If you think you are the only one selling a certain kind of product or offering a niche services, then think again! If you look around you would see that there are many entrepreneurs and business owners that are constantly trying to do things differently, or trying to solve a problem in the most innovative ways. So how does one get an edge over their competitors in the market? Though you might be offering the same product or service, but how can you stand apart in the competition and also get noticed?
With the changing global economy, finding your businesses’ competitive advantage has become the most critical aspect and to add to that, the way you market that advantage will eventually play a key role in how you succeed in the market place. In simple terms, competitive advantage is something that occurs when a business develops certain attribute or characteristic that allows it to stand out and outperform its competitors. This unique advantage could be things like access to specific resources, skilled manpower a specific business model and/or technology. All of this could help in creating a unique product or service or even act as a competitive aid in the overall business process (for example, better identification and understanding of customers).
While identifying your advantage, try to divide your competitive strategy into three broad categories:
- Expertise: If you are a specialist in your field and think that you are offering a cutting-edge product or service, then expertise is something you would need to focus on while marketing your competitive advantage. Also, if you or your business has been involved in one industry for a number of years, you can add that to your competitive advantage.
- Business Process: If you feel you manage your business better than your competition then that is something you could show as your competitive advantage. Focus on your results based and customer centric approach by including testimonials and case studies in your marketing material. While marketing your business process you would need to always keep in mind that your high quality staff is the most critical piece to the success of your business.
- Relationships: If you spend the time making your customers feel special and understood, then focusing on your customer relationships might be the way to go. Though there are potential risks involved in this option because you would need to dedicate time and energy to these relationships and that may mean you can only take on a select number of customers at a time. However, it helps if you are able to build a good ongoing business relationship with your customers and market that advantage at the right time.
As an entrepreneur it is important to analyze your business and find that unique aspect that will make your product or service stands out from your competitors. It is important to always focus on one area or aspect and market it as your competitive advantage, rather than focusing on multiple advantages and marketing them all together. It is always advisable to start small and slowly penetrate the market with your uniqueness that would eventually offer you a long lasting competitive advantage.