Sunday, December 19, 2010

Competitive Advantage

Do you know your company's competitive advantage? Is this something you spend time working on, researching and sharing with your customers and prospects? Most, if not all companies, have competitors who spend their time trying to take your customers. These same customers are making decisions on a regular basis as to whether they will work with you or with your competitors. Often these decisions are made on the basis of competitive advantage.

Without a clear competitive advantage it will be more and more difficult to win business in the future. There is more competition today and with the growth of buyers using online sources to find supplier, the competition will get even tougher. With that in mind - it's a good exercise to think about and work on a competitive advantage.

Bnet has an article entitled Do You Know Your Company's Competitive Advantage that gives some good points to consider. This article states
 "Competitive advantage is a function of what game you’re playing. Not only that, in business competitive advantage is defined not by some abstraction and not by your rival, but by your customers." Sitting in a room with co-workers and trying to determine a strategy will be tough to do and possibly doomed to fail. The client is who determines what your advantage is and it's the customer who should be part of the process.

Spend some time with your best customers and ask them why they work with you and not with your competitors. Take this information and develop a strategy that shows why you are different and better than the other companies in your market. Then take this and repeat, repeat, repeat it to your customers and prospects. In the end you can end up with more business and life will be much more enjoyable.

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