There are six questions you must ask yourself in order for you to position yourself to dominate an industry. That’s what I get into in this episode. And by the way, the six questions below work for every single industry.
#1: What Market Do You Own?
The first question you have to answer is, "What market do you own in your industry?" Maybe you own a particular demographic such as age, income, country, or state. Do you own anything? Whatever it is, write it down. If you don't own anything, write, "none."
#2: What Do You Want to Own?
The next question you need to answer to dominate an industry is, "What do you want to own?" Do you even know what you want to own? Are you clear about this? For example:
- Age
- Culture
- Income Earner
- City, State or Country
- Market
#3: Who Must You Outgun?
Third, to dominate an industry you need to ask, "Who must I outgun?" Who is leading in that market that you want to own that you must outgun? Make a list of them, A, B, C. For example, if you're the CEO of Sprint, you would list companies like Verizon, AT&T and T-Mobile. Or maybe you own a liquor store in Little Rock, Arkansas, and you want to dominate that market in Little Rock. Who must you outgun, and what do you want to own? Is it beer, vodka, whiskey, wine? Make note of who you need to outgun in the market you want to dominate.
#4: Do You Have Enough Money?
The next thing you need to determine is if you have enough money to dominate an industry. How much money do you need to outgun someone to get the market you want to own? This matters because it takes money for marketing, staff, advertising, technology, website, and so own. Regardless of industry, it cost money to dominate an industry. So ask yourself how much money you currently have, and how much you need to be able to do this. Write that number down.
#5: Do You Have Enough Stick-to-it-tive-ness?
Listen in here for how much stick-to-it-tive-ness you need to dominate an industry.
#6: Do You Match the Position You Want to Have?
And last but not least, do you match the position that you want to have? For instance, if you want to be the best financial adviser in Silicon Valley, and want to own the position of people that are in the technology sector, do you match the position to get them? Do you look, talk, and walk the part? Do you go the places they go, belong to the country club and gym they belong to, shop at the same stores? Or let's say you want to focus on a completely different market, such as the middle America market. Do you dress too preppy or flashy? If you dress too flashy and the people in the market you want to dominate wear jeans and t-shirts, they won't relate to you. So you have to make sure to match the position to dominate an industry. Once you answer the questions above, if you're willing to stick around for however long it takes, you'll position yourself to one day dominate an industry.
