Many people think you must completely differentiate yourself from your competition to create a winning strategy. Not true. You can build a great strategy by showing that you are exactly the same as your competition!
If you can gain 80% parity with your competition’s products and services, then those areas come off the table as decision criteria for your customer.
You’re the same. No difference. It doesn’t matter which way I decide; I get the same thing. Then, you have to clearly show how you are different from the other 20% and why the customer should focus on those areas to make their decision.
A company that comes to mind for marketing itself as essentially the same as its competitors, except for a few key differences, is Domino’s Pizza. For years, Domino’s openly acknowledged that their pizza wasn’t significantly different from other pizza chains.
In 2010, they ran a campaign that admitted their pizza needed improvement, showing focus groups harshly criticizing their product. The company then highlighted the changes they made to improve the recipe—new sauce, crust, and cheese—while maintaining that they still offered affordable prices with quick, convenient delivery, just like other pizza brands.
Did it work?
Absolutely. Domino’s saw a 14.3% revenue jump in the first quarter of 2010, with U.S. same-store sales increasing by 10.3% by year-end. The campaign also skyrocketed their stock price by 130%. Over time, it grew more than 2,000%. Domino’s is now the largest pizza chain in the U.S., showing the power of achieving near-total parity and focusing on a select set of critical differences.
How can you use this strategy in your business?
Growth and innovation don’t come from working harder; they come from thinking smarter. Strategic thinking is the key to unlocking new opportunities and getting unstuck.
On October 15, 2024, at 11 AM EST, Join me for a FREE 40-minute webinar, How to Be a More Strategic Thinker. Stay ahead of market shifts, make decisions that align with your vision, and build a cohesive team attuned to your business goals.
No Wasted Time: I know how valuable your time is. That’s why this webinar is packed with practical advice and tools—no theories or hypotheticals, just real-world strategies you can apply immediately.
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