How to Strengthen your Competitive Advantage
To strengthen your competitive advantage, you need to find a unique marketing angle that propels your company above the rest.
Convincing people your business offers something the others don’t is a daunting task. Businesses which are almost identical in pricing and quality to their competitors often struggle to stand out.
Many never find the unique angle or ‘hook’ needed to take them to the next level.
If you’re grappling with ways to differentiate your business, there are many things you can do to gain the upper hand.
Talk to your customers. The first step to strengthening your competitive advantage is to find out why your current customers chose to do business with you. Existing customers are a valuable source of information, so ask them about areas for improvement and identify any wants or needs they have which are not being met. These insights allow you to develop a strategy based on your strengths and give you fresh ideas for improving your business.
Hone in on problems. Use market research to find out more about your target market. What problems do they have that you can offer a solution to? What pressures are they under; what do they worry about? Refine your product, service and message so that your marketing emphasizes how you can improve your audiences’ lives.
Refine your story. Your brand message needs to resonate with your audience and reflect their desires, hopes and dreams. A story that triggers an emotional response will give you a major advantage over competitors. Think carefully about how your marketing and social media accounts contribute to a unified story that connects with key groups.
Become an authority. Cultivating a reputation as an authority in your industry is an excellent way to enhance your profile and gain a competitive edge. There’s a strong demand in the media for expert quotes, so by positioning yourself as an authority that journalists and influencers seek you out, you can gain major exposure for free.
Offer a service. An effective way to stand out from the crowd is by promoting a service that no one else is offering. Even something simple, like a free coffee, can help create brand awareness. However, ideas that are unique and hard to copy tend to work best. Think about how you can go the extra mile and give your customers something special that others are unable to provide.
Keep a close eye on competitors. Your competitors are constantly looking for ways to trounce the opposition. To stay one step ahead, you need to monitor their marketing and promotions. This ensures that you’ll be prepared for their next move, instead of reacting when it’s too late. By watching your rivals closely, you have a much better chance of eclipsing them.
Use these tips to strengthen your competitive advantage and take your business to the next level.