Examining Your Business
Every business, large or small, needs a competitive advantage to distinguish itself from the competition. In the aggressive business world, especially in today’s economy, every advantage counts to establish your business in the top of your industry. Gaining a competitive advantage takes strategic planning, extensive research and an investment in marketing.
1. Competitive advantage is simply a factor that distinguishes your business from others and makes customers more likely to choose your product over the competition. Without a competitive advantage, your business has no unique method of drawing in customers
Creating a competitive advantage involves analyzing your business’s strengths and those of your competitors, and then learning how to take advantage of these factors.
2. Examine your business’s unique strengths. Examining the strengths of your business can let you know which areas you can build on to create a competitive advantage. Ask yourself, “Why do customers buy from me?” The answer to this question will help you understand what value you offer them.