Episode C1.006 Potential of Becoming 1 or 2 in Micro-segments

RESULTS RADIO..."Let's Grow Together"

Introduction
Hope everyone is looking forward to a great week. We have a few announcements to make about growth of the IBGR Network. 

First, we are doubling the number of new and returning visitors to the site. July was twice June’s numbers and we beat July’s numbers over the weekend.

Second, with the addition of Gambia on Sunday, IBGR is now heard by entrepreneurs in 100 countries. That is 51% of all the countries on the planet. 

Third, we have declared war on Covid19. That is not on the disease itself, just a worse variant of the flu. Our declaration is aimed at those politicians and bureaucrats that are making arbitrary, non-science based decisions on economic activity. People with no skin in the game, collecting checks from our taxes are deciding which business lives or dies. If you do your own research, a stark reality will become apparent - what is happening in your country is not based on science - it is based on power and control.

Check these articles out as reference points:

• Sweden Hits COVID-19 "Triple Whammy": No Lockdowns, Low Deaths & Minimal Economic Damage
• Lockdown Restrictions Are A Test To See How Much Tyranny Americans Will Accept
• THE TRUTH ABOUT COVID19 - DON'T LET THE BUREAUCRATS AND POLITICIANS GIVE YOU A LINE OF BULL.

Put all of this together and we are your advocates against the forces of statism and command economies. We understand entrepreneurs are a different breed that don’t live by the leave of others - why? Because everyone at and associated with the station are entrepreneurs. We are building a network of ideas, insights, and tools that will help you navigate the pandemic and beyond.

JOIN our community and Let’s Grow Together!

Show Objectives - The Why
Market Domination. That is the focus of today’s show. Last week we talked about ways to micro-segment your potential markets into niches. You need to find lush “rainforest” niches and stay away from barren “tundra” niches with short growing seasons. 

​Today we are looking at the competition. Knowing who else is doing what you want to do in the marketplace is critical to your business success and market domination. Begin thinking in these terms now. A variety of internal and external forces can affect the longevity of products and services your business offers. Understanding how your business excels where your competition does not is a crucial element in dominating your market. Incorporating these strategies into your marketing plan can push your organization into becoming an industry leader. 

You need to be aware of your competition, because they're trying to take your market share, but the key to domination is to focus on your business and the things that differentiate you from them. Most businesses struggle and fail because they try to copy the competition. That, or they do a poor job explaining why their product or service is better.

Key Issues - Owner Perspective: Know the Metrics

1. Top 3 major brands = how much market share, 
2. Top 3 local brands = how much market share, 
3. Strengths and weaknesses of top major and local brands,  
4. How different is the offer - how very different,
5. Invest in marketing to grab attention/imagination, 
6. Big hard launch

What You Need to Know 
Once you know the marketplace data, you can use positioning strategies to catapult you to the top. Positioning strategies can be conceived and developed in a variety of ways. Whichever positioning strategy you choose, keep in mind that your common objective is to project a favorable image in the minds of your consumers or audience. 

What You Need to Do​​ 

1. Use Product characteristics or Customer Benefits as a positioning strategy
2. Use Pricing as a positioning strategy
3. Develop a positioning strategy based on Use or Application
4. Develop a positioning strategy based on Product Process
5. Develop a positioning strategy based on Product Class
6. Develop a positioning strategy based on Cultural Symbols
7. Develop a positioning strategy based on Competitors

Shows

• Previous: C1.005 Ability to Micro-segment Potential Markets into Niches
• Next: Episode C1.007 Potential Customers Level of Satisfaction with Competitor Offer and Experience by Micro-segments

​written by Donna Kunde