That's next STEPCFO

592
00:39:58.480 --> 00:40:01.519
dot net forward slash content tax or call us at

593
00:40:01.559 --> 00:40:04.880
seven eighty one three two six three eight two two.

594
00:40:05.800 --> 00:40:09.199
Welcome back. So now let's explore the third and final

595
00:40:09.199 --> 00:40:12.760
step of creating your position of market dominance. That's articulating

596
00:40:12.800 --> 00:40:15.800
your position in a way that resonates with your ideal customer.

597
00:40:15.920 --> 00:40:19.199
So this is where we bring everything together and the

598
00:40:19.280 --> 00:40:21.719
problem your customers have and don't want the solution they

599
00:40:21.800 --> 00:40:25.039
want they can't find into a clear, compelling statement that

600
00:40:25.079 --> 00:40:27.639
makes you the obvious choice. So the structure of an

601
00:40:27.679 --> 00:40:32.840
effective position of market dominant statement follows a specific formula. First,

602
00:40:32.880 --> 00:40:35.559
it directly addresses the problem or pain point that your

603
00:40:35.559 --> 00:40:41.159
ideal customers keep up your ideal customers keep up at night. Second,

604
00:40:41.760 --> 00:40:46.039
it clearly communicates your unique solution to that problem. And Third,

605
00:40:46.239 --> 00:40:49.280
it differentiates you from your competitors by highlighting what you

606
00:40:49.480 --> 00:40:53.000
offer that others don't, and let me give you a

607
00:40:53.079 --> 00:40:57.800
quick template to work with. We help you right Whoever,

608
00:40:57.840 --> 00:41:02.559
your ideal customer is who struggle with a specific problem

609
00:41:03.480 --> 00:41:10.079
by providing this unique solution, unlike any other competitor type

610
00:41:11.039 --> 00:41:15.920
who only offer the inferior alternative. So, for example, so

611
00:41:16.440 --> 00:41:20.440
a daycare center might say, we help working parents who

612
00:41:20.519 --> 00:41:25.679
struggle with rigid childcare schedules by providing the only childcare

613
00:41:25.719 --> 00:41:30.920
in Boston or whatever city with extended hours until eight pm,

614
00:41:31.039 --> 00:41:34.039
unlike other centers that close at five pm and force

615
00:41:34.079 --> 00:41:39.400
you to choose between your career and quality childcare. Notice

616
00:41:39.400 --> 00:41:44.280
how specific customer focus. The statement is not above them

617
00:41:44.639 --> 00:41:48.679
the daycare at all. It speaks directly to a pain point,

618
00:41:48.880 --> 00:41:52.400
the rigid schedules that don't accommodate professional demands and other

619
00:41:52.480 --> 00:41:57.559
concrete solutions like extended hours that differentiates the center from competitors.

620
00:41:57.840 --> 00:42:00.840
This is dramatically different than the generic language that most

621
00:42:00.880 --> 00:42:05.960
day cares use, like nurturing environment or dedicated staff, or

622
00:42:06.400 --> 00:42:11.519
phrases that convey absolutely no meaningful differentiation. So, in crafting

623
00:42:11.559 --> 00:42:14.480
your position of ocket, dominant statement I recommend using the

624
00:42:14.559 --> 00:42:18.280
following five principles. First, use your language. Use language your

625
00:42:18.320 --> 00:42:22.360
customer actually use. Use the same language that your customer uses.

626
00:42:22.679 --> 00:42:25.840
So listen to how they describe their problems and incorporate

627
00:42:25.920 --> 00:42:33.280
those exact phrases. This creates immediate resonance. Second, be specific

628
00:42:33.400 --> 00:42:37.760
and measurable wherever possible. We respond to all service requests

629
00:42:37.800 --> 00:42:41.880
within thirty minutes. It's much more powerful than we respond quickly.

