April 7, 2025 • 51 mins
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).
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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.
Become a supporter of this podcast: https://www.spreaker.com/podcast/powerful-business-strategies--6198916/support.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
The topics and opinions expressed in the following show are
solely those of the hosts and their guests and not
those of W FOURCY Radio. It's employees are affiliates. We
make no recommendations or endorsements for radio show programs, services,
or products mentioned on air or on our web. No
liability explicitor implies shall be extended to W four CY
Radio or it's employees are affiliates. Any questions or comments
should be directed to those show hosts. Thank you for
(00:20):
choosing W FOURCY Radio.
Speaker 2 (00:27):
Welcome to Powerful Business Strategies, where you will find out
that everything you have ever learned about growing your business
is wrong. Finally, a show where you'll learn the right
way to grow your business by learning business and financial
strategies that your competition isn't doing. And now here is
your host the resident of NeXTSTEP CFO Michael Barbarita and
(00:51):
joining Michael for today's show as an executive moderator is
chooky Obia.
Speaker 3 (01:01):
Yes, this is Shukey and I believe that gratitude is
undefeated and growth is.
Speaker 4 (01:06):
About the next step.
Speaker 3 (01:07):
It is an honor for me to moderate today's discussion
with my good friend Michael. Michael How are you excellent, Choky,
how are you doing well?
Speaker 5 (01:19):
And my name is Michael Bob Reader, as Chickie said,
President of nextep CFO. At Next Step CFO is a
fractional CFO and strategic implementation firm, and business owners hire
us to double and triple their profit using business and
financial strategies that their competition isn't doing. And today's show
is certainly one of those strategies. Our vision is to
(01:41):
ensure overwhelm business owners achieve the time, freedom, and consistent
profits to build a legacy and the life they desire.
And our mission is simple. It's dedicated to guiding small
business owners to leveraging their time, exploding their profits, and
building that meaningful legacy. And this show, powerful business strategies
and our book of the same name, is a step
(02:03):
toard accomplishing that vision and this mission. So with that,
I'd like to hand it back to my co author
and moderator for the show, Chicky Obia.
Speaker 3 (02:10):
Michael, I'm really energized by today's episode speaking of our.
Speaker 4 (02:14):
Book, the topic.
Speaker 3 (02:16):
That we've prepared today, really energized by your insights. It's
called the position of market Dominance. How to become the
only logical choice in your industry. And just a quick disclaimer, folks,
Michael and I are both affiliated with a number of
different organizations and I currently serve as the managing director
of business development for Better Price, a global business focused
(02:38):
law firm.
Speaker 4 (02:38):
In addition to that, it's truly an honor.
Speaker 3 (02:40):
To collaborate with Michael to moderate business roundtables and document
the insights from these roundtables as part of our book
called Powerful Business Strategies. But please note that the views
expressed on this show are personal views based on those
successful experiences with business owners across our roundtables, as well
(03:02):
my mission as a fearless moderators to ask the white
questions to help you, the listener, learn the best strategies
that the competition isn't doing.
Speaker 5 (03:11):
With that back over to Michael, thank you your kech.
So let's get right into it today. So, business owners,
I see you fighting an uphill battle every single day.
You're up against bigger companies with deeper pockets while your
customers keep asking for lower prices. You're working harder than
ever before, and yet your margins keep shrinking, and you're
wondering if this is just how business has to be
(03:34):
Well today, I want to show you that there is
a better way. The most successful businesses don't compete on price.
They can they create their own category where competition becomes irrelevant.
They don't just sell products or services, they solve problems
in ways no one else does. And the strategies that
(03:55):
we'll share today have improved businesses in over four hundred industries,
from contractors and retailers to professional services and manufacturers. These
are theoretical concepts and battle tested approaches that level the
playing field, and we believe strategic positioning shouldn't be reserved
for businesses with massive resources. That's exactly why we created
(04:20):
this show and exactly why we wrote our book. So
today you'll discover how to become the only logical choice
in your industry. So let's begin that journey right now,
and let me start with a simple question that gets
to the heart of the challenge that most of us
business owners face. When a prospect is considering you and
(04:42):
your competitors, why should they choose you? Interesting If your
answer includes phrases like best quality, great service, years of experience,
competitive pricing, you're making a critical mistake that's counting your
customers and forcing you to compete our price. The problem
is that these phrases are what we call industry jargeon.
(05:05):
These are generic claims that every one of your competitors
also makes. They're drearily commonplaces, They're very predictable, and they
lack the power to make you stand out. And so
when I hear a business owner say we provide the
highest quality of competitive prices, my immediately thought. My immediate
thought is, well, I would hope so when any would
(05:26):
ever claim to provide poor quality and unreasonable prices. So
this is why so many business owners struggle to differentiate
themselves and end up in price wars. When you sound
like everyone else's, price becomes the only distinguishing factor for
your prospects. So let me tell you about a landscape contractor.
(05:47):
When I first met him, his marketing materials talked about
professional service, attention to detail, and being licensed and insured.
Does that so familiar? Well, he was getting some business,
but he was constantly being asked the lowest prices, and
he was losing bids to cheaper competitors. And so when
I asked him why customers would choose his company over others,
(06:10):
he gave me a ten minute passionate explanation about how
his crew handled soil preparation differently than anyone else, resulting
healthier plants and significantly reduced replacement costs over time. My opinion,
this was fascinating but completely absent from all of his marketing,
(06:33):
and so this is the key insight. Most business owners
have something truly special about their businesses, but they bury
it on the generic industry jargon that makes them sound
like everyone else. And what we business owners do is
try to copy the big companies who have the big
bucks and the resources to shove that jargon down our
(06:54):
throats a million times in a massive way. And we
don't have the resources to copy them. So the solution
is what we call a position of market dominance, and
this is a strategic approach that takes your business from
just another option to the only logical choice for your
(07:15):
ideal customers. And a position of market dominance, it isn't
a tagline or a slogan. It's a carefully crafted message
that addresses your prospects most pressing concerns and offers a
solution that they can't find anywhere else, and when executed correctly,
it makes you the obvious choice regardless of price. And
(07:39):
what makes this approach so powerful is that it enters
the prospects. So instead of trying to force your way
into their attention with clever marketing gimmicks and taglines, you
address the problems that they're already worried about. And unlike branding,
(07:59):
which requires massive budgets and repetition, to be effective with
a fraction of the marketing investment, because it resonates immediately
with your ideal customer. And so today we're going to
show you how to develop your own formula, your own
position of market Arment's use an art proven formula that's
(08:21):
worked across hundreds of different industries. So you'll learn how
to identify the pressing problems that your prospects face, craft
a compelling solution they can't find elsewhere, and communicate it
in a way that makes competitors irrelevant. Michael, this is remarkable.
Speaker 3 (08:40):
You mentioned that most businesses rely on industry jargon that
make them sound like everyone else. Right, can you give
us some examples of this jargon and why it's so ineffective?
Speaker 5 (08:52):
Absolutely true, Key, So, industry jargon is rampant across all
types of businesses. If you go on websites see you
see it all over the place. You go to networking meetings,
you'll hear it all over the place. And let me
give you some specific examples. So, for contractors, it's phrases
like quality craftsmanship, attention to detail, licensed and insured, or
(09:16):
satisfaction guarantee. For professional services, it's experienced professionals, personalized service,
client focused approach, or comprehensive solutions. For retailers, it's great selection,
competitive prices, friendly staff, or serving the community. Since nineteen ten,
(09:36):
you know these phrases are ineffective for three critical reasons. First,
they're expected minimums. They're not differentiators. They're the expected minimum
result that our clients should expect. When a contractor says
they're license and insurance, customers say, well, I hope you are.
That's a baseline expectation, not a reason to choose you. Second,
(10:01):
they're impossible to verify before purchase. How does a prospect
know if your quality and your quality craftsmanship is actually
superior to someone else? They can't, which means these claims
have very little credibility. Third, and most importantly, they focus
on you, meaning the business owner, not on the customer
(10:25):
and the customer's problems. When you say we have twenty
five years experience, you're talking about yourself. But when you
say we eliminate the risk of your project going over
budget with a fixed price guarantee, now you're addressing a
real customer concern where it's about them. The key to
breaking free from jargon is to think about the specific
(10:47):
problems that your customers face, the concerns that they have,
and how you solve them differently from anyone else. Instead
of saying you provide exceptional customer service, explain exactly how
you make the customer's life better. For example, we provide
same day responses to all service requests and twenty four
to seven emergency support, so you're never left waiting when
(11:10):
you need help. That level of specificity cuts through the
noise and resonates with prospects in a way that well
generic jargon never will. So let's now dive deep into
the first step of creating that position of market dominance,
and that's identifying the problem your customers have and don't want.
(11:34):
The most powerful marketing doesn't start with your product to service.
It starts with your customers problems. They don't care about
your They don't care about your product to service. Quite frankly,
if they care about their problems. Specifically, it addresses a
problem that they have that they don't want. And to
illustrate this, let me share a famous example that many
(11:57):
of you will probably recognize. When Eminem Mars introduced em
and MS in nineteen fifty four, they didn't focus on
the quality of their chocolate or the colorful candy shell. Instead,
they created a position of market dominance melting your mouth,
not in your hands. And this brilliantly addressed a real
(12:19):
problem that chocolate lovers had, especially moms who had kids.
