4 Ways to Create a Competitive Advantage
When running a business you’re always going to be faced with unfair advantages. But as a leader, it’s your job to spin those challenges around into a competitive advantage. Doing so can help put you ahead of the competition and position your brand as the top choice. Here are four ways to develop a competitive advantage:
Position strengths to weaknesses. Having the lowest price doesn’t ensure you’re going to beat out competitors for business. There are many other areas where your brand can outperform, such as customer service and guarantee programs. Distinguish what it is your brand does better than others and highlight those aspects when marketing.
Stay lean. Maximize value for the customer by only offering the products and services they want to buy. This means you must communicate with customers and ask them how you can improve. If multiple customers tell you they don’t like a product or aren’t in need of that service, consider scratching it so you can focus on the others.
Go after large clients. Large clients result in more revenue and more business. They also tend to give you more credibility when marketing your products and services to others.
Know your numbers. Here are several numbers your company should be tracking: ACV (Average Customer Value), CPA (cost per acquisition), ROI (return on investment), and break even. These will help you determine how well your company is doing and what you need to improve on.
For more information on how to improve your competitive advantage, visit Entrepreneur.