Your competitive advantage could be something tangible, like a unique feature that your competitors simply don’t have, your brand positioning, or customer service. What sets you apart in your market?
Why do customers buy from you? Knowing what it is that makes someone choose your products and/or service over your closest competitor is critical business information.
Understanding this ‘competitive advantage’ is an important part of making your business stand out in the marketplace. Establishing your competitive advantage will help you create a compelling marketing message and will build value in your business – and this can all be wrapped up in your brand messaging, marketing and sales activity.
But how do you define what your key advantages are?
Key ways to understand your competitive advantage
Your competitive advantage could be something tangible, like a unique feature that your competitors simply don’t have. But, equally, it doesn't have to be a feature at all – it might be your brand positioning or your customer service that sets you apart.
To drill down into the fundamental elements of your competitiveness, you need to ask some important questions about the nature of your products/services, so you know precisely why your brand appeals to your core customer base.
For example, ask yourself:
Talk to us about defining your competitive advantage