Chocolate bars melted in hot weather, creating a mess, whether
it was on their furniture, on their hands, on their faith,
whatever it was. And Eminem's offered a solution to that
specific problem and a cannibal catapultan that product to iconic status.
(12:41):
The key insight here is that Mars didn't invent this problem.
It already existed in the minds of the customers and
what they did. What Eminem Bars did was recognize it
and position their product as the solution to that problem.
So how do you identify the problems your customers have
and they don't want. Well, there's three comary research methods.
(13:03):
First is what we call direct customer interviews. Talk to
your current customers and ask questions just like what gand
you to look for solution like ours or what was
the most frustrating about your previous provider. These conversations often
reveal points that you haven't considered. Second, competitive research. Study
(13:27):
your competitives' reviews, both positive and negative, and what are
customer is applauding what are they complaining about? These applauds
and complaints represent opportunities for your business to stand out. Third,
industry knowledge. Use your expertise to identify problems that customers
(13:47):
might not even realize that they have. For example, a
roofing company might know that a specific type of installation
leads to leaks within five years, but homeowners won't discover
this until it's too late. Hmm. And so let me
give you another real world example of how this all works.
And by the way, identifying problems that customers have with
(14:10):
the industry is another angle to all this. But a
residential cleaning service was struggling to differentiate themselves in a
crowded market, and when they interviewed their customers, they discovered
their biggest frustration wasn't the quality of cleaning, which which
most services could provide adequately. It was the inconsistency of
(14:31):
service when cleaning crews changed, so every time a new
person cleaned their home, they had to re explain their preferences,
point out areas that needed special attention, and often found
things that were messing. And this was a significant pain
point that no other cleaning service in their area was addressing.
(14:52):
So using this insight, this company created a position of
market dominance and that was the only cleaning service that
guarantee it was the same cleaning team for every visit.
If your regular team can't make it, we reschedule, rather
than sending strangers into your home. With the way that
sounds to the strangers into your home, Oh God, is
(15:16):
a real problem. Customers had and didn't want a consistency
and discomfit of strangers in their home. With a solution,
they couldn't find anywhere else a guaranteed same team. Within
three months of implementing this position of market dominance, their
new customer acquisition increased by forty percent and they were
(15:37):
able to chry fifteen percent more than their competitors because
they were solving a problem no one else was addressing.
And now it's important to understand that the problem you
identify must be something that truly matters to your customers.
Sometimes business owners focus on technical problems and they find
(15:58):
they find that's a important to them because resonate with
the customer. For example, the software developer might focus on
their superior coding architecture, but customers don't care about the code.
The care whether the software is reliable, ready to use,
(16:18):
and solve their specific needs. To ensure they're identifying problems
that actually matter, ask yourself these three questions. Number one,
is this problem emostly significant to my ideal customer? Second?
Is this problem currently unsolved or inadequately solved by existing options? Third?
(16:41):
Is this problem something my business is uniquely positioned to solve?
And if you can answer yes to all three questions,
you've likely found a powerful foundation for your position of
market dominance. Can I give you a special nugget here? Yeah?
Speaker 2 (17:01):
You know.
Speaker 5 (17:02):
One more way to identify a customer a problem that
customers have is doing a customer avatar. Now, if you
do a customer avatar right and focus on one person,
not a group of people, and you do it with
great detail, then you'll identify that problem that they have.
And by the way, you probably identify more than one problem.
(17:25):
So let me give you an example. A financial advisor
was struggling to stand out in the crowded market where
everyone claimed to offer personalized financial planning and expert investment advice.
And when he interviewed his ideal clients, which were successful
business owners by the way, nearing retirement, he discovered a
specific problem that kept them up at night. These business
(17:48):
owners had spent decades building their companies. They had no
clear exit strategy. They were worried about transitioning ownership, minimizing
their tax implications, and ensuring that their business says, continued
to thrive after they stepped away. Traditional financial advisors were
adequately addressed in these complex business transition issues. So this
(18:10):
insight led to a powerful position of market dominance, the
only financial advisory firm that specializes in helping business owners
triple their retirement income through strategic business exit planning. Notice
how specificness is compared to generic personalized financial planning language
that was used by all the competitors. It speaks directly
(18:33):
to his ideal clients problem. Lack of exit strategy offers
a specific solution. They can't find anywhere else strategic exit
planning that trimple's retirement can come. And then within a
year of implementing this position, this advisor was able to
double his fees while maintaining a full client roster. Because
(18:53):
he was no longer competing with every other financial advisor,
he created his own category. Yeah, Michael, this is really interesting.
Speaker 3 (19:03):
I'm just kind of taking this all in, by the way,
a lot of business owners are tuned in. We do
have a question from a listener, Michael. You've talked about
identifying problems that customers have, right, but what if multiple
competitors are already trying to solve that same problem?
Speaker 4 (19:21):
How do you differentiate from that perspective.
Speaker 5 (19:23):
Yeah, that's a great question from a listener. Yeah, Terrifect, Well,
you know, when multiple competitors are addressing the same problem,
the key to differentiating becomes how you solve that problem
differently or better than anyone else. And let me give
you an example that comes to mind. In the home
(19:44):
service industry, many companies try to address the problem of
technicians are arriving late. It's a common pain point, by
the way, it's an industry problem, and it's a common
pain point for customers who have to take time off
from work to wait for the service. So most companies
respond with what I call me two solutions. They all
offered similar two hour appointment windows and perhaps a phone
(20:07):
call and the technicians on their way. That's not differentiation,
that's just meeting the baseline expectation. A company in the
HVAC industry took a completely different approach, and so instead
of just promising punctuality, they completely reimagined the solution. They
created a no weight guarantee, so if their technician wasn't
there at the exact scheduled time, not a window, an
(20:30):
exact time, service was free. And to make this work,
they invested in advanced scheduling software, GPS tracking, and trade technicians,
and they trained those technicians differently, of course, and so
they also charged fifty percent more for competitors to support
this model. And then, but here's the key. Customers were
(20:54):
happy to pay the premium because the certainty was worth
more than the extra cost.
Speaker 4 (21:00):
That's brilliant.
Speaker 5 (21:02):
So the company didn't just say they solved the problem better,
they backed it with a guarantee that demonstrated absolute confidence
in their solution and their competitors could match this because
they hadn't built the operational infrastructure to support it. And
the lesson here is that true differentiation often requires innovation
in how you go about delivering the product or service,
(21:24):
not just in how you talk about it. When multiple
competitors recognize the same problem, the win. It isn't necessarily
the one who shouts the loudest. It's the one who
solves it in a way that no one else can replicate.
And this might require it's been a technology specialized tin
unique processes, or even changing your model a little bit.
(21:47):
But that investment, that investment creates a competitive advantage that
can't be easily copied because everybody else would have to
change their operating basis, allowing you to establish a true
position of market dominance, even in crowded markets. So before
I continue this discussion, we're going to take the ninety
second break. Hey there, business owners, let me ask you something.
(22:10):
Are you tied of blending in with your competitors? Frustrated
with slow growth and slim margins? Well, I've got news
for you. Everything you've ever learned about growing your business
is wrong. Don't worry. I'm here to let you in
on a secret weapon your position of market dominance. It's
what sets you apart, makes you irreplaceable, and has customers
(22:32):
lining up at your door. My name is Michael Babarta
from Next Step CFO. I know what you're thinking. Sounds great, Michael,
How do I find my position of market dominance? Well,
that's exactly why we've created our game changing impleitation program
called Next Step to Market Dominance. In just ninety days,
we'll guide you step by step to a position of
(22:54):
market dominance by uncovering your unique strengths that competitors can't touch,
by crafting a message that resonates deeply with your ideal customer,
by building a strategy that turns you into the go
to expert in your field. Now this is in theory.
These are battle tests and strategies that have helped businesses
like yours double, triple, and quadruple their revenue. Don't let
(23:16):
another quarter go by struggling the standout. It's time to
dominate your market period. Go to NEXTSTEPCFO dot net, forward
slash contact, Fill out the form and in the message
section put the word dominate or call us at seven
eight one three two six three A two two. That's
next STEPCFO dot net, forward slash contact or call us
(23:40):
at seven eight one three two six three A two
two Welcome back. And remember if you miss any part
of the show, or if you're driving and can't take notes,
you can go back to our replace at Powerful Business
Strategies dot com. So that now that we've identified the
problem our customers have and don't want, let's move to
the second step of creating your position of market dominance,
(24:01):
and that is developing the solution they want but can't find.
This is where many businesses fall short. They identify a
valid customer problem, but offer a solution that's essentially the
same as everyone else in the marketplace. Well, the key
to a powerful position of market dominance is not just
solving the problem, but solving it in a way that's
(24:24):
uniquely valuable and difficult for competitors to replicate. So let
me share a framework for developing these distinctive solutions. I
call it the solution Innovation Matrix, and it has four components.
The first component is process innovation. This means developing a
(24:45):
unique methodology or approach that delivers better results. And they'll
give you an example. Domino's Pizza revolutionize the industry with
thirty minutes or It's free guarantee. This wasn't just a
marketing gimmick, required completely reimagining their operational process from order
taking to delivery. The second component is a business model innovation.
