Time to gain your competitive advantage!

A successful business has strategies that are anchored in their competitive advantage.  If your company maintains its competitive advantage it means you have the edge over your competition.

To succeed in building a competitive advantage, your firm must provide what buyers will identify as “superior value”, either a good product at a low price or a “better” product that is worth paying more for.

A sustainable competitive advantage is the key to business success.  It is the strength that enables a business to have better focus, more sales, improved profit margins, and greater customer and staff retention than its competitors.

In our technology driven world we are compelled to stay connected to social media of all kinds, but in spite of that or what you do for a living, we are all in the “people business.”  Simply because people are the decision-makers and the key drivers of success.  It is important to keep in mind and consider not only your employees but your customers as well as your stakeholders.  They all play a very important role in your cash flow.

Steps to developing a sustainable competitive advantage:

  • Understand the market, look for those niches that aren’t well serviced by competitors and can be profitably targeted and sold to.
  • Develop an understanding of what customers really want and establish a market price that grabs their attention.
  • Work out the key things that you need to do really well to support and deliver the value proposition, ie: service levels, quality, branding, pricing, etc.
  • Understand what your strengths and core competencies are and how you can use these in new ways to deliver value to your market.

As your company evolves through this process, you will have a very well-defined statement of:  Who you will be selling to and why they will buy from you and not your competitors.

Differentiating your business and setting yourself apart to create a competitive edge are key starting points in your marketing strategy.

Remember to identify the distinctive qualities that set you apart from your competition, start by evaluating your own company.

Providing value and benefits that no one else can offer in the marketplace is the foundation to creating and sustaining that advantage.

 

What ways do you use to set your company apart to gain a competitive advantage?

 

[themecolor]Dave Baney is the founder and CEO of 55 Questions, LLC.  We work with successful top executives with a driving ambition to crush their competition.  We help CEOs and Entrepreneurs improve alignment, communication and accountability throughout their organization[/themecolor]. www.55Questions.com

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