Creating Competitive Advantage
Creating a competitive advantage is a goal of every business and can be accomplished using a myriad of tools and techniques. Competitive advantage is comprised of the differences that the business establishes between itself and its competitors which cause customers to prefer to do business. In an ideal world the competitive advantage will translate into higher profits and greater return on investment and will be comprised of factors that are difficult for competitors to emulate or counter.
A Competitive Advantage is:
- Any aspect of how you operate your business that is difficult for your competitors to copy and which customers appreciate and respond to.
- Any unique technology or process that is either protected by a patent, copyright, or trademark which is difficult or impossible for a competitor to duplicate.
- Barriers to entry that you have already overcome that restrict new competitors from gaining a similar advantage.
- Relationships with suppliers or distributors that competitors are unable to duplicate, including spokespersons and celebrity endorsements
OK… give the above… what is your competitive advantage?
Do you have one?
How are you exploiting your competitive advantage?
Are you marketing and promoting your competitive advantage?