4/19/2021 Tip: Assets to Dominate your Market

Today’s Quote

“If you cannot do great things, do small things in a great way.”
~ Napoleon Hill


Today’s Tip

This week I’m going to be talking about ways to dominate your market.

The best way to dominate your market, and discourage new entrants, is to build “business assets” that your competitors don’t have. “Business assets” are resources you build now that will give you and your company future economic value.

Each day this week I will give you an example of a business asset you can build.

Today’s asset is Customers.

Many mobile phone companies offer 2 year service contracts that new customers must sign (and face penalties if they leave before the two years are up). 

This essentially “locks up” customers making it harder for new entrants (or existing entrants) to come in the market and take their customers. 

Customer agreements and contracts are one of the most powerful business assets you can build. Are there ways you can lock up your customers?


Today’s Resource

How to grow your business to $1M… $10M… and beyond

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Today’s Question: What was toy company Mattel’s first product?

Previous Question: Why are the annual awards given for the best billboards called Obies by the Outdoor Advertising Association of American Marketing?

Answer: They’re named after the ancient obelisks of Egypt (those tall, pyramid-like structures—picture the Washington Monument), which are considered by the association to be the precursors of today’s outdoor advertising. 

Advertising sure has come a long way, and now involves much more specific messages sent through a much wider variety of media.  But you have to hand it to the Egyptians for trying something new!

So what types of new media are emerging today that you can incorporate in your business before your competition…Google+ Business pages?  Mobile phone advertising?  Be sure to innovate and lead the pack before your marketing becomes…ancient.

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