In business, your primary aim should be to dominate your market. It is the ultimate goal for any enterprise because it is the nearest you can get to complete, irrefutable long-term success.
When you look at the greatest business brands in the world, you will notice that they all in some way monopolize the market – whether through the power of their branding or a literal lack of competition.
While true monopolies are unhealthy and largely illegal, you should naturally aim to destroy your rivals as much as possible to attract the most customers and infiltrate the minds of your target market.
But how do you go about tackling such a lofty endeavor? Well, as you might imagine, it is far from easy and can take many years or even decades to achieve.
Achieve it, you can, though, if you focus on the fundamentals that each market-dominating company shares.
For instance, you need to make it difficult for your competitors to ever catch or overtake you, as well as delivering one service fantastically well and developing a memorable brand image.
This is how to dominate your market in three steps:
Focus on difficult-to-solve problems
If you want to dominate your market, you need to focus entirely on solving the problems that your rivals have deemed just too difficult to overcome. By achieving the seemingly impossible, you will achieve two crucial advantages.
Firstly, you will end up solving a far more complex and useful problem for your market, which will put you leagues in front of your so-called competition.
Secondly, the fact that this problem was so time-consuming and expensive to solve, it will not be easy for your rivals to simply copy what you have done. Just look at Amazon. Everyone knows what its business model is and how it solves market-related problems, but no one is even close to rivaling them.
Make sure you have the most formidable infrastructure in place – which makes it harder for anyone to replicate your success. This could include a rotary lobe blower in the industrial sector or even developing your own transportation service in the e-commerce space.
Focus on delivering one service
You need to focus on delivering one single service better than anyone else in your market. There is no point in providing ten services if they are done badly or just averagely. Instead, you need to make sure your single product or service blows everyone else’s out of the water.
This will ensure that if a customer needs that product or service, they will instinctively come to you.
Build a strong and distinctive brand image
Last but not least, you need to develop a strong brand identity that sticks out like a sore thumb in the marketplace. You cannot afford to blend in, sound, or look like your competitors. Instead, you need to assert yourself by having a brand people instantly associate with class-leading products.
Your brand is what will keep you in a state of market domination because it will keep snowballing your popularity until customers naturally come to you whenever they need to buy a product or service within your market.
