Companies that dominate their market know the answers to these 5 questions and their competitors do not.
The pinnacle of business ownership is being the dominant player in a market.
When we think of dominating a market, we often think of the biggest names in business.
Companies like:
- Walmart
- Amazon
- Apple
- Google
- Microsoft
But smaller companies, businesses like yours, can become market leaders.
One key is to deeply understand your customer.
A few years ago I had the opportunity to work with a company to help them become a leader in their market.
I was amazed at how deeply they knew their customer.
When they would write ads and marketing content it was like they extracted it directly from the mind of their customer.
And the market noticed!
Here are the 5 questions market leaders can answer about their customers that the competition cannot!
1) What does our market desire?
Everyone has a desired future version of themselves.
A version that's happier, healthier, wealthier, and has more fulfilling relationships.
The companies that dominate their market have a deep understanding of their customer's desires!
If the customer has this clear picture of their desired future self, why aren't they there yet?
Because something is standing in the way. A problem, or problems, are keeping them from their desired future self.
So, market leaders also know...
2) What's holding our market or ideal customer back?
The customer is frustrated because something is standing in the way of their desired future self.
There are problems keeping them from their desired future circumstances.
Your ideal customer has different levels of awareness of these problems.Some people are only aware of the symptoms, while others are aware of the root cause of the problem itself.
They may also be aware of some solutions, and if they are, they have likely tried some things already that have not been successful.
Market leaders ask and answer:
3) What things have they already tried to solve these problems?
Knowing their desires is good, but knowing their problems is better.
But it shows real expertise when you know what else they've already tried to solve this problem. This shows a deeper level of understanding.
But market leaders go even deeper.
Your ideal customer may still be scratching their head about why what they tried didn't work.
So, market leaders can answer that question looming over their customer's head…
4) “Why didn't the things I’ve already tried work?”
Some of my readers know that for 12 years I ran an ad agency.
When people came to me, they had already tried using paid ads to get customers for their business.
But before they could move forward with my solution, they needed to understand why the things they tried in the past didn’t work. Until this question was answered, they simply couldn’t move forward.
The ability to show them why the things they tried in the past didn’t work, prove that without a shadow of a doubt, and show them why my solution was different, built trust.
It allowed them to move forward with confidence.
Once you have answers to the above 4 questions you have a strong foundation to dominate your market.
Now you only need to answer one more question…
5) What message will get their attention?
When you have the answers to the 4 questions above you can use that info to craft a marketing message that's razor-sharp!
When you craft a marketing message to use in your ad copy, sales copy, and all marketing content, this tells the market:
- You understand them, what they desire, and why.
- You know the problems that are holding them back.
- You know the solution to those problems.
- You know why the things they’ve tried in the past didn’t work.
- You have the solution to help them overcome the problems and get their desired outcome.
Conclusion
So, if you want to dominate your market, it comes down to how well you know your customer so you can create the best solutions for them.
You get to know them best by answering these 5 questions:
- What does my market desire?
- What problems are holding them back?
- What things have they already tried?
- Why didn’t those things work?
- What message will get their attention?
The answers to these questions will lay the foundation for you to know your customer better than the competition so you can dominate your market!