What Is a Competitive Advantage and How to Find Yours

illustrating the idea of competitive advantage in business with a race between several businesspeople

If you are part of today’s business world, then you’re probably already familiar with the term competitive advantage. That is, since there is barely any field in which you can say you have no competition. Being able to prove that you are better than your competitors is what differentiates between a successful company and one that will most likely stop growing and developing after a while. So what exactly is a competitive advantage? More importantly, what can you do to find yours? These are the questions we are going to be answering today. Let’s begin!

What Is a Competitive Advantage?

A competitive advantage is whatever you have that your competitor doesn’t, and basically what appeals to customers and makes them choose you instead of some other business that provides the same services. That may mean you offer the most qualitative products, or the lowest prices, or you know how to win over clients with all sorts of benefits. It is even small things such as where your business is located that can provide you with a competitive advantage.

Since the business sector is so competitive nowadays, it’s no secret that you have to come up with something that your competitor doesn’t have, if you want clients to gravitate towards your business. If you have a business and you are wondering how you can find your competitive advantage, we are here to help.

How Can You Find Your Competitive Advantage?

1. Who Are Your Faithful Customers?

Here is the first thing you should ask yourself: who are my faithful customers? Are there people who have always trusted the services I provided over those of my competitors? Do I have people I know I can rely on, and who know that they can count on me? If you cannot think of specific customers, try to do some research. You will definitely find people out there who are fans of your products or services.

2. What Is It That Convinced Those People to Choose Me?

The second thing you should consider are the reasons why those faithful customers decided to stick with your business for so long. Maybe they are all facing the same type of challenge and only you can successfully help them deal with it. Or maybe it is something in particular that has drawn them to your services. Find out what that thing is and you have got yourself your competitive advantage.

3. How Can I Turn My Strengths into a Competitive Advantage?

Now that you know why some of your customers prefer your services, it is time to figure out how to expose more people to your business’ strengths. The way to do that is to advertise focusing specifically on that. Consequently, you will be telling potential customers: “Here is what I can offer you that no one else can. This is what I excel in.”

Having a competitive advantage is one of the best ways in which you can make sure that your business will flourish and you will get more satisfied customers every day. Find yours right now and start nourishing it as soon as possible!

Image Source: here.

Author: Amanda Knowles

Comments

comments