Your Secret Weapon to Dominate Your Market

Competency is a set of demonstrable characteristics and skills that improve performance.

If you plan to dominate your market category in your area, and I believe you should, it means deciding on what your primary activity is and using that aspect of your business to dominate your market.

Here’s what I mean.

Three types of core competencies create three types of market leaders.

The first competency is the product leader. Having this type of competency gives you the innovative and cutting-edge that gives you the “blazing-the-trail” kind of product. Apple is a great example of that. They're the product leader in the computer and iPhone space.

The next competency is operational excellence. This competency focuses on operational efficiencies and the promise of the lowest possible price. The one company that owns this positioning is Walmart.

And finally, the last competency is customer intimacy.

This is where you partner with your customers in a way that is seamless with your service or a capacity for them. And that service then becomes indistinguishable from the actual company itself. I did this with a technology company. The product was created as a “white label” resource that our customers provided for their customers. When their customers use the product, it looks and feels like it comes from our customers. It was seamless.

I expanded this to 710 Coaching. Our coaching team is behind the scenes. We support our clients in a seamless way by giving them the objective perspective and resources to meet their three-year goals.

Now, you start thinking about your competencies and how to dominate your industry. In other words, “How does all this apply to me?”

The simple answer is to find out what are your competencies. The things you already do very well in your business right now. Do an assessment of what your customers say about your business. Where you excel and not just what they buy from you but why they buy from you. Because that’s where your biggest opportunities exist.

Example: does your business competency make your service or product make your business a “seamless integrator” for your customer? If so, how many other businesses

could use your competency? Now, start focusing on finding more companies that need your service is the next step for you.

If your competency is innovation, then focus on making your product(s) the best it can be and dominate your market.

No matter what “type” of market you choose to dominate, the only real “secret” is defining your competency and focusing on having it be the best in your market.

Which one of the three types of competencies do you have? Make it your secret weapon.

All the best,

Alex