In this episode of Impactful Business Voices, hosts Nancy Baki and Anita Larsen discuss the importance of having a Unique Selling Proposition (USP) or Market Dominating Position (MDP) and provide a six-step process for creating one. A strong USP sets a business apart from its competition, establishes a distinctive brand identity, and attracts the right customers. The hosts caution against common mistakes businesses make when creating their USP, such as copying competitors or being too vague. They offer successful USPs, such as Domino's Pizza's 30-minute or less guarantee, which targeted a specific customer base and differentiated the company in a crowded market.

To create a market-dominating position, the hosts suggest identifying the company's mission, vision, and values, defining their ideal customer profile, and understanding the customer's pain points and problems that can be solved with the company's products or services. They recommend creating a list of solutions for customers' pain points, researching top competitors, surveying customers, and addressing the biggest misconceptions about the industry. The hosts also recommend becoming creative with job titles and descriptions to create a market-dominating position.

The hosts stress the importance of drafting statements that speak directly to the customer's problem and offer a quick solution, testing these statements with networking groups, close friends who are business owners, and customer surveys to get feedback. They advise involving the team and top customers in the process to get a better understanding of the business's strengths and weaknesses. Finally, the hosts remind listeners to use their USP consistently in marketing material and training salesforce, live their market-dominating position, and deliver on their promises to customers.

Timestamp Summary
0:00:00 Introduction to the podcast and topic of unique market dominating position0:00:59The importance of having a unique market dominating position and its impact on businesses

0:02:08 Definition of unique market dominating position and its purpose

0:03:30 Importance of differentiation in today's competitive market

0:04:16 Benefits of having a strong unique market-dominating position, including increased revenue

0:04:46 The drawbacks of competing on pricing and discounts

0:05:20 The importance of providing value and benefits, not just pricing

0:06:02 Examples of what not to do when creating a market-dominating position, including using features instead of benefits and generic statements

0:07:41 More examples of non-differentiators and common mistakes when developing a positioning statement

0:09:05 Example of a successful unique market-dominating position with Domino's Pizza targeting college students with 30-minute delivery or free pizza

0:09:56 Conclusion and summary of key points

0:10:09 Examples of unique market dominating positions: an event marketing company in Las Vegas with on-site parking, a daycare guaranteeing children will read at a second-grade level, and Tom's Shoes with a one-for-one donation model

0:13:34 Six steps to creating a market-dominating position, including having a mission, vision, and values, and understanding the ideal customer profile and their pain points

0:14:33 Importance of understanding customers' pain points and problems that can be solved with products or services

0:15:07 Identifying customer pain points and problems to be solved

0:15:53 Profit as a pain point and the need for prioritization

0:16:26 Competitive research and understanding competitors from a user perspective

0:17:24 Innovating to create a differentiator and identifying industry misconceptions

0:19:24 Addressing industry misconceptions as a potential differentiator and becoming creative with what you do

0:20:24 Identifying competitors' weaknesses and shortcomings

0:20:54 Identifying gaps in customer service and competitor research

0:21:23 Drafting statements and using a problem-solution format

0:23:26 Testing and refining statements with customer feedback and input

0:25:24 Implementing the market-dominating position and using it consistently

0:26:48 Your positioning is only as strong as your ability to deliver on it

0:27:37 Conclusion and call to action to subscribe to the podcast