630
00:42:42.679 --> 00:42:48.519
We respond quickly actually needs nothing. Third, focus on outcomes,

631
00:42:48.559 --> 00:42:54.440
not process. Customer care about the results you deliver, not

632
00:42:54.920 --> 00:42:57.440
how you deliver them. They don't care about the process.

633
00:42:58.519 --> 00:43:03.280
For make it possible customers to say me too, I'm sorry,

634
00:43:03.360 --> 00:43:07.960
make it impossible for competitors to say me too. If

635
00:43:08.000 --> 00:43:12.280
your competitors can make the same claim credibly, your position

636
00:43:12.639 --> 00:43:18.199
isn't strong enough. Fifth, ensure it's authentic and deliverable. Your

637
00:43:18.199 --> 00:43:23.679
position must reflect what you actually provide, not just aspirational marketing.

638
00:43:25.159 --> 00:43:27.159
Let me share a quick case study that illustrates the

639
00:43:27.159 --> 00:43:30.800
power of a well articulated position of market domince. Sometimes

640
00:43:30.800 --> 00:43:35.840
we call it PMD. An IT service company was struggling

641
00:43:35.920 --> 00:43:39.599
to stand out in a crowded market. Every competitor claim

642
00:43:39.639 --> 00:43:45.280
to provide responsive service, technical expertise and comprehensive solutions, classic

643
00:43:45.519 --> 00:43:50.599
industry jargon, no differentiation there, and when he researched his

644
00:43:50.760 --> 00:43:54.639
customer base, he discovered that small business owners were most

645
00:43:54.719 --> 00:43:59.840
frustrated by unpredictable IT costs and the technical joggon that

646
00:44:00.000 --> 00:44:04.760
made them feel ignorant and powerless. They wanted predictable budgeting

647
00:44:04.800 --> 00:44:09.440
and plain English explanations. Based on this insight, the company

648
00:44:09.519 --> 00:44:13.159
completely restructed this service model to offer all inclusive, fixed

649
00:44:13.159 --> 00:44:18.360
monthly pricing with guaranteed response times and jargon free communication.

650
00:44:19.599 --> 00:44:22.360
Their position of market dominance was that we help small

651
00:44:22.440 --> 00:44:26.159
business owners who were tied of unpredictable IT costs and

652
00:44:26.280 --> 00:44:30.719
technical jargon by providing the only all inclusive IT service

653
00:44:31.079 --> 00:44:35.159
with fixed monthly pricing and a plain English guarantee. Unlike

654
00:44:35.280 --> 00:44:40.599
other IT companies that charge unpredictable hourly rates and hide

655
00:44:40.639 --> 00:44:45.280
behind technical terms you don't understand you see, this position

656
00:44:45.800 --> 00:44:49.360
directly addressed the pain points that mattered most of their

657
00:44:49.400 --> 00:44:53.079
ideal customer and often a solution that their competitors were providing.

658
00:44:53.559 --> 00:44:57.280
Within months of implementing this position across all marketing and

659
00:44:57.320 --> 00:45:00.920
sales communication, their lead conversion increased from fifteen to thirty

660
00:45:00.960 --> 00:45:04.920
eight percent, and their client retention improves sixty eight to

661
00:45:05.119 --> 00:45:11.719
ninety four percent. And so what's particularly powerful about a

662
00:45:11.760 --> 00:45:14.360
well crafted position of our caetdominus is that it naturally

663
00:45:14.400 --> 00:45:17.800
attracts your ideal customers while compelling those who aren't a

664
00:45:17.800 --> 00:45:21.360
good fit. And this efficiency in your marketing is incredibly

665
00:45:21.480 --> 00:45:25.239
valuable because you spend less time and resources on prospects

666
00:45:25.360 --> 00:45:29.559
who never who are never going to value your unique approach.

667
00:45:30.039 --> 00:45:32.360
And so check, I think we can go jump right

668
00:45:32.400 --> 00:45:34.039
into compliments now if you don't mind.

669
00:45:34.639 --> 00:45:40.960
Absolutely, Yeah, so very excited about our compliments this episode.

