Wednesday, April 28, 2010

Power Marketing Tip 37: Become Number One

What is the easiest way to become number one in your market?

Create the niche.

Be the first in the market.

Most of the market leaders today are the ones who entered that particular market first. By doing that they defined the market and set the rules.

If you want to be number one - don't waste your time fighting the market leader. That could require a lot of time, money and luck because the market leader set the rules and they need to make a big mistake.

Toyota has been chasing GM for about 100 years. They finally overtook GM because of persistence, major mistakes on the part of GM and huge investments by Toyota.

Can you afford to do that?

Instead of fighting the market leader - create your own niche.

That instantly makes you number one. Naturally go after a market that can sustain your business.

Domino's Pizza did not compete directly with the other pizza places. Instead they created a new niche - fast pizza delivery. They promised that you get your hot pizza in 30 minutes or free. They were number one in that market. They are not the tastiest or lowest price.

Coke was the leader in the soft drink business. Pepsi changed the rules and created their own niche - winners of the taste test. Pepsi was number one in that market. They did such a good job that they made Coke blink.

An accountant created a new market by transforming his van into a mobile office. He became the mobile accountant on wheels for small business. Another accountant became a specialist in working with nonprofit associations.

Mike Holmes created a new niche - a housing contractor with high quality and outspoken brashness. That led to a TV show for him - Holmes on Homes.

Are you ready to create your niche?

Examine the market. Instead of competing directly with the crowd look for what is missing. Where is there a vacuum? You can't compete well on price, quality, time, innovation, customer service and longevity. So pick one that you will excel in and blow the competition away. There are many ways that you can define your niche. You could select from geography, time, industry, style, technology, experience, cul ture, complexity and process.

The more generic your product or service appears to be the more important it is for you to stake out your claim as number one in a narrowly defined and nonexistent niche.

There's an empty island out there waiting for you to claim it.

George Torok
Power Marketing

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1 comment:

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