(25:10):
This means changing how your product to service is packaged, priced,
or delivered. So the company called Dollar Shave Club disrupted
the razor industry, now with a better razor, but with
a subscription model that solved the problem of the high
cost and inconvenience in a way that traditional retailers couldn't
(25:30):
easily match. The third component is experience innovation. This means
creating a customer experience that's meaningfully different from the competitors.
So Zappos, they didn't just sell better shoes, they created
a radically different buying experience with free shipping both ways
(25:50):
and a three hundred and sixty five day return policy.
The four component is guarantee innovation. This means removing risk
for the customer in a way that competitors aren't willing
to or able to match. We call that a risk reversal.
So a roping company offered to make a to not
(26:12):
take any payment until the materials were delivered to the roof,
addressing the widespread fear of contractors taking deposits and disappearing.
That was an industry problem that they addressed. It's just
a problem that customers knew existed in the industry, and
they solved it. The most powerful position of market dominance
(26:33):
often combines multiple types of innovation. The key is is
to develop a solution that's both valuable to customers and
difficult for competitors to imitate. So let me give you
another example. So a residential painting company that was struggling
in a competitive market where everyone claimed to offer quality
(26:54):
painting at reasonable prices. When they researched their customer pain points,
they discovered that the home the biggest frustration wasn't the
quality of the painting, but the disruption to their lives
during the project, the noise that dust, the inconvenience of
having people in the home hustling and bustling all over
the place the days, and they developed a comprehensive solution. First,
(27:18):
their process innovation was that they developed a speed painting methodology,
then completed projects in half the time of traditional painters
through careful preparation and team coordination. That's required work by
the way. Second business model innovation, they shifted to a
whole hold pricing model rather than charging by the room,
(27:41):
with guaranteed completion dates. Third experience innovation, they implemented a
clean as we go approach where teams cleaned thoroughly at
the end of each day rather than just at the
project completion. Fourth guaranteed innovation, they offered a b will
guarantee We'll complete your project on time and on budget,
(28:03):
or it's free. That's pretty bold. The resulting position of
market dominance was very powerful. The only painting company that
guarantees to complete your entire home in half the time
of traditional painters, with no disruption to your family life,
or it's free.
Speaker 4 (28:19):
Now.
Speaker 5 (28:20):
This position addressed a real pain point disruption during the
painting product process with a solution that customers wanted but
couldn't find elsewhere, which was dramatically fastest service with minimal disruption.
The company was able to be overcompetitors while maintaining a
(28:40):
full schedule because they just weren't competing on price. Once again,
they were solving a problem in a unique way. Now,
developing innovative solutions often requires investment and operational change. It's
not all the time, but it certainly can in this
case with the painter. This is where many business owners hesitate.
(29:04):
They want the differentiation without making the necessary changes to
their business or with their business or their process. But
here's the reality. Meaningful differentiation requires meaningful difference in how
you operate. And the good news is that these investments
typically deliver substantial returns Because they create barriers to competition,
(29:28):
it's hard to replicate, and it justifies that premium pricing.
So let's look at another example. This is a CPA
firm that who've discovered that small clients were frustrated by
the traditional accounting model where they have minimum contact throughout
the year and then a rush of activity at tax time.
So business owners want an ongoing financial guidance, not just
(29:51):
not just annual tax prep. So instead of just promising
more attentive service, which be jargon, this firm completely reimagined
this service model. First, once again following the framework process innovation,
they developed a monthly business review system that included forward
(30:13):
looking financial analysis, not just backward looking reporting, a business
a business model innovation where they shifted from out fully
billing to effect limited phone and email support. Second, the
experience innovation where they created a proprietary financial dashboard that
(30:37):
gave clients real time visibility and to keep business metrics.
Sounds like they turn next CFO the presented of market
dom and it's decay. The only accounting from the guarantees
to do w profitability through a monthly strategic guidance, so
your money back. So this position so compelling they were
(30:59):
able to cover eighty percent of the traditional clients to
the new model at higher phase while attracting a steady
stream of new clients we're tired of going to take
the traditional accounting services. And the key insight here is
that developing a solution customers want but can't find often
requires reimagining your entire business approach, not just tweaking your
(31:24):
message since challenging work, but it's what truly creates sustainable
competitively sustainable competitive advantage.
Speaker 4 (31:33):
Michael, and the interesting model listeners, I want to pick
up on that last point, reimagining your entire business approach.
Speaker 3 (31:38):
So these are really powerful examples, Michael, But many business
owners might be wondering and brainstorm. I mean, how do
they know, sincerely know if their innovative solution will actually
resonate with customers before they make necessary investments in changing
their operations.
Speaker 5 (31:59):
That is crucial question shooky, and before making any significant
operational changes, one should absolutely want validation that your solution
will resonate with your customers and the three approaches that
are good for testing your solution. First, conduct solution interviews
with current and prospective customers, Present your concept and ask
(32:24):
specific questions. Would this solving significant problem for you? How
valuable would this solution be? Would you pay a premium
for it? You see, these conversations often provide invaluable feedback
that helps refine your approach. A lot of business owners
are afraid to have these conversations. I still don't know why. Second,
(32:45):
create a pilot program or beta offering with a small
group you know, testing We say it a thousand times
if we send it once on this show how the
business owner has such an advantage because they have the
ability to test. So create a pilot program or a
beta offering with a small group small group of customers.
(33:07):
This allows you to test your solution on a limited
scale before fully committing. One of my retail clients tested
a personal shopping service with just twenty customers before rolling
it out broadly, and the feedback they received, but to
several improvements that made the final offering oh so much
more compelling. Third, use what I call the presell test.
(33:28):
This involves marketing your new solution before it's fully implemented
to gauge market response. And if you get strong interest,
that's validation to proceed with the investment, and if the
response is looke warm, you can adjust before committing significant resources. So,
for example, a landscaping company wanted to launch a comprehensive
(33:49):
outdoor living design service, and that would require hiring specialized
designers and purchasing new software. But before making these investments,
they created a detail heal service description and offered consultations
to the current clients. The enthusiastic response and pre bookings
confirmed that they would strong demand for this type of service,
(34:12):
and so the key is to gather real market feedback,
not just opinions. What customers say they want and what
they'll actually pay for can be very different. That's why
I prefer tests that involve some level of commitment from customers,
even if it's just a refundable deposit or expression of
(34:32):
serious interest. Remember, innovation always involves some level of risk,
but these validation methods can significantly reduce that risk while
still alone you to truly developed, truly distinctive solutions.
Speaker 4 (34:52):
Michael, You're making.
Speaker 3 (34:53):
A lot of points into the show, just really resonating.
Got some questions from listeners.
Speaker 5 (34:58):
Let's go with this.
Speaker 3 (34:59):
One mentioned guarantees as a powerful component of a position
of market dominance, but some business owners might be concerned
that the risk of offering strong guarantees.
Speaker 4 (35:15):
Might not necessarily be worthwhile. I mean, how do you
help them overcome this concern?
Speaker 5 (35:20):
Yeah, that's a that's a valid concern, and I hear
that a lot well. Many business owners fear that bowl
guarantees will be exploited by customers. So we talked about
the ski Town story that when I was at ski
Town and we had to ski guarantee, we you ski
the ski three times and bring it back for a
(35:40):
brand new pair if you don't like it, And how
my employees thought that thousands of pair of schemes would
come back with less than tenth of one percent came back.
But there are three critical insights that help you overcome
this fear. First, the math almost always works in your favor.
Let's say an offering you're offering a strong guarantee and
(36:00):
increases your conversion rate by thirty percent and allows you
to charge ten percent more. Well, even if guarantee claims
increased by five percent, you still come out way ahead financially.
I can't tell you how many times this works in
your favor. It feels really aggressive, but the customer just
wants a great experience for your product to service. That's
(36:21):
all they're looking for. If they get that, they're not
going to complain. Sure, there'll be a percentage of people
who take advantage, no question about it. But it's mental.
You know. Guarantees actually tend to improve quality and reduce claims.
When you publicly commit to certain standards that your team
becomes hyper focused on meeting those standards. It makes everybody
(36:44):
in the company better. A remodeling company I worked with
implemented a done right or done free guarantee they fit
it would lead to some constant rework, but instead their
quality metrics improve dramatically because everyone knew what was at stake,
and they work harder and they hey closer attention. Third,
most customers are reasonable and honest. The fear of rampant
(37:08):
exploitation really materializes in actuality in over twenty years of
helping business owners iflement guarantees, I've never seen a case
where guarantee claims exceeded three percent of sales, and it's
typically much lower. That said, you can design guarantees with
reasonable safeguards. You can have contingencies and a garden set
(37:29):
and offered of plants plant guaranteed for life program but
required customers to bring back the dead plant and show
their receipt. This prevented abuse while still providing compelling assurance
to legitimate customers. And the key to successful guarantees is
ensuring your operational capabilities can consistently deliver what you're promising.
(37:50):
A guarantee should should stretch you beyond your comfort zone,
but remain within the realm of what you can reliably
achieve with the step. And remember your competitors are likely
avoiding strong guarantees due to the same fears you have,
and this creates a tremendous opportunity for differentiation if you're
(38:11):
willing to address those fears and move forward. By the way,
even after it was working, my competitors did not implement
a Skik guarranty, even the best competitors, the largest competitors.
