No matter what industry you’re in, I’m willing to bet it’s pretty competitive. You constantly have to be on your toes and know what the other players in your field are doing. However, it helps if you have a strong competitive advantage. This is that je ne sais quoi that makes your brand unique and attracts customers to you. If you don’t know what your competitive advantage is, this article will help you find it, as well as help you keep it.
Defining What Makes You Unique
Not sure what your competitive advantage is? Here are several examples:
- You offer products no one else does
- You focus on quality products
- You offer stellar customer service
- You charge less
- You offer a unique experience
If you were to ask your customers why they come back to you again and again, what would they say? Don’t be shy to ask them this exact question. Sometimes you’re too close to your business to see what your advantage is, and your customers’ answers may surprise you.
Shifting Your Mindset About Your Competitors
Even if you’ve got an amazing competitive advantage, it’s important to not rest on your laurels and assume you will always be on top. It’s easy to mimic those benefits your company offers, and if you’re thriving, you should expect that other companies will do just that.
When business is booming, it’s easy to think you’ll never be anywhere but #1. When your competitors are light years behind you, or you put all your energy into one large client, you take your focus away from that competitive advantage. But you shouldn’t. Have the attitude that that advantage is something you have to fight for, every day.
Sustaining That Edge
Once you accept that your competitive advantage is something you can never take for granted, you’ve got to be diligent to stay on top of owning it. If your advantage is offering the best product on the market, make sure you’re paying attention to all other players and the quality of their products, as they’ll likely improve over time. Continue to innovate on your own product so it’s constantly evolving too.
If customer service is your strong suit, make sure your staff has continual training, and that you monitor a few calls to ensure they’re following your high-quality customer service protocol.
Remember: sustaining that competitive advantage takes effort. If it’s truly important to you to own that advantage, put energy into maintaining it every day.