670
00:45:41.000 --> 00:45:43.719
And Michael, here's what's intriguing about this to the point

671
00:45:43.719 --> 00:45:44.360
about innovation.

672
00:45:44.519 --> 00:45:45.719
So look much respect to.

673
00:45:45.719 --> 00:45:48.599
The people who invest the time to give a business review.

674
00:45:49.119 --> 00:45:49.880
If a small.

675
00:45:49.679 --> 00:45:52.719
Business owner has provided you with a service, invest the

676
00:45:52.840 --> 00:45:56.880
time to provide that business with some feedback. So it's

677
00:45:56.920 --> 00:45:59.800
within that same mind frame that we want to offer

678
00:45:59.840 --> 00:46:03.800
to today's compliment. This has compliments to Bill Gibson, who

679
00:46:03.920 --> 00:46:09.719
gave a business review to Sunshine Cleaning Systems. Sunshine Cleaning

680
00:46:09.760 --> 00:46:14.880
Systems is an eco friendly carpet and furniture cleaning company

681
00:46:14.920 --> 00:46:16.679
located in the Greater Boston area.

682
00:46:16.800 --> 00:46:18.440
But here's what's remarkable. Their mission.

683
00:46:19.039 --> 00:46:22.920
Their mission is to focus on the customers, to make

684
00:46:22.960 --> 00:46:26.280
sure customers have a healthy home and a happy family.

685
00:46:26.960 --> 00:46:29.760
And here's Bill's review, Michael, which I think you might appreciate.

686
00:46:30.400 --> 00:46:35.000
Here's what Bill said. Ray of Sunshine Cleaning cleaned two

687
00:46:35.199 --> 00:46:37.480
of our area rugs and I was very happy with

688
00:46:37.559 --> 00:46:40.960
the service he provided. He showed up right on time,

689
00:46:41.480 --> 00:46:44.719
with all kinds of equipment, some of it very high tech,

690
00:46:45.679 --> 00:46:49.639
including a black light system that allowed Ray to detect

691
00:46:49.760 --> 00:46:55.480
stains that other carport cleaning companies did not detect. And

692
00:46:55.559 --> 00:46:59.400
Ray did a great job on the rugs, which hadn't

693
00:46:59.440 --> 00:47:06.079
been cleaned for ten years. Before leaving. We dried the

694
00:47:06.199 --> 00:47:09.320
rugs and cleaned up the workspace area and then provided

695
00:47:09.400 --> 00:47:13.480
high powered fans so the area was dry and build

696
00:47:13.480 --> 00:47:16.679
and the family could move their furnitial right back. This

697
00:47:16.719 --> 00:47:20.239
is why I would absolutely recommend Ran Sunshine Cleaning Systems.

698
00:47:21.320 --> 00:47:23.199
That's today's compliment, Michael.

699
00:47:23.239 --> 00:47:24.440
Back over to you.

700
00:47:24.519 --> 00:47:26.960
Excellent, Thank you, Chavilla. You can count on RAFs do

701
00:47:27.079 --> 00:47:29.159
that for sure, no question about that. So as we

702
00:47:29.199 --> 00:47:32.880
wrap up today's episode on creating a position of market dominance,

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let me summarize the key insights that we've covered, we

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00:47:36.480 --> 00:47:40.559
introduced a three step framework for becoming the only logical

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00:47:40.639 --> 00:47:43.519
choice in your industry. First, identify the problem your customer

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00:47:43.559 --> 00:47:48.079
has and doesn't want. This means going beyond the surface

707
00:47:48.159 --> 00:47:51.480
level complaints to understand the deeper frustrations and challenges that

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00:47:51.519 --> 00:47:55.599
your ideal customers face. And remember that your marketing must

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00:47:55.719 --> 00:47:59.880
enter the conversation already happening in your prospect's mind by

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00:48:00.039 --> 00:48:03.880
addressing the issues that are already concerned about. That's the

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00:48:03.960 --> 00:48:06.239
problem they have. They don't want the solution they want

