What is your competitive advantage?
7th June 2019Share
We can all easily convince ourselves that our business is different. We can believe your product or service is truly ground-breaking.
“If customers could see how good we are…”
“If people realised how we could help them”
“Don’t people realise our product is of better quality than….”
I am sure you have probably uttered something similar either recently or in times past. When customers do understand and believe the advantage of buying from you rather than your competitor, it makes the difference.
Whether you’re making jet engines, selling advertising space or financial services, you have to show why you are a better choice than your competitors.
It’s also important to recognise that one of your competitors might be inaction or something totally different.
A customer may decide your time-saving solution is not for them and stick with a heavy workload or may decide to save time in a completely different way. The competition isn’t always a rival company.
So with all this in mind, we reach two key points.
What makes you different from the competition? What is your value proposition?
People have to see and believe your value for themselves. Customers must understand and appreciate your value and place in the market.
Does this resonate with you? The reason many are frustrated is that in an attempt to prove their value to the market, they miss the obvious. It’s not what you say, it is what is interpreted. Everything we do to promote our business is subjective, the success of a strategy, value proposition or competitive marketing plan is in what the prospects and customers believe and act upon.
I know that developing a competitive market position is challenging in today’s world, but it isn’t impossible. I help people put these together all the time. Having these clearly articulated so a new starter can ‘get you’ is where you should begin.
I’d appreciate your thoughts?