It's amazing. So before I continue this discussion, we're going
to take a ninety second break. Hey, their business owners,
let me ask you something. Are you tied of blending
(38:32):
in with your competitors, frustrated with slow growth and slim margins. Well,
I've gotten news for you. Everything you've ever learned about
growing your business is wrong. Don't worry. I'm here to
let you in on a secret weapon, your position of
market dominance. It's what sets you apart, makes you irreplaceable,
and has customers lining up at your door. My name
(38:56):
is Michael Barber Rita from Next Step CFO. I know
what you're thinking. Sounds great, Michael, How do I find
my position of market dominance? Well, that's exactly why we've
created our game changing implementation program called Next Step to
Market Dominance. In just ninety days, we'll guide you step
by step to a position of market dominance by uncovering
(39:17):
your unique strengths that competitors can't touch. By crafting a
message that resonates deeply with your ideal customer, by building
a strategy that turns you into the go to expert
in your field. Now, this is in theory. These are
battle tests and strategies that have helped businesses like yours
double triple and quadruple their revenue. Don't let another quarter
(39:38):
go by struggling the standout. It's time to dominate your
market period. Go to NEXTSTEPCFO dot net forward slash contact.
Fill out the form and in the message section put
the word dominate or call us at seven eight one
three two six three a two two. That's next STEPCFO
(39:58):
dot net forward slash content tax or call us at
seven eighty one three two six three eight two two.
Welcome back. So now let's explore the third and final
step of creating your position of market dominance. That's articulating
your position in a way that resonates with your ideal customer.
So this is where we bring everything together and the
(40:19):
problem your customers have and don't want the solution they
want they can't find into a clear, compelling statement that
makes you the obvious choice. So the structure of an
effective position of market dominant statement follows a specific formula. First,
it directly addresses the problem or pain point that your
ideal customers keep up your ideal customers keep up at night. Second,
(40:41):
it clearly communicates your unique solution to that problem. And Third,
it differentiates you from your competitors by highlighting what you
offer that others don't, and let me give you a
quick template to work with. We help you right Whoever,
your ideal customer is who struggle with a specific problem
(41:03):
by providing this unique solution, unlike any other competitor type
who only offer the inferior alternative. So, for example, so
a daycare center might say, we help working parents who
struggle with rigid childcare schedules by providing the only childcare
(41:25):
in Boston or whatever city with extended hours until eight pm,
unlike other centers that close at five pm and force
you to choose between your career and quality childcare. Notice
how specific customer focus. The statement is not above them
the daycare at all. It speaks directly to a pain point,
(41:48):
the rigid schedules that don't accommodate professional demands and other
concrete solutions like extended hours that differentiates the center from competitors.
This is dramatically different than the generic language that most
day cares use, like nurturing environment or dedicated staff, or
phrases that convey absolutely no meaningful differentiation. So, in crafting
(42:11):
your position of ocket, dominant statement I recommend using the
following five principles. First, use your language. Use language your
customer actually use. Use the same language that your customer uses.
So listen to how they describe their problems and incorporate
those exact phrases. This creates immediate resonance. Second, be specific
(42:33):
and measurable wherever possible. We respond to all service requests
within thirty minutes. It's much more powerful than we respond quickly.
We respond quickly actually needs nothing. Third, focus on outcomes,
not process. Customer care about the results you deliver, not
(42:54):
how you deliver them. They don't care about the process.
For make it possible customers to say me too, I'm sorry,
make it impossible for competitors to say me too. If
your competitors can make the same claim credibly, your position
isn't strong enough. Fifth, ensure it's authentic and deliverable. Your
(43:18):
position must reflect what you actually provide, not just aspirational marketing.
Let me share a quick case study that illustrates the
power of a well articulated position of market domince. Sometimes
we call it PMD. An IT service company was struggling
to stand out in a crowded market. Every competitor claim
(43:39):
to provide responsive service, technical expertise and comprehensive solutions, classic
industry jargon, no differentiation there, and when he researched his
customer base, he discovered that small business owners were most
frustrated by unpredictable IT costs and the technical joggon that
(44:00):
made them feel ignorant and powerless. They wanted predictable budgeting
and plain English explanations. Based on this insight, the company
completely restructed this service model to offer all inclusive, fixed
monthly pricing with guaranteed response times and jargon free communication.
Their position of market dominance was that we help small
(44:22):
business owners who were tied of unpredictable IT costs and
technical jargon by providing the only all inclusive IT service
with fixed monthly pricing and a plain English guarantee. Unlike
other IT companies that charge unpredictable hourly rates and hide
behind technical terms you don't understand you see, this position
(44:45):
directly addressed the pain points that mattered most of their
ideal customer and often a solution that their competitors were providing.
Within months of implementing this position across all marketing and
sales communication, their lead conversion increased from fifteen to thirty
eight percent, and their client retention improves sixty eight to
ninety four percent. And so what's particularly powerful about a
(45:11):
well crafted position of our caetdominus is that it naturally
attracts your ideal customers while compelling those who aren't a
good fit. And this efficiency in your marketing is incredibly
valuable because you spend less time and resources on prospects
who never who are never going to value your unique approach.
And so check, I think we can go jump right
(45:32):
into compliments now if you don't mind.
Speaker 3 (45:34):
Absolutely, Yeah, so very excited about our compliments this episode.
And Michael, here's what's intriguing about this to the point
about innovation.
Speaker 4 (45:44):
So look much respect to.
Speaker 3 (45:45):
The people who invest the time to give a business review.
Speaker 4 (45:49):
If a small.
Speaker 3 (45:49):
Business owner has provided you with a service, invest the
time to provide that business with some feedback. So it's
within that same mind frame that we want to offer
to today's compliment. This has compliments to Bill Gibson, who
gave a business review to Sunshine Cleaning Systems. Sunshine Cleaning
(46:09):
Systems is an eco friendly carpet and furniture cleaning company
located in the Greater Boston area.
Speaker 4 (46:16):
But here's what's remarkable. Their mission.
Speaker 3 (46:19):
Their mission is to focus on the customers, to make
sure customers have a healthy home and a happy family.
And here's Bill's review, Michael, which I think you might appreciate.
Here's what Bill said. Ray of Sunshine Cleaning cleaned two
of our area rugs and I was very happy with
the service he provided. He showed up right on time,
(46:41):
with all kinds of equipment, some of it very high tech,
including a black light system that allowed Ray to detect
stains that other carport cleaning companies did not detect. And
Ray did a great job on the rugs, which hadn't
been cleaned for ten years. Before leaving. We dried the
(47:06):
rugs and cleaned up the workspace area and then provided
high powered fans so the area was dry and build
and the family could move their furnitial right back. This
is why I would absolutely recommend Ran Sunshine Cleaning Systems.
That's today's compliment, Michael.
Speaker 4 (47:23):
Back over to you.
Speaker 5 (47:24):
Excellent, Thank you, Chavilla. You can count on RAFs do
that for sure, no question about that. So as we
wrap up today's episode on creating a position of market dominance,
let me summarize the key insights that we've covered, we
introduced a three step framework for becoming the only logical
choice in your industry. First, identify the problem your customer
has and doesn't want. This means going beyond the surface
(47:48):
level complaints to understand the deeper frustrations and challenges that
your ideal customers face. And remember that your marketing must
enter the conversation already happening in your prospect's mind by
addressing the issues that are already concerned about. That's the
problem they have. They don't want the solution they want
they can't find. Second, develop the solution they want but
(48:11):
can't find elsewhere, and this often requires innovation in your process,
innovation in your business model, innovation in the customer experience,
and guarantees the true differentiation comes from meaningful operational differences,
not just marketing claims. Third, articulate your position in a
(48:31):
way that resonates with your ideal customers. This means creating
a clear, compelling statement that directly addresses their pain points
and communicates your unique solution using language that speaks to
them emotionally and logically. We also discuss how to implement
your position of market dominance through throughout your business, from
(48:52):
marketing materials and sales conversations to operational and customer experience.
And what I hope you take away from today's episode
is that competing on price is a race to the
bottom no small business owner can ever win in the
long run. The only sustainable path to probitability and growth
(49:13):
is to establish a position of market dominance that makes
you the obvious choice regardless of price. Remember that the
most powerful positions are built on genuine customer insights and
authentic business capabilities. Isn't about marketing spin or empty promises.
It's truly understanding what matters to your customers and organizing
(49:36):
your business to deliver it in a way no one
else can match. If you implement just one strategy from
today's episode, make it the elimination of industry jargon from
your marketing. Replace generic terms like quality, service, experience professionals
with specific customer focused language that addresses real problems, not
(49:58):
about you, about them, and that articulates your unique solution.
So whether you work with us or someone else, as
you develop your position of market dominance, remember that it's
an evolving strategy, not a one time exercise. Continue listening
to your customers, monitoring your competition, and refining your position
(50:21):
to maintain your competitive edge. Get a copy of the
book Powerful Business Strategy. Simply go to our website www
dot NEXTSTEPCFO dot that it's totally complimentary and until next
Monday at noon Eastern time. But Chucky Obo. My name
is Michael bab Rita, and remember, don't keep doing what
(50:42):
your competition is doing.
Speaker 2 (50:46):
You have been listening to Powerful Business Strategies finding out
that everything you ever learned about growing your business is wrong.
