The Power in Dominating One Market at a Time

Posted by George Athan on November 23rd, 2018

A business owners dream is to be the next Amazon. Amazon dominated their market and consistently had rapid growth. To create rapid growth, everyone in your business must be proactive. This is the exact opposite of what typically happens for slow growth companies. George Athan, provide a growth executives constantly find themselves in a reactive state, and these reactions are what actually slow growth down. Think of the saying ‘one step forward, two steps back.’ Those two steps back were the result of some negative event which happened in the business, and what we call reactions are the effort we make to fix it or control the damage. But when we’re constantly reacting, we’re exerting as much energy as if we’re moving forward, just without the progress, because all we’re doing is compensating for the steps we’ve taken backwards. If you do this often enough, you’ll feel like a hamster on a wheel.

So, to avoid that scenario, the proactive approach you need to take is to choose a niche and go down the line, piercing through that market. The top 1% in all categories go deep, rookies go wide. The big fear everyone has is that they’ll miss opportunities that fall outside their market. You may still ask, “What if this additional business outside my niche finds me, while I’m hunting for the business that falls in my niche?” I’ll double down and caution you that anything outside your expertise requires you to learn, which requires more of your time and that time is expensive. Getting involved in markets that are outside your wheelhouse will require you to move much slower and this extra time will cost you more revenue in comparison to sticking to your niche. Obviously, in some cases it may be irresponsible for you to turn away business, so in those cases do what you must. But throughout the process, think about what it will cost you in time to actually get the business and deliver the best possible product/service flawlessly. Anything less than the best will cost you.

The good news is that once you’ve dominated your market there are many different markets to expand into. You can go one-by-one, dominating each space until you’ve officially conquered the world. But until you’ve dominated one market, it wouldn’t make sense to waste the effort just being a drop in another bucket. There’s no benefit to spreading yourself thin. We can see how each effort can compound your business if you build upon and use all of your previous efforts. Each case study, testimonial, reference, or industry award can be used to further dominate more of that specific market. Social proof mounts until you are recognized by everyone as the leader in that market. In a world full of generalists, you’ll be a specialist. And just like outdated methods of mass marketing, your competitors will still be using the antiquated approach of mass appeal, yet never appealing to anyone.

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George Athan

About the Author

George Athan
Joined: September 13th, 2018
Articles Posted: 10

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