- Daily Zen
Does your company have a competitive advantage over others?
You might say “Yes” immediately followed by an explanation such as “We’re better.” or “We deliver products with superior quality.” or “Our price is low.” But such broad statements won’t define the competitive advantage of your company, even if all of that is true.
You need a more specific answer, something that you do differently than your competitors or something that you can prove either with figures or facts.
Your advantage may be better reputation or longer years in the business. You may have rolled out a unique product or maybe you were the first one to introduce it to the market. Or you may have a larger sales force or better customer service or may have your office at more locations. However, these reasons might not be enough. It is not necessary that another company must have a product that is same as yours, any company that provides the solution to the same problem that you are solving, addresses the same customers, is your competition.
You need to give your customers a reason to pick you over your competitors, but many companies are unable to do so due to the following flaws:
First, compare yourself with the competitor and take note of your advantages vs. your competitor’s advantages. These advantages may be product, price, or service. Chances are, there might be some areas where you both are equal. You can also apply a SWOT analysis (Strength, Weakness, Opportunity, Threat) to measure your advantages against your competitor’s.
Here are some steps that you can take to set yourself apart from your competitors:
Regardless of the product or service that you offer, if you cannot do all the above-mentioned things effectively, your business will miss the opportunity to increase sales, market share and brand awareness.