Tune in next week and every week at noon Eastern
time on W four CY Radio with your host Michael
Barbarita of Next Step CFO and moderator Chugiobio
The topics and opinions expressed in the following show are
solely those of the hosts and their guests and not
those of W FOURCY Radio. It's employees are affiliates. We
make no recommendations or endorsements for radio show programs, services,
or products mentioned on air or on our web. No
liability explicitor implies shall be extended to W four CY
Radio or it's employees are affiliates. Any questions or comments
should be directed to those show hosts. Thank you for
(00:20):
choosing W FOURCY Radio.
Speaker 2 (00:27):
Welcome to Powerful Business Strategies, where you will find out
that everything you have ever learned about growing your business
is wrong. Finally, a show where you'll learn the right
way to grow your business by learning business and financial
strategies that your competition isn't doing. And now here is
your host the resident of NeXTSTEP CFO Michael Barbarita and
(00:51):
joining Michael for today's show as an executive moderator is
chooky Obia.
Speaker 3 (01:01):
Yes, this is Shukey and I believe that gratitude is
undefeated and growth is.
Speaker 4 (01:06):
About the next step.
Speaker 3 (01:07):
It is an honor for me to moderate today's discussion
with my good friend Michael. Michael How are you excellent, Choky,
how are you doing well?
Speaker 5 (01:19):
And my name is Michael Bob Reader, as Chickie said,
President of nextep CFO. At Next Step CFO is a
fractional CFO and strategic implementation firm, and business owners hire
us to double and triple their profit using business and
financial strategies that their competition isn't doing. And today's show
is certainly one of those strategies. Our vision is to
(01:41):
ensure overwhelm business owners achieve the time, freedom, and consistent
profits to build a legacy and the life they desire.
And our mission is simple. It's dedicated to guiding small
business owners to leveraging their time, exploding their profits, and
building that meaningful legacy. And this show, powerful business strategies
and our book of the same name, is a step
(02:03):
toard accomplishing that vision and this mission. So with that,
I'd like to hand it back to my co author
and moderator for the show, Chicky Obia.
Speaker 3 (02:10):
Michael, I'm really energized by today's episode speaking of our.
Speaker 4 (02:14):
Book, the topic.
Speaker 3 (02:16):
That we've prepared today, really energized by your insights. It's
called the position of market Dominance. How to become the
only logical choice in your industry. And just a quick disclaimer, folks,
Michael and I are both affiliated with a number of
different organizations and I currently serve as the managing director
of business development for Better Price, a global business focused
(02:38):
law firm.
Speaker 4 (02:38):
In addition to that, it's truly an honor.
Speaker 3 (02:40):
To collaborate with Michael to moderate business roundtables and document
the insights from these roundtables as part of our book
called Powerful Business Strategies. But please note that the views
expressed on this show are personal views based on those
successful experiences with business owners across our roundtables, as well
(03:02):
my mission as a fearless moderators to ask the white
questions to help you, the listener, learn the best strategies
that the competition isn't doing.
Speaker 5 (03:11):
With that back over to Michael, thank you your kech.
So let's get right into it today. So, business owners,
I see you fighting an uphill battle every single day.
You're up against bigger companies with deeper pockets while your
customers keep asking for lower prices. You're working harder than
ever before, and yet your margins keep shrinking, and you're
wondering if this is just how business has to be
(03:34):
Well today, I want to show you that there is
a better way. The most successful businesses don't compete on price.
They can they create their own category where competition becomes irrelevant.
They don't just sell products or services, they solve problems
in ways no one else does. And the strategies that
(03:55):
we'll share today have improved businesses in over four hundred industries,
from contractors and retailers to professional services and manufacturers. These
are theoretical concepts and battle tested approaches that level the
playing field, and we believe strategic positioning shouldn't be reserved
for businesses with massive resources. That's exactly why we created
(04:20):
this show and exactly why we wrote our book. So
today you'll discover how to become the only logical choice
in your industry. So let's begin that journey right now,
and let me start with a simple question that gets
to the heart of the challenge that most of us
business owners face. When a prospect is considering you and
(04:42):
your competitors, why should they choose you? Interesting If your
answer includes phrases like best quality, great service, years of experience,
competitive pricing, you're making a critical mistake that's counting your
customers and forcing you to compete our price. The problem
is that these phrases are what we call industry jargeon.
(05:05):
These are generic claims that every one of your competitors
also makes. They're drearily commonplaces, They're very predictable, and they
lack the power to make you stand out. And so
when I hear a business owner say we provide the
highest quality of competitive prices, my immediately thought. My immediate
thought is, well, I would hope so when any would
(05:26):
ever claim to provide poor quality and unreasonable prices. So
this is why so many business owners struggle to differentiate
themselves and end up in price wars. When you sound
like everyone else's, price becomes the only distinguishing factor for
your prospects. So let me tell you about a landscape contractor.
(05:47):
When I first met him, his marketing materials talked about
professional service, attention to detail, and being licensed and insured.
Does that so familiar? Well, he was getting some business,
but he was constantly being asked the lowest prices, and
he was losing bids to cheaper competitors. And so when
I asked him why customers would choose his company over others,
(06:10):
he gave me a ten minute passionate explanation about how
his crew handled soil preparation differently than anyone else, resulting
healthier plants and significantly reduced replacement costs over time. My opinion,
this was fascinating but completely absent from all of his marketing,
(06:33):
and so this is the key insight. Most business owners
have something truly special about their businesses, but they bury
it on the generic industry jargon that makes them sound
like everyone else. And what we business owners do is
try to copy the big companies who have the big
bucks and the resources to shove that jargon down our
(06:54):
throats a million times in a massive way. And we
don't have the resources to copy them. So the solution
is what we call a position of market dominance, and
this is a strategic approach that takes your business from
just another option to the only logical choice for your
(07:15):
ideal customers. And a position of market dominance, it isn't
a tagline or a slogan. It's a carefully crafted message
that addresses your prospects most pressing concerns and offers a
solution that they can't find anywhere else, and when executed correctly,
it makes you the obvious choice regardless of price. And
(07:39):
what makes this approach so powerful is that it enters
the prospects. So instead of trying to force your way
into their attention with clever marketing gimmicks and taglines, you
address the problems that they're already worried about. And unlike branding,
(07:59):
which requires massive budgets and repetition, to be effective with
a fraction of the marketing investment, because it resonates immediately
with your ideal customer. And so today we're going to
show you how to develop your own formula, your own
position of market Arment's use an art proven formula that's
(08:21):
worked across hundreds of different industries. So you'll learn how
to identify the pressing problems that your prospects face, craft
a compelling solution they can't find elsewhere, and communicate it
in a way that makes competitors irrelevant. Michael, this is remarkable.
Speaker 3 (08:40):
You mentioned that most businesses rely on industry jargon that
make them sound like everyone else. Right, can you give
us some examples of this jargon and why it's so ineffective?
Speaker 5 (08:52):
Absolutely true, Key, So, industry jargon is rampant across all
types of businesses. If you go on websites see you
see it all over the place. You go to networking meetings,
you'll hear it all over the place. And let me
give you some specific examples. So, for contractors, it's phrases
like quality craftsmanship, attention to detail, licensed and insured, or
(09:16):
satisfaction guarantee. For professional services, it's experienced professionals, personalized service,
client focused approach, or comprehensive solutions. For retailers, it's great selection,
competitive prices, friendly staff, or serving the community. Since nineteen ten,
(09:36):
you know these phrases are ineffective for three critical reasons. First,
they're expected minimums. They're not differentiators. They're the expected minimum
result that our clients should expect. When a contractor says
they're license and insurance, customers say, well, I hope you are.
That's a baseline expectation, not a reason to choose you. Second,
(10:01):
they're impossible to verify before purchase. How does a prospect
know if your quality and your quality craftsmanship is actually
superior to someone else? They can't, which means these claims
have very little credibility. Third, and most importantly, they focus
on you, meaning the business owner, not on the customer
(10:25):
and the customer's problems. When you say we have twenty
five years experience, you're talking about yourself. But when you
say we eliminate the risk of your project going over
budget with a fixed price guarantee, now you're addressing a
real customer concern where it's about them. The key to
breaking free from jargon is to think about the specific
(10:47):
problems that your customers face, the concerns that they have,
and how you solve them differently from anyone else. Instead
of saying you provide exceptional customer service, explain exactly how
you make the customer's life better. For example, we provide
same day responses to all service requests and twenty four
to seven emergency support, so you're never left waiting when
(11:10):
you need help. That level of specificity cuts through the
noise and resonates with prospects in a way that well
generic jargon never will. So let's now dive deep into
the first step of creating that position of market dominance,
and that's identifying the problem your customers have and don't want.
(11:34):
The most powerful marketing doesn't start with your product to service.
It starts with your customers problems. They don't care about
your They don't care about your product to service. Quite frankly,
if they care about their problems. Specifically, it addresses a
problem that they have that they don't want. And to
illustrate this, let me share a famous example that many
(11:57):
of you will probably recognize. When Eminem Mars introduced em
and MS in nineteen fifty four, they didn't focus on
the quality of their chocolate or the colorful candy shell. Instead,
they created a position of market dominance melting your mouth,
not in your hands. And this brilliantly addressed a real
(12:19):
problem that chocolate lovers had, especially moms who had kids.
