Want To Steal Your Competitor’s Market Share? Create Your Own Market Category – Dan Lok
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Want To Steal Your Competitor’s Market Share? Create Your Own Market Category – Dan Lok

(dramatic music) – Please share with me what have you talked about? What have you learned? The five stages of sophistication. What does that mean to you? Yes, just yell the answer. – [Audience member] Important changes. Important changes.
– Important changes. In what way? – [Audience member] You
need to grow with the market and you need to realize
that when you stay still– – Yes. – [Audience member] You get that butt. – Yes, good. You’re not the lead dog, your view is always the same. You’re looking at an ass. (audience laughing)
Okay, you’re not the lead dog, the view is always the same. – [Audience member] Anything
other than first is last. – Mmmhmm, yeah, you’re
not first, you’re last. Basically it. You’re not first, you’re last, yes. – [Audience member] Can
you give us more examples on how to niche down,
so that you are first? – I could, but that’s a
whole different conversation, ’cause now it goes into market selection, it goes into your unique
selling proposition. That takes me three hours just to do that. But, if you want, I can
do one of these workshops next time, you know? I’ll be here. Would you be interested in learning that? – [Audience] Yeah. – Yeah, we could do that. Nathan, make a note, then, remind me. I’ll do it, I’ll do it. Now, it’s his job to remind me, so bug him, not me. Yes, Daryl, yes? – [Daryl] Do you agree that you don’t have to be first to be first? – Yes. Yes, now, that’s a fair,
philosophical statement. But what do you mean by that? – Well, Apple wasn’t first
to create the computer, they just made it better. – [Don] Yes.
– Apple wasn’t first to create the MP3 player,
they just made it better. – [Don] Yes. – [Audience member] But
you also don’t need to be the best to be first. – No, no. There are more products,
there are more services, there are more entrepreneurs struggling, always aiming to, that’s kind of the, more entrepreneurs are
struggling because they have this idea, I’ve gotta make my thing the best in the whole world. Okay, I get that all the time. Spend years working on this thing, and then, guess what, when
it’s time to get to market, it’s already owned by somebody else. Like the other day, I was speaking and there was a gentleman
telling me about, he has this gourmet coffee business. I said, “Good luck.” (audience laughing) And he was telling me how it’s gonna compete with Starbucks. Really, good luck. (audience laughing) Okay, I mean, he might be able to do it, but if you give me the choice, I wouldn’t touch that with a 10 foot pole. – [Audience member] Small town, though. – Okay, I’m just like, that’s not, Andre? – I’d just like to share a trick that I saw Ford use, I
thought it was brilliant. So they have an ad, several
years they ran it on TV, and all their ads ended
with, “Only Ford has “ecoboost fuel economy.” Interestingly, they never
told you what the fuck it was, they just told you they were
the only ones that had it. – [Don] The new mechanism, right? – I don’t know what it was, they told you that only they
had ecoboost fuel economy, and they didn’t tell you it was better, they didn’t tell you it was different, all they said was they were
the only one that had it. They just trademarked the
name and that’s really all they could claim it in all their ads. So that’s how you create
your own category. That we’re the only ones that have this. Okay, who cares.
– That’s it. – But people still– – There was a, let me
try to preface the story. I might got it wrong, but the story goes something like this. Many years ago, there
was this beer company and, how many recognize beer
as very, very competitive? The alcohol industry. So this guy, this owners
were struggling to get people to buy his brand, and just struggling. And then somehow he hired a very brilliant marketing guy and the
marketing guy was like, “Okay, how can we differentiate? “How can find a new mechanism “that makes your beer different?” ‘Cause he was, keep pushing
our beer is smoother, it’s better, it’s blah, blah, blah, right? Right, doing stage one and two shit. By the way of stage five. So what one makes you different? And the guy was talking, well, you know, our beer,
we actually get our water from some spring mountain
and they go through this filter process and we
use this kind of crop and we used this machine
and this machine cost X amount of money, and da, da, da, da. And he went through the whole process and the marketing guy was
like, “This is brilliant. “This is awesome. “Why don’t you tell people about this?” “Oh, you think I should?” “Yes.” And he did. At the time, many years ago, we’re running full page ad telling people about how they make the beer. How does it work? How does it what? How does it work and
that’s why we have this smooth taste, right? How does it work and our
beer and this mountain, and this water, and tell us
the whole freaking story. And their sales skyrocketed. What’s funny is, here’s the kicker, it turns out every beer company does that. (audience laughing) They get the same damn water from the same freaking place. They go through the
same filtering process, but they’re the first
one to tell the market, oh, here’s what we do. Okay, and that’s an advantage. So it goes back to, if
you’re not communicating, what makes you unique in
your marketing message? Nobody knows. And that’s why sometimes
you kind of have to toot your own horn. Not to toot your horn, say me, me, me, but articulate here’s why we’re special. Here’s what we believe in. Here’s what we stand for. Here’s how we do what we do, here’s why we can do what we do. Yes, Ali? – [Ali] Just to clarify, is
it the market telling you what is my stage, or is it
my company telling you what? – No, it’s your market. How many can see, it’s the market? It’s not a company, it’s the market. You look at stages in the
market sophistication, not your company. I’m not talking to growth, you know, start up, growth, mature, not talking, not that kind of chart. Yes, Nathan? – [Nathan] How do you
determine where the market is? – It’s pretty obvious. – [Nathan] You just look how much– – It’s pretty obvious. You look at this, you pretty
much, give me any market, you will know. – [Nathan] Like Starbucks? – You will know, yeah, you will know. How many coffee shops are out there? And that’s why they have a difficult time. Imagine, Starbucks, if you read his book, Pour Your Heart into It, how many of you have heard of that book? Yeah, you guys need to read the book. Okay, write this down. Books you don’t read, don’t help you. (audience laughing) Okay, books you don’t
read, don’t help you. Starbucks, Pour Your Heart into It, written by the founder. You can see at the time when he was trying to raise capital, Howard, imagine you have a chance,
go back many years, you have a chance to invest in Starbucks, this guy comes to you and says, You know what, I’m gonna sell coffee. Not only am I gonna sell coffee, I’m gonna sell it at two, three times more what everybody sells it for. And I’m gonna have it, I’m
gonna call it weird names. And I’m not gonna have
small, medium, large, I’m gonna call it grande. (audience laughing) They can’t even pronounce the name. And I’m gonna open up
these chains worldwide. Would you want to invest in my company? – [Audience] No. – No. You know what I mean? It’s ridiculous. But he sees his vision
and if you actually read the book, Howard’s vision wasn’t to build the best coffee shop. You read his mission statement,
you read what he does, he’s talking about building
a third place for people. The place, you have home, you have work, this is the place, the
third place for people. That’s what he wants to create. Happens to sell coffee. That’s what he wants to build, not coffee. He wasn’t trying to make a better coffee. The coffee’s okay. But that wasn’t what his vision was. Very interesting. – [Announcer] 10 times your finances. 10 times your business. 10 times your marketing. 10 times your life. Hit the subscribe button now.
(dramatic music)

