The Fundamentals of building a Million Dollar Business

Welcxome to the My Biz Coaching Academy Weekly Newsletter.

In this newsletter series we will go through 12 strategies that any business can implement and obtain an increasein both revenues and profits

They are:

1. Market Dominating Position

2. Leads

3. Alliances & Joint Ventures

4. Digital Marketing

5. Compelling Offer

6. Drip Campaign

7. Downsell

8. Additional Products & Services

9. Increase Prices

10. Upsell & Cross-sell

11. Bundling

12. Cost-cutting

In this newsletter, we will first focus on the importance of having a market dominating position. It is sometimes known as your Unique Selling proposition, but it is really much more than that. By thinking through and defining the market dominating position you will be defining what seperates your company from all of the competion and why you are the company that your prospects and customers should do business with you and nobody else.

If you’re like 99% of the business owners I speak with, you may often feel lost or overwhelmed as you try to navigate through all the various options available these days. Websites, social media, SEO, email marketing, Facebook, pay-per-click and so on.

Let me do you a favor right now and completely remove that overwhelm from your life forever. Are you familiar with the 80/20 rule? For business owners, it means that 20% of what you do every day is generating 80% of your total annual revenue. In other words, you’re only doing a few things daily that makes you most of your money. These are 12 areas that make up that 20%.

Because of the power of exponential growth, as you uncover financial breakthroughs throughout the 12 areas, aim to record increases of just 5% to 7%. This should be super easy to implement.

1. Market Dominating Position

Let’s look at Market Dominating Position. As I explained above, your Market Dominating Position is one of the easiest places to find a major breakthrough for a business. In fact, the majority of businesses do not have a Market Dominating Position or, if they do, they don’t articulate it clearly and consistently.

A business might be unique, but it won't matter to their prospects unless it's a hot-button issue for them. A Market Dominating Position is basically a USP (Unique Selling Proposition) or distinctive advantage targeting the hot buttons of your market. Hot buttons could also be described as "thorny problems" that are at the forefront of people's consciousness. Here’s the key to successful marketing. You MUST be able to enter the conversation taking place in the head of your prospects. Or another way to look at it is to be able to address the number one question on your prospects mind at just the right time. So how do you do this? It’s actually quite simple when you know and understand the fundamentals of marketing.

The conversation that’s taking place in EVERY prospect’s mind revolves around two major points. There’s a problem they have and they don’t want… and there’s a result they want but don’t have. Your job as a business owner is to define the biggest problem your prospects have… and then be sure that what you sell provides them with the result they want but don’t have. This is the foundational element of marketing.

Without a Market Dominating Position… without showing prospects why they’d be foolish not to choose their business, the business owners are essentially communicating the following:

Give me your business because I need your charity since I have nothing special to offer you.

Let me give you an example: Have you ever met a real estate agent? When you ask them what they do, they say, "I'm a real estate agent." When you hear that, it's not impressive or compelling at all. It makes you think, "So what?"

What if they said, "I help families buy homes larger than they thought they could afford." Or "I sell homes within 60 days, or I sell them for free."

If you were looking to buy or sell a home, would that be more compelling than someone who states what everyone else says? That's what a Market Dominating Position is supposed to do.

“Here are some more examples of market dominating positions:

1. A dentist offers dental services at copay prices to non-insured patients.

2. A daycare guarantees your child will be reading at a 2nd-grade level before they enter kindergarten.

3. A personal trainer guarantees you’ll lose a certain amount of weight prior to your wedding day.

4. An online course guarantees you’ll have a job within 30 days of graduation.”

Do you now see how these types of Market Dominating Positions compel prospects to engage with you?

Start by asking, what benefit(s) do you offer to your target market that separates you from all of your competitors?It will not be uncommon for you to hear, “Best price, best service!” or something similar. Another common answer is, “We’ve been in business for 40 years.”

Would you agree that your competition states a similar thing?

So, what benefits do you offer that forces a prospect to think, ‘I’d be an idiot not to do business with you! I’d be crazy not to buy from you!’? This is what we need to develop for your business.”

Are those benefits based on the “hot buttons” of your prospects – the problem they have and don’t want and the result they want but don’t have?

What problems do their clients have that they don’t want? And then what results do those prospects want but don’t yet have?

If you could create a Market Dominating Position that addresses both the problems of your clients and the results you provide, would you agree prospects would be MUCH more likely to buy what you sell?

Developing Your Market Dominating Position

The best way to develop a market dominating position is with input from your target market. Furthermore, it’s more likely that you will need to conduct competitive research to find out what a market dominating position could actually be. This will take time, so brainstrom with your team and have fun with it.

So,how much do you think we could increase your revenue percentage-wise with a powerful market dominating position?”

You would be surprised how it could impact your leads and conversions as you implement this into your marketing strategy.

If you could articulate your unique benefit in a single sentence, then use it in your marketing, your website, in your social media, and when you and your staff speak with prospects creating a "new" company image so to speak, you will be surprised how much it can impact your revenues and profits.

In our Profit Acceleration Software I can show you in less than thirty minutes how this one idea will help your overall business performance.

Nest week, we will be looking at number 2, lead generation.

Thanks until next time

All the Best!