Chocolate bars melted in hot weather, creating a mess, whether
it was on their furniture, on their hands, on their faith,
whatever it was. And Eminem's offered a solution to that
specific problem and a cannibal catapultan that product to iconic status.
(12:41):
The key insight here is that Mars didn't invent this problem.
It already existed in the minds of the customers and
what they did. What Eminem Bars did was recognize it
and position their product as the solution to that problem.
So how do you identify the problems your customers have
and they don't want. Well, there's three comary research methods.
(13:03):
First is what we call direct customer interviews. Talk to
your current customers and ask questions just like what gand
you to look for solution like ours or what was
the most frustrating about your previous provider. These conversations often
reveal points that you haven't considered. Second, competitive research. Study
(13:27):
your competitives' reviews, both positive and negative, and what are
customer is applauding what are they complaining about? These applauds
and complaints represent opportunities for your business to stand out. Third,
industry knowledge. Use your expertise to identify problems that customers
(13:47):
might not even realize that they have. For example, a
roofing company might know that a specific type of installation
leads to leaks within five years, but homeowners won't discover
this until it's too late. Hmm. And so let me
give you another real world example of how this all works.
And by the way, identifying problems that customers have with
(14:10):
the industry is another angle to all this. But a
residential cleaning service was struggling to differentiate themselves in a
crowded market, and when they interviewed their customers, they discovered
their biggest frustration wasn't the quality of cleaning, which which
most services could provide adequately. It was the inconsistency of
(14:31):
service when cleaning crews changed, so every time a new
person cleaned their home, they had to re explain their preferences,
point out areas that needed special attention, and often found
things that were messing. And this was a significant pain
point that no other cleaning service in their area was addressing.
(14:52):
So using this insight, this company created a position of
market dominance and that was the only cleaning service that
guarantee it was the same cleaning team for every visit.
If your regular team can't make it, we reschedule, rather
than sending strangers into your home. With the way that
sounds to the strangers into your home, Oh God, is
(15:16):
a real problem. Customers had and didn't want a consistency
and discomfit of strangers in their home. With a solution,
they couldn't find anywhere else a guaranteed same team. Within
three months of implementing this position of market dominance, their
new customer acquisition increased by forty percent and they were
(15:37):
able to chry fifteen percent more than their competitors because
they were solving a problem no one else was addressing.
And now it's important to understand that the problem you
identify must be something that truly matters to your customers.
Sometimes business owners focus on technical problems and they find
(15:58):
they find that's a important to them because resonate with
the customer. For example, the software developer might focus on
their superior coding architecture, but customers don't care about the code.
The care whether the software is reliable, ready to use,
(16:18):
and solve their specific needs. To ensure they're identifying problems
that actually matter, ask yourself these three questions. Number one,
is this problem emostly significant to my ideal customer? Second?
Is this problem currently unsolved or inadequately solved by existing options? Third?
(16:41):
Is this problem something my business is uniquely positioned to solve?
And if you can answer yes to all three questions,
you've likely found a powerful foundation for your position of
market dominance. Can I give you a special nugget here? Yeah?
Speaker 2 (17:01):
You know.
Speaker 5 (17:02):
One more way to identify a customer a problem that
customers have is doing a customer avatar. Now, if you
do a customer avatar right and focus on one person,
not a group of people, and you do it with
great detail, then you'll identify that problem that they have.
And by the way, you probably identify more than one problem.
(17:25):
So let me give you an example. A financial advisor
was struggling to stand out in the crowded market where
everyone claimed to offer personalized financial planning and expert investment advice.
And when he interviewed his ideal clients, which were successful
business owners by the way, nearing retirement, he discovered a
specific problem that kept them up at night. These business
(17:48):
owners had spent decades building their companies. They had no
clear exit strategy. They were worried about transitioning ownership, minimizing
their tax implications, and ensuring that their business says, continued
to thrive after they stepped away. Traditional financial advisors were
adequately addressed in these complex business transition issues. So this
(18:10):
insight led to a powerful position of market dominance, the
only financial advisory firm that specializes in helping business owners
triple their retirement income through strategic business exit planning. Notice
how specificness is compared to generic personalized financial planning language
that was used by all the competitors. It speaks directly
(18:33):
to his ideal clients problem. Lack of exit strategy offers
a specific solution. They can't find anywhere else strategic exit
planning that trimple's retirement can come. And then within a
year of implementing this position, this advisor was able to
double his fees while maintaining a full client roster. Because
(18:53):
he was no longer competing with every other financial advisor,
he created his own category. Yeah, Michael, this is really interesting.
Speaker 3 (19:03):
I'm just kind of taking this all in, by the way,
a lot of business owners are tuned in. We do
have a question from a listener, Michael. You've talked about
identifying problems that customers have, right, but what if multiple
competitors are already trying to solve that same problem?
Speaker 4 (19:21):
How do you differentiate from that perspective.
Speaker 5 (19:23):
Yeah, that's a great question from a listener. Yeah, Terrifect, Well,
you know, when multiple competitors are addressing the same problem,
the key to differentiating becomes how you solve that problem
differently or better than anyone else. And let me give
you an example that comes to mind. In the home
(19:44):
service industry, many companies try to address the problem of
technicians are arriving late. It's a common pain point, by
the way, it's an industry problem, and it's a common
pain point for customers who have to take time off
from work to wait for the service. So most companies
respond with what I call me two solutions. They all
offered similar two hour appointment windows and perhaps a phone
(20:07):
call and the technicians on their way. That's not differentiation,
that's just meeting the baseline expectation. A company in the
HVAC industry took a completely different approach, and so instead
of just promising punctuality, they completely reimagined the solution. They
created a no weight guarantee, so if their technician wasn't
there at the exact scheduled time, not a window, an
(20:30):
exact time, service was free. And to make this work,
they invested in advanced scheduling software, GPS tracking, and trade technicians,
and they trained those technicians differently, of course, and so
they also charged fifty percent more for competitors to support
this model. And then, but here's the key. Customers were
(20:54):
happy to pay the premium because the certainty was worth
more than the extra cost.
Speaker 4 (21:00):
That's brilliant.
Speaker 5 (21:02):
So the company didn't just say they solved the problem better,
they backed it with a guarantee that demonstrated absolute confidence
in their solution and their competitors could match this because
they hadn't built the operational infrastructure to support it. And
the lesson here is that true differentiation often requires innovation
in how you go about delivering the product or service,
(21:24):
not just in how you talk about it. When multiple
competitors recognize the same problem, the win. It isn't necessarily
the one who shouts the loudest. It's the one who
solves it in a way that no one else can replicate.
And this might require it's been a technology specialized tin
unique processes, or even changing your model a little bit.
(21:47):
But that investment, that investment creates a competitive advantage that
can't be easily copied because everybody else would have to
change their operating basis, allowing you to establish a true
position of market dominance, even in crowded markets. So before
I continue this discussion, we're going to take the ninety
second break. Hey there, business owners, let me ask you something.
(22:10):
Are you tied of blending in with your competitors? Frustrated
with slow growth and slim margins? Well, I've got news
for you. Everything you've ever learned about growing your business
is wrong. Don't worry. I'm here to let you in
on a secret weapon your position of market dominance. It's
what sets you apart, makes you irreplaceable, and has customers
(22:32):
lining up at your door. My name is Michael Babarta
from Next Step CFO. I know what you're thinking. Sounds great, Michael,
How do I find my position of market dominance? Well,
that's exactly why we've created our game changing impleitation program
called Next Step to Market Dominance. In just ninety days,
we'll guide you step by step to a position of
(22:54):
market dominance by uncovering your unique strengths that competitors can't touch,
by crafting a message that resonates deeply with your ideal customer,
by building a strategy that turns you into the go
to expert in your field. Now this is in theory.
These are battle tests and strategies that have helped businesses
like yours double, triple, and quadruple their revenue. Don't let
(23:16):
another quarter go by struggling the standout. It's time to
dominate your market period. Go to NEXTSTEPCFO dot net, forward
slash contact, Fill out the form and in the message
section put the word dominate or call us at seven
eight one three two six three A two two. That's
next STEPCFO dot net, forward slash contact or call us
(23:40):
at seven eight one three two six three A two
two Welcome back. And remember if you miss any part
of the show, or if you're driving and can't take notes,
you can go back to our replace at Powerful Business
Strategies dot com. So that now that we've identified the
problem our customers have and don't want, let's move to
the second step of creating your position of market dominance,
(24:01):
and that is developing the solution they want but can't find.
This is where many businesses fall short. They identify a
valid customer problem, but offer a solution that's essentially the
same as everyone else in the marketplace. Well, the key
to a powerful position of market dominance is not just
solving the problem, but solving it in a way that's
(24:24):
uniquely valuable and difficult for competitors to replicate. So let
me share a framework for developing these distinctive solutions. I
call it the solution Innovation Matrix, and it has four components.
The first component is process innovation. This means developing a
(24:45):
unique methodology or approach that delivers better results. And they'll
give you an example. Domino's Pizza revolutionize the industry with
thirty minutes or It's free guarantee. This wasn't just a
marketing gimmick, required completely reimagining their operational process from order
taking to delivery. The second component is a business model innovation.