About Ralph Robinson

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23 thoughts on “Want To Steal Your Competitor’s Market Share? Create Your Own Market Category – Dan Lok

  1. I read that book, Howard worked is butt off. That dude hustled. It's been 8 years since I read that book and I barely remember it, but I remember how it made me feel. Seriously: pour your heart into it and that's exactly what he did.

  2. Hi Dan i have been following for 1 months n learned so many things from ur precious videos,but i want u to plz add sub title when uploading videos on youtube,as there r many people who couldn't understand the accent the way u speak english

  3. Hey Dan hope you doing good
    as i said earlier also you is my mentor, unfortunately we can't meet face to face, but when ever i stuck i watch your video it always makes me feel that we directly communicating as Master and student.( Love you Sir by heart ).If you see this reply me I badly missing you Master

  4. Dan, I just want to thank you so much for your time and efforts and all you put into your videos. I have started my own company of professional design and organization in residential and commercial realms. I recently started going back to school to graduate with my diploma to learn how to perfect my skill. Your videos have provided insight on copyrighting and the written word which I look forward to using to gain more paying clients. I just want to express my endearing gratitude for your valuable priceless gems. You truly are a master.

  5. Here's What We Do
    Here's What We Believe In
    Here's What We Are Special
    Here's What We Stand For
    Here's How We Do What We Do
    Here's Why We Can Do What We Do

  6. DAN, I LOVE YOU!!!!

    first time ever i get someone thinking similar to me. Most people calls me crazy lady because of the way I think and What i do.

    I am far from successfully yet tho. But am working on it. Thank you for sharing all this as it brings me way more beleave in my self!!!!

  7. Be something they never saw before/differentiate yourself from the pack! The light just came on for me. 😍

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