Whether the economy is slowing or growing, it is important that businesses develop a sustainable Competitive Advantage that sets themselves apart from their competition. Your current customers and prospects undeniably have several solutions to their problems and needs, these tips can help you secure yourself as the solution with superior value.
1. Spread the Word
Your competitive advantage has to be something that you do better than the anyone else, and it has to be communicated. Customers won’t know what sets you apart from other solutions unless you tell them. Focus not only on what you’re saying, but how you are saying it.
- Build your brand recognition – the more people hear your brand name the more likely they are to become a customer or refer you to someone else
- Create and send original content – builds value and trust
- Reposting messages and content that is not specific to your company will decrease its perceived authenticity
- Communicate numbers or metrics that divide you from competitors
- Promote your entire line of products/services
2. Differentiate From Others
If there are other companies doing what you do, what makes yours unique?
- Provide additional products/services that competitors are not
- Build a friendly, well trained, and knowledgeable staff
- Superior location – Products/services are more easily accessible to the customer
- Superior design, quality, or reliability
- Speed of service – without sacrificing quality
- Community and Industry involvement
- Eco-conscious and ethical services
3. Master Your Niche
Although it may be beneficial to provide additional offerings, a Specialization Strategy can help you serve a market better than anyone else and maintain a competitive advantage. This strategy is most effective when the employees involved are solely focused on that area of the business. This helps to:
- Retain existing customers
- Achieve economies of scale
- Build brand recognition
- Attract more customers and prospects
To build and maintain success you have to beat the competition by being better. Strategizing your competitive advantage will help you become a market leader by persuading customers that you are the solution to their problem!
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