(25:10):
This means changing how your product to service is packaged, priced,
or delivered. So the company called Dollar Shave Club disrupted
the razor industry, now with a better razor, but with
a subscription model that solved the problem of the high
cost and inconvenience in a way that traditional retailers couldn't
(25:30):
easily match. The third component is experience innovation. This means
creating a customer experience that's meaningfully different from the competitors.
So Zappos, they didn't just sell better shoes, they created
a radically different buying experience with free shipping both ways
(25:50):
and a three hundred and sixty five day return policy.
The four component is guarantee innovation. This means removing risk
for the customer in a way that competitors aren't willing
to or able to match. We call that a risk reversal.
So a roping company offered to make a to not
(26:12):
take any payment until the materials were delivered to the roof,
addressing the widespread fear of contractors taking deposits and disappearing.
That was an industry problem that they addressed. It's just
a problem that customers knew existed in the industry, and
they solved it. The most powerful position of market dominance
(26:33):
often combines multiple types of innovation. The key is is
to develop a solution that's both valuable to customers and
difficult for competitors to imitate. So let me give you
another example. So a residential painting company that was struggling
in a competitive market where everyone claimed to offer quality
(26:54):
painting at reasonable prices. When they researched their customer pain points,
they discovered that the home the biggest frustration wasn't the
quality of the painting, but the disruption to their lives
during the project, the noise that dust, the inconvenience of
having people in the home hustling and bustling all over
the place the days, and they developed a comprehensive solution. First,
(27:18):
their process innovation was that they developed a speed painting methodology,
then completed projects in half the time of traditional painters
through careful preparation and team coordination. That's required work by
the way. Second business model innovation, they shifted to a
whole hold pricing model rather than charging by the room,
(27:41):
with guaranteed completion dates. Third experience innovation, they implemented a
clean as we go approach where teams cleaned thoroughly at
the end of each day rather than just at the
project completion. Fourth guaranteed innovation, they offered a b will
guarantee We'll complete your project on time and on budget,
(28:03):
or it's free. That's pretty bold. The resulting position of
market dominance was very powerful. The only painting company that
guarantees to complete your entire home in half the time
of traditional painters, with no disruption to your family life,
or it's free.
Speaker 4 (28:19):
Now.
Speaker 5 (28:20):
This position addressed a real pain point disruption during the
painting product process with a solution that customers wanted but
couldn't find elsewhere, which was dramatically fastest service with minimal disruption.
The company was able to be overcompetitors while maintaining a
(28:40):
full schedule because they just weren't competing on price. Once again,
they were solving a problem in a unique way. Now,
developing innovative solutions often requires investment and operational change. It's
not all the time, but it certainly can in this
case with the painter. This is where many business owners hesitate.
(29:04):
They want the differentiation without making the necessary changes to
their business or with their business or their process. But
here's the reality. Meaningful differentiation requires meaningful difference in how
you operate. And the good news is that these investments
typically deliver substantial returns Because they create barriers to competition,
(29:28):
it's hard to replicate, and it justifies that premium pricing.
So let's look at another example. This is a CPA
firm that who've discovered that small clients were frustrated by
the traditional accounting model where they have minimum contact throughout
the year and then a rush of activity at tax time.
So business owners want an ongoing financial guidance, not just
(29:51):
not just annual tax prep. So instead of just promising
more attentive service, which be jargon, this firm completely reimagined
this service model. First, once again following the framework process innovation,
they developed a monthly business review system that included forward
(30:13):
looking financial analysis, not just backward looking reporting, a business
a business model innovation where they shifted from out fully
billing to effect limited phone and email support. Second, the
experience innovation where they created a proprietary financial dashboard that
(30:37):
gave clients real time visibility and to keep business metrics.
Sounds like they turn next CFO the presented of market
dom and it's decay. The only accounting from the guarantees
to do w profitability through a monthly strategic guidance, so
your money back. So this position so compelling they were
(30:59):
able to cover eighty percent of the traditional clients to
the new model at higher phase while attracting a steady
stream of new clients we're tired of going to take
the traditional accounting services. And the key insight here is
that developing a solution customers want but can't find often
requires reimagining your entire business approach, not just tweaking your
(31:24):
message since challenging work, but it's what truly creates sustainable
competitively sustainable competitive advantage.
Speaker 4 (31:33):
Michael, and the interesting model listeners, I want to pick
up on that last point, reimagining your entire business approach.
Speaker 3 (31:38):
So these are really powerful examples, Michael, But many business
owners might be wondering and brainstorm. I mean, how do
they know, sincerely know if their innovative solution will actually
resonate with customers before they make necessary investments in changing
their operations.
Speaker 5 (31:59):
That is crucial question shooky, and before making any significant
operational changes, one should absolutely want validation that your solution
will resonate with your customers and the three approaches that
are good for testing your solution. First, conduct solution interviews
with current and prospective customers, Present your concept and ask
(32:24):
specific questions. Would this solving significant problem for you? How
valuable would this solution be? Would you pay a premium
for it? You see, these conversations often provide invaluable feedback
that helps refine your approach. A lot of business owners
are afraid to have these conversations. I still don't know why. Second,
(32:45):
create a pilot program or beta offering with a small
group you know, testing We say it a thousand times
if we send it once on this show how the
business owner has such an advantage because they have the
ability to test. So create a pilot program or a
beta offering with a small group small group of customers.
(33:07):
This allows you to test your solution on a limited
scale before fully committing. One of my retail clients tested
a personal shopping service with just twenty customers before rolling
it out broadly, and the feedback they received, but to
several improvements that made the final offering oh so much
more compelling. Third, use what I call the presell test.
(33:28):
This involves marketing your new solution before it's fully implemented
to gauge market response. And if you get strong interest,
that's validation to proceed with the investment, and if the
response is looke warm, you can adjust before committing significant resources. So,
for example, a landscaping company wanted to launch a comprehensive
(33:49):
outdoor living design service, and that would require hiring specialized
designers and purchasing new software. But before making these investments,
they created a detail heal service description and offered consultations
to the current clients. The enthusiastic response and pre bookings
confirmed that they would strong demand for this type of service,
(34:12):
and so the key is to gather real market feedback,
not just opinions. What customers say they want and what
they'll actually pay for can be very different. That's why
I prefer tests that involve some level of commitment from customers,
even if it's just a refundable deposit or expression of
(34:32):
serious interest. Remember, innovation always involves some level of risk,
but these validation methods can significantly reduce that risk while
still alone you to truly developed, truly distinctive solutions.
Speaker 4 (34:52):
Michael, You're making.
Speaker 3 (34:53):
A lot of points into the show, just really resonating.
Got some questions from listeners.
Speaker 5 (34:58):
Let's go with this.
Speaker 3 (34:59):
One mentioned guarantees as a powerful component of a position
of market dominance, but some business owners might be concerned
that the risk of offering strong guarantees.
Speaker 4 (35:15):
Might not necessarily be worthwhile. I mean, how do you
help them overcome this concern?
Speaker 5 (35:20):
Yeah, that's a that's a valid concern, and I hear
that a lot well. Many business owners fear that bowl
guarantees will be exploited by customers. So we talked about
the ski Town story that when I was at ski
Town and we had to ski guarantee, we you ski
the ski three times and bring it back for a
(35:40):
brand new pair if you don't like it, And how
my employees thought that thousands of pair of schemes would
come back with less than tenth of one percent came back.
But there are three critical insights that help you overcome
this fear. First, the math almost always works in your favor.
Let's say an offering you're offering a strong guarantee and
(36:00):
increases your conversion rate by thirty percent and allows you
to charge ten percent more. Well, even if guarantee claims
increased by five percent, you still come out way ahead financially.
I can't tell you how many times this works in
your favor. It feels really aggressive, but the customer just
wants a great experience for your product to service. That's
(36:21):
all they're looking for. If they get that, they're not
going to complain. Sure, there'll be a percentage of people
who take advantage, no question about it. But it's mental.
You know. Guarantees actually tend to improve quality and reduce claims.
When you publicly commit to certain standards that your team
becomes hyper focused on meeting those standards. It makes everybody
(36:44):
in the company better. A remodeling company I worked with
implemented a done right or done free guarantee they fit
it would lead to some constant rework, but instead their
quality metrics improve dramatically because everyone knew what was at stake,
and they work harder and they hey closer attention. Third,
most customers are reasonable and honest. The fear of rampant
(37:08):
exploitation really materializes in actuality in over twenty years of
helping business owners iflement guarantees, I've never seen a case
where guarantee claims exceeded three percent of sales, and it's
typically much lower. That said, you can design guarantees with
reasonable safeguards. You can have contingencies and a garden set
(37:29):
and offered of plants plant guaranteed for life program but
required customers to bring back the dead plant and show
their receipt. This prevented abuse while still providing compelling assurance
to legitimate customers. And the key to successful guarantees is
ensuring your operational capabilities can consistently deliver what you're promising.
(37:50):
A guarantee should should stretch you beyond your comfort zone,
but remain within the realm of what you can reliably
achieve with the step. And remember your competitors are likely
avoiding strong guarantees due to the same fears you have,
and this creates a tremendous opportunity for differentiation if you're
(38:11):
willing to address those fears and move forward. By the way,
even after it was working, my competitors did not implement
a Skik guarranty, even the best competitors, the largest competitors.
