In the end, developing a competitive edge in business is about cultivating a sure-fire strategy for having the upper hand over the competition.
Part of developing a competitive edge involves creating, managing and exploiting skills and areas of expertise that the competition will find difficult to match. While you read these tips for developing a competitive edge in business, keep in mind that this is a continuous process, and that “edge” you are looking for can not be created with one “fixed event”.
Here are 3 tips for harnessing your competitive edge.
1. Define Your Company Goals
Setting goals are excellent for moving forward and gauging the competition. In order to effectively define your company goals, go back and think about why you started your business. Was it because of a good idea, a demand that you felt confident you could fulfill, or you just wanted the flexibility and control that comes with being your own boss?
Start with questions like these, and map out a good plan coupled with a set of end goals. Setting goals is a good way to get a clearer sense of what makes your company different from the rest. Keep in mind that these goals may need to be changed and expanded upon along the way.
2. Define Your Customer
Your target market–or frontline customers that fall within a specific demographic and are looking to buy your product or service–should be people that you actually want to work with. Customers make the decision to come back for more of your product or choose another provider, so make sure you set solid boundaries for interacting and communicating with customers and stick to them.
A pre-defined proposal, an agreement, a 30 money back guarantee policy, or a no obligation free trial are all terrific ways to set the tone and make you look more trustworthy and professional with customers. Knowing exactly who your customers are and how you will work with them will create a stronger connection between you and customers, giving you the upper hand with the competition.
3. What Sets You Apart?
So what if you do offer the same product or service as the company next to you? Well, keep in mind that you are uniquely You, and you come with a completely different view and frame of mind.
Your company comes with your very own special skills and years of experience that enable you to give the customers a unique and genuine experience of their own. So what is it that sets your company apart from the competition? Is it a product that no one else can replicate? Is it some of the best customer service on the planet? Examine your business and find out what makes it uniquely different, and invest and promote this particular feature until it puts you at a significant advantage over the competition.
So what is your competitive edge in business? Are there any tips for developing a competitive edge you have used with success? Feel free to share your thoughts below.
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