Every Company Has One. Very Few Use It
Sustaining profitability is one of the biggest challenges and source of frustration for many business owners. Competitive forces are continuously putting pressure on pricing, margins and profitability. However, if businesses just did this one thing pressure on pricing and margins would dissipate like helium being released from a balloon.
The one thing is to identify and build your “Monopoly Control”. This is the one feature of your product or service that sets you apart from your competition.
Coffee is a commodity yet Starbucks has developed an amazing brand and Monopoly Control by focusing on providing unique individual experiences for each and every customer. Often while charging more than double the amount as some competitors!
Their staff have excellent people skills and have been trained to remember you by what you order. You can customize your coffee ie. double shot of this or reduced that. The brand they have created around this seems almost impenetrable with the exception of some small niche or regional players.
How to develop your Monopoly Control
A key question you can ask your customers to help develop and build your Monopoly Control on what you are already doing is “what is the one main reason why they do business with you?” If you see a pattern in the answers from the customers who represent 80% of your revenue you may have found your Monopoly Control. The next step is to formalize it, fine tune it and promote the heck out of it.
If you are honestly not able to determine your Monopoly Control then you will have to create one. A great way to create one is to ask the marketplace “what do they hate most about having to deal with your industry?” Find a recurring them and find a way to build the solution into your product and promote it.
The founder of the junk removal company, “1800GOTJUNK!” realized that the junk removal industry was fragmented. As well, it comprised owner/operators who were often sketchy characters that people were nervous to have on their property.
1800GOTJUNK was built around sending trustworthy looking workers in clean nicely branded vehicles. This one thing provided customers with a more comfortable and pleasant experience. They continue to be “the brand” of junk removal.
Get your company’s Monopoly Control Score
To find out your company’s Monopoly Control Score go to www.empoweredbusiness.ca. Take the Value Builder Assessment where you will get your Monopoly Control Score and the seven other business value drivers.
Most business owners take what they do for granted. They don’t understand that what they do may be very unique and have a high perceived value to customers. It often takes someone with an outside perspective to help a company identify and develop its Monopoly Control. Once developed, your Monopoly Control becomes the essence of your brand and will keep your competitors at bay and your margins high.