It's amazing. So before I continue this discussion, we're going
to take a ninety second break. Hey, their business owners,
let me ask you something. Are you tied of blending
(38:32):
in with your competitors, frustrated with slow growth and slim margins. Well,
I've gotten news for you. Everything you've ever learned about
growing your business is wrong. Don't worry. I'm here to
let you in on a secret weapon, your position of
market dominance. It's what sets you apart, makes you irreplaceable,
and has customers lining up at your door. My name
(38:56):
is Michael Barber Rita from Next Step CFO. I know
what you're thinking. Sounds great, Michael, How do I find
my position of market dominance? Well, that's exactly why we've
created our game changing implementation program called Next Step to
Market Dominance. In just ninety days, we'll guide you step
by step to a position of market dominance by uncovering
(39:17):
your unique strengths that competitors can't touch. By crafting a
message that resonates deeply with your ideal customer, by building
a strategy that turns you into the go to expert
in your field. Now, this is in theory. These are
battle tests and strategies that have helped businesses like yours
double triple and quadruple their revenue. Don't let another quarter
(39:38):
go by struggling the standout. It's time to dominate your
market period. Go to NEXTSTEPCFO dot net forward slash contact.
Fill out the form and in the message section put
the word dominate or call us at seven eight one
three two six three a two two. That's next STEPCFO
(39:58):
dot net forward slash content tax or call us at
seven eighty one three two six three eight two two.
Welcome back. So now let's explore the third and final
step of creating your position of market dominance. That's articulating
your position in a way that resonates with your ideal customer.
So this is where we bring everything together and the
(40:19):
problem your customers have and don't want the solution they
want they can't find into a clear, compelling statement that
makes you the obvious choice. So the structure of an
effective position of market dominant statement follows a specific formula. First,
it directly addresses the problem or pain point that your
ideal customers keep up your ideal customers keep up at night. Second,
(40:41):
it clearly communicates your unique solution to that problem. And Third,
it differentiates you from your competitors by highlighting what you
offer that others don't, and let me give you a
quick template to work with. We help you right Whoever,
your ideal customer is who struggle with a specific problem
(41:03):
by providing this unique solution, unlike any other competitor type
who only offer the inferior alternative. So, for example, so
a daycare center might say, we help working parents who
struggle with rigid childcare schedules by providing the only childcare
(41:25):
in Boston or whatever city with extended hours until eight pm,
unlike other centers that close at five pm and force
you to choose between your career and quality childcare. Notice
how specific customer focus. The statement is not above them
the daycare at all. It speaks directly to a pain point,
(41:48):
the rigid schedules that don't accommodate professional demands and other
concrete solutions like extended hours that differentiates the center from competitors.
This is dramatically different than the generic language that most
day cares use, like nurturing environment or dedicated staff, or
phrases that convey absolutely no meaningful differentiation. So, in crafting
(42:11):
your position of ocket, dominant statement I recommend using the
following five principles. First, use your language. Use language your
customer actually use. Use the same language that your customer uses.
So listen to how they describe their problems and incorporate
those exact phrases. This creates immediate resonance. Second, be specific
(42:33):
and measurable wherever possible. We respond to all service requests
within thirty minutes. It's much more powerful than we respond quickly.
We respond quickly actually needs nothing. Third, focus on outcomes,
not process. Customer care about the results you deliver, not
(42:54):
how you deliver them. They don't care about the process.
For make it possible customers to say me too, I'm sorry,
make it impossible for competitors to say me too. If
your competitors can make the same claim credibly, your position
isn't strong enough. Fifth, ensure it's authentic and deliverable. Your
(43:18):
position must reflect what you actually provide, not just aspirational marketing.
Let me share a quick case study that illustrates the
power of a well articulated position of market domince. Sometimes
we call it PMD. An IT service company was struggling
to stand out in a crowded market. Every competitor claim
(43:39):
to provide responsive service, technical expertise and comprehensive solutions, classic
industry jargon, no differentiation there, and when he researched his
customer base, he discovered that small business owners were most
frustrated by unpredictable IT costs and the technical joggon that
(44:00):
made them feel ignorant and powerless. They wanted predictable budgeting
and plain English explanations. Based on this insight, the company
completely restructed this service model to offer all inclusive, fixed
monthly pricing with guaranteed response times and jargon free communication.
Their position of market dominance was that we help small
(44:22):
business owners who were tied of unpredictable IT costs and
technical jargon by providing the only all inclusive IT service
with fixed monthly pricing and a plain English guarantee. Unlike
other IT companies that charge unpredictable hourly rates and hide
behind technical terms you don't understand you see, this position
(44:45):
directly addressed the pain points that mattered most of their
ideal customer and often a solution that their competitors were providing.
Within months of implementing this position across all marketing and
sales communication, their lead conversion increased from fifteen to thirty
eight percent, and their client retention improves sixty eight to
ninety four percent. And so what's particularly powerful about a
(45:11):
well crafted position of our caetdominus is that it naturally
attracts your ideal customers while compelling those who aren't a
good fit. And this efficiency in your marketing is incredibly
valuable because you spend less time and resources on prospects
who never who are never going to value your unique approach.
And so check, I think we can go jump right
(45:32):
into compliments now if you don't mind.
Speaker 3 (45:34):
Absolutely, Yeah, so very excited about our compliments this episode.
And Michael, here's what's intriguing about this to the point
about innovation.
Speaker 4 (45:44):
So look much respect to.
Speaker 3 (45:45):
The people who invest the time to give a business review.
Speaker 4 (45:49):
If a small.
Speaker 3 (45:49):
Business owner has provided you with a service, invest the
time to provide that business with some feedback. So it's
within that same mind frame that we want to offer
to today's compliment. This has compliments to Bill Gibson, who
gave a business review to Sunshine Cleaning Systems. Sunshine Cleaning
(46:09):
Systems is an eco friendly carpet and furniture cleaning company
located in the Greater Boston area.
Speaker 4 (46:16):
But here's what's remarkable. Their mission.
Speaker 3 (46:19):
Their mission is to focus on the customers, to make
sure customers have a healthy home and a happy family.
And here's Bill's review, Michael, which I think you might appreciate.
Here's what Bill said. Ray of Sunshine Cleaning cleaned two
of our area rugs and I was very happy with
the service he provided. He showed up right on time,
(46:41):
with all kinds of equipment, some of it very high tech,
including a black light system that allowed Ray to detect
stains that other carport cleaning companies did not detect. And
Ray did a great job on the rugs, which hadn't
been cleaned for ten years. Before leaving. We dried the
(47:06):
rugs and cleaned up the workspace area and then provided
high powered fans so the area was dry and build
and the family could move their furnitial right back. This
is why I would absolutely recommend Ran Sunshine Cleaning Systems.
That's today's compliment, Michael.
Speaker 4 (47:23):
Back over to you.
Speaker 5 (47:24):
Excellent, Thank you, Chavilla. You can count on RAFs do
that for sure, no question about that. So as we
wrap up today's episode on creating a position of market dominance,
let me summarize the key insights that we've covered, we
introduced a three step framework for becoming the only logical
choice in your industry. First, identify the problem your customer
has and doesn't want. This means going beyond the surface
(47:48):
level complaints to understand the deeper frustrations and challenges that
your ideal customers face. And remember that your marketing must
enter the conversation already happening in your prospect's mind by
addressing the issues that are already concerned about. That's the
problem they have. They don't want the solution they want
they can't find. Second, develop the solution they want but
(48:11):
can't find elsewhere, and this often requires innovation in your process,
innovation in your business model, innovation in the customer experience,
and guarantees the true differentiation comes from meaningful operational differences,
not just marketing claims. Third, articulate your position in a
(48:31):
way that resonates with your ideal customers. This means creating
a clear, compelling statement that directly addresses their pain points
and communicates your unique solution using language that speaks to
them emotionally and logically. We also discuss how to implement
your position of market dominance through throughout your business, from
(48:52):
marketing materials and sales conversations to operational and customer experience.
And what I hope you take away from today's episode
is that competing on price is a race to the
bottom no small business owner can ever win in the
long run. The only sustainable path to probitability and growth
(49:13):
is to establish a position of market dominance that makes
you the obvious choice regardless of price. Remember that the
most powerful positions are built on genuine customer insights and
authentic business capabilities. Isn't about marketing spin or empty promises.
It's truly understanding what matters to your customers and organizing
(49:36):
your business to deliver it in a way no one
else can match. If you implement just one strategy from
today's episode, make it the elimination of industry jargon from
your marketing. Replace generic terms like quality, service, experience professionals
with specific customer focused language that addresses real problems, not
(49:58):
about you, about them, and that articulates your unique solution.
So whether you work with us or someone else, as
you develop your position of market dominance, remember that it's
an evolving strategy, not a one time exercise. Continue listening
to your customers, monitoring your competition, and refining your position
(50:21):
to maintain your competitive edge. Get a copy of the
book Powerful Business Strategy. Simply go to our website www
dot NEXTSTEPCFO dot that it's totally complimentary and until next
Monday at noon Eastern time. But Chucky Obo. My name
is Michael bab Rita, and remember, don't keep doing what
(50:42):
your competition is doing.
Speaker 2 (50:46):
You have been listening to Powerful Business Strategies finding out
that everything you ever learned about growing your business is wrong.
Tune in next week and every week at noon Eastern
time on W four CY Radio with your host Michael
Barbarita of Next Step CFO and moderator Chugiobio
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