How To Beat The Competition And Succeed

Sustainable Competitive Advantage

The Secret to Business Success

Before you can sell your product or service to anyone else, you need to sell it to yourself first. This is especially important when you offer a similar product or service to your competitors.  Think about it, how many accountants, financial advisors or graphic designers are there?  Which one would you choose if they all have the same price, are in the same locations, offer the same services and have an excellent reputation? It would be pot luck, wouldn’t it.  Do clients pick you and your company in this manner?  YES?  Then this has to change.

Competitive Advantage

Unless you pinpoint what makes your business unique in a world of similar competitors, you won’t succeed and great customer service and a quality service are not competitive advantages.  These are a given requirement in this modern age. Many companies attempt to be different by offering low prices. This is without doubt the fastest road to financial ruin and shouldn’t even be considered as an effective business strategy.

To be really effective your competitive advantage must be:

  • Sustainable
  • Difficult to copy
  • Unique
  • Superior to the competition
  • Applicable to multiple situations and easy duplicated

Competitive advantage can be applied in many ways, for example; scale, intellectual property, strategic partnerships, skill, location, innovation, brand, technology or process.

Having a clear sustainable competitive advantage is vital for the success of your business and to develop one you must offer an unmatched mix of products, services and value.  Without this unique differentiation, your business model, ideas and marketing strategies may be copied and will not withstand competition.

Competitors will quickly duplicate your products, services, activities, technologies and advertising, this is part and parcel of owning a successful business.

As competition intensifies and customer expectations increase, all too often, business owners can find themselves so caught up with the day-to-day running of their businesses that they fail to consider planning for the future. You cannot afford to make this simple but often devastating mistake.

Implementing a strong competitive advantage will enable you to maintain focus; customers will know exactly why they should choose your company and its products. Employees will know what they’re working towards and you will know exactly where your business is headed.

Contact Lorraine via the contacts page to reboot your competitive advantage.