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00:48:06.239 --> 00:48:10.920
they can't find. Second, develop the solution they want but

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00:48:11.039 --> 00:48:15.239
can't find elsewhere, and this often requires innovation in your process,

714
00:48:15.840 --> 00:48:19.360
innovation in your business model, innovation in the customer experience,

715
00:48:19.599 --> 00:48:25.840
and guarantees the true differentiation comes from meaningful operational differences,

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00:48:25.960 --> 00:48:31.440
not just marketing claims. Third, articulate your position in a

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00:48:31.480 --> 00:48:35.079
way that resonates with your ideal customers. This means creating

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00:48:35.119 --> 00:48:39.320
a clear, compelling statement that directly addresses their pain points

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00:48:39.400 --> 00:48:43.559
and communicates your unique solution using language that speaks to

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00:48:43.599 --> 00:48:48.639
them emotionally and logically. We also discuss how to implement

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00:48:48.679 --> 00:48:52.760
your position of market dominance through throughout your business, from

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00:48:52.880 --> 00:48:57.719
marketing materials and sales conversations to operational and customer experience.

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00:48:58.440 --> 00:49:01.079
And what I hope you take away from today's episode

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is that competing on price is a race to the

725
00:49:04.840 --> 00:49:08.840
bottom no small business owner can ever win in the

726
00:49:08.880 --> 00:49:13.440
long run. The only sustainable path to probitability and growth

727
00:49:13.920 --> 00:49:17.320
is to establish a position of market dominance that makes

728
00:49:17.360 --> 00:49:23.239
you the obvious choice regardless of price. Remember that the

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00:49:23.280 --> 00:49:27.440
most powerful positions are built on genuine customer insights and

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00:49:27.519 --> 00:49:32.880
authentic business capabilities. Isn't about marketing spin or empty promises.

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00:49:33.239 --> 00:49:36.679
It's truly understanding what matters to your customers and organizing

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00:49:36.719 --> 00:49:40.320
your business to deliver it in a way no one

733
00:49:40.480 --> 00:49:44.679
else can match. If you implement just one strategy from

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00:49:44.719 --> 00:49:48.519
today's episode, make it the elimination of industry jargon from

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00:49:48.519 --> 00:49:53.679
your marketing. Replace generic terms like quality, service, experience professionals

736
00:49:54.400 --> 00:49:58.440
with specific customer focused language that addresses real problems, not

737
00:49:58.559 --> 00:50:04.119
about you, about them, and that articulates your unique solution.

738
00:50:04.239 --> 00:50:08.039
So whether you work with us or someone else, as

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you develop your position of market dominance, remember that it's

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00:50:11.679 --> 00:50:16.079
an evolving strategy, not a one time exercise. Continue listening

741
00:50:16.079 --> 00:50:20.920
to your customers, monitoring your competition, and refining your position

742
00:50:21.440 --> 00:50:25.599
to maintain your competitive edge. Get a copy of the

743
00:50:25.599 --> 00:50:29.519
book Powerful Business Strategy. Simply go to our website www

744
00:50:29.599 --> 00:50:34.199
dot NEXTSTEPCFO dot that it's totally complimentary and until next

745
00:50:34.199 --> 00:50:38.400
Monday at noon Eastern time. But Chucky Obo. My name

746
00:50:38.440 --> 00:50:42.559
is Michael bab Rita, and remember, don't keep doing what

747
00:50:42.599 --> 00:50:44.639
your competition is doing.

748
00:50:46.599 --> 00:50:49.639
You have been listening to Powerful Business Strategies finding out

749
00:50:49.719 --> 00:50:53.360
that everything you ever learned about growing your business is wrong.

750
00:50:53.679 --> 00:50:56.840
Tune in next week and every week at noon Eastern

751
00:50:56.920 --> 00:51:00.400
time on W four CY Radio with your host Michael

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00:51:00.400 --> 00:51:05.039
Barbarita of Next Step CFO and moderator Chugiobio