Competitive Advantage, of course I’ve got one … I think?
Remind me again, what is it?
A competitive advantage is an offering or attribute which makes you better than the competition in your customers’ minds.
Make no mistake here, the customer bit is crucial, after all, beauty is in the eye of the beholder.
You might think you have a competitive advantage, but, if the customer does not think so or he thinks the competitive advantage you have is something entirely different, then you have a mismatch. Such a mismatch could prove to be expensive as you spend time, resources and money on a competitive advantage which the customer does not value.
So much of what a business does can be viewed as a process of building and defending competitive advantage. You can look at it as a never-ending race, where you and the competition are striving to get to and stay at the front.
So, in that race, a competitive advantage can include any capability that has value in executing your business model. In a competitive industry, firms that lack competitive advantage are unlikely to survive in the long term, witness the very recent demise of Thomas Cook.
To answer to the question ‘Where can you find a Business Mentor near me’ here’s a great start for you https://www.ukbusinessmentoring.co.uk/find-a-local-mentor/
I am pretty sure I have a competitive advantage, but just in case remind me how……?
So, things to think about in developing and sustaining a Competitive Advantage are:
Earlier in this article, I said that it’s only a competitive advantage if your customer thinks it is.
Remember it is a race all about action and reaction.
Once you have started to consider or better still answer those questions, then you are on the road to developing a competitive advantage that works for your business. As a secondary benefit, you will also be able to answer that implied question I started with:
“Competitive Advantage, of course I have got one ……. “
You won’t have to ponder you will be able to articulate your competitive advantage in 1-2 mins with clarity and confidence and give examples of success and customer satisfaction to back up the statement.
Hopefully you have found this article useful, thought provoking and it inspires you either to create a competitive advantage or re-visit your current one to see if it is still valid. However, if you think you would like help with this, then please contact us and arrange your complimentary mentoring/coaching session with one of our experienced team.
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