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CHAPTER 3 THE MILLION-DOLLAR BUSINESS IDEA

How to Build a Competitive Advantage That Will
Blow the Competition Away

So, how do you build a unique competitive advantage that
will help you grab the largest market share and leave the
competition trailing far behind? The answer is to find a KEY
FRUSTRATION faced by their customers and build your unique
way of doing business around solving that frustration. In
other words, find a need that all the competitors are not
meeting, and position your company as the one that will solve
that need. This is what will really set you apart.

Solving Customers’ Top Frustrations…
and meeting their Needs

Let me give you a few examples of successful companies who
have done this. In the US, there is a huge market for home
delivered pizzas. Many parents who come home from work
don’t have the time and energy to cook dinner for the family
and the most convenient option is to order pizza. Sure enough,
there are a large number of Pizza outlets that compete for
this lucrative pie (pun intended), the strongest player being
Pizza hut.

How Dominoes Dominated the Home Delivery
Pizza Market

However, one company came along, created a unique
competitive advantage and, as a result, took the largest market
share and established itself as the leader in home delivered
Pizzas. The company I am referring to is Dominoes. How did
they do it? First, they asked themselves, “What is the biggest
frustration that customers face in ordering pizza?”
In conducting research, they found that most customers had
to wait too long for their pizza and, when it finally got

SECRETS OF BUILDING MULTI-MILLION DOLLAR BUSINESSES 87