There are certain words that change the way you think simply by saying them.
Here are three of them:
Plan to dominate.
I first came across those words in The P&G 99, written by a former Procter & Gamble executive.
Of all the principles in the book, that was the one that stayed with me.
Procter & Gamble never enters a market to dabble.
They don’t launch something hoping to capture a little market share.
They enter a category intending to become the number-one brand by a large margin.
And that approach has worked out pretty well for them.
P&G has created 23 individual billion-dollar brands.
What’s most interesting is how specifically they define the category each brand intends to dominate.
They don’t simply say, “Let’s compete in laundry detergent.”
They recognize that people buying laundry detergent don’t all want the same thing.
Some want their whites as white as possible.
Some want to remove tough stains.
Some want their clothes to smell great.
Some want softness.
Some just want to throw everything into the machine without worrying about turning their underwear pink.
So instead of creating one all-purpose detergent for everybody, P&G created individual brands designed to own each of those specific attributes in the prospect’s mind.
Tide.
Era.
Sunlight.
Downy.
All-temperature Cheer.
Each brand enters a narrower category with a plan to dominate it.
That’s very different from putting a generic bottle of detergent on the shelf and saying, “We sell laundry detergent too.”
You can apply the same thinking to your business.
Don’t set out to become another Realtor serving Central Florida.
Become the obvious choice for lakefront homeowners in Winter Haven.
Don’t offer another generic business service for entrepreneurs.
Become the best solution in the world for one specific type of business owner facing one specific problem.
The riches really are in the niches.
The riches really are in the niches.
Not because narrowing your focus means you have to stay small.
But because it gives you the opportunity to become number one in a category you can own.
And there’s a significant premium for being the leading brand in a category.
So when you select your single target market, don’t ask:
“How can I get a little business from these people?”
Ask:
“What would it take to become the obvious…and dominant…choice for them?”
Feel the difference?
You can almost feel your physiology change when you say it.
Don’t plan to participate.
Plan to dominate.