Manufacture Lack of Competition and Dominate Your Market (Marshmallow Marketing Lesson)

ArchitectCEO Update: Manufacture Lack of Competition and Dominate Your Market - the parable of Marshmallow Marketing.

This past weekend we camped at Huntington Lake in the Sierra Nevada mountains - sailing and getting dirty.

Upon arrival (a 2 1/2 hour drive), we discovered that we'd forgotten a critical camping item ... the marshmallows.

The kids were in an uproar.

Oh no! What to do?

Fortunately, there's a general store at the lake where I found the beloved marshmallows.

Because we were in the high Sierras, I paid USD 4 for a bag of marshmallows that would normally cost $2.50 at the local grocery store.

That's a monopoly - the general store can charge what they want for marshmallows because there's no place else to get them.

If I want to buy marshmallows, I need to spend $4.

Did I feel ripped off?

Nope - $4 is a small price to pay to entertain six children for an hour.

This got me to thinking about how one of the keys to being in demand and charging higher prices is to create your virtual monopoly by manufacturing lack of competition.

Watch today's video to discover three ways to manufacture lack of competition in your market.

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Carpe diem.

Enoch