Tell me this: How will you feel when your most fierce competitor has the same office location as yours? Bad, right? I know a lot of us will complain bitterly about the other competitor and probably criticize them. Why should they establish an office near you? I am here to tell you that, you need to see it as an opportunity instead of a threat.
Competition is all about the moves, fears and guiding your territories. How can you control the fears caused by your rivals? Competition is challenging and attractive when the market is tense.
Master your territories and your customers. How do you master these? This is by developing a strong competitive advantage for your firm. Create Value and unique selling proposition in the market. Know this: In every sector your business might find itself operating in, there are other companies who are into the same or similar products or services as yours. You are never the only one operating. You are never the only business in the market. These companies you see around are your competitors because they produce products or render services like yours.
Competitors in your niche can be a big rival or a strategic alliance to push you up.
The basis of competitive advantage is about the art of distinguishing yourself from competitors that will attract customers to your firm. These are the values you create to make your business and establish one. Start now.
Seven ways you can show your company`s Competitive Advantage in your market.
Strategy is the supreme of every move you want to take in your organisation. Any step in the market, regulatory authorities, competitors, suppliers and other stakeholders in your industry of play depends on it. How do you move? When you move and why you move solely depends on it. It is connected with other factors in the organisation such as the assets of the business.
Can you ever imagine a business without a product or service? Certainly not, it is never seen. All businesses have physical evidence of which customers patronize them their products. Customers exchange their money or cash with a satisfaction which is the product. They are particularly interested in the benefits they will receive from the products (satisfaction). Quality is never left out on customers lookout point in many products or services out there. Brand name and strong brand identity are also very important when consumers or customers lookout for a product or service. They strongly emphases on it.
Benefits and feature can interconnect in certain situations. It is broadly said that customers pay more emphasis on benefits than features, but in certain products, features and benefits are important. They are linked together in presenting to customers, an example is electronics such as mobile phones, computers, and many more in the electronics niche. Develop strong features as a marketing tool to make your product distinct from competitors.
Price is part of the 4Ps of Marketing. Develop a price rule to price your products or services. Know when to do market penetration pricing, discount pricing, skimming and premium pricing and whatever pricing system you want to use at each level of the stage you enter in the product life cycle. It is one of the important elements for gaining customers, enriching your niche, and developing a competitive advantage for your business.
#5 Good Customer service
Customers can make and unmake businesses at the same time. There is a saying that customers are always right. Your business exists because of them, you need their loyalty and money, they also need you. Remember, that you are not the only company in the sector of operation unless, you are operating a monopoly like Fan milk, no one competes with you because you don’t have the capacity and muscle to fight back. Treating customers respectfully and good brand experience will let them know they rather stay than leave. Treat them as a family and involve them in new products development. Add the loyal customers as VIPs and you will know how far they can take you.
# 6 Employee Retention
How far or fast do employees leave your firm to another? You may not have noticed it because of busy work. If you are an employer and experience high or rapid employee turnover, there is a question you must answer. You must dive deep into the root and find out the cause of that experience. There is a huge number of reasons why employees leave or resign from your company, one of the top reasons why workers might leave your office premises is poor service of work. Treating them well can take a long way to success. Manage them well. Treat them well. If you do it well, it can be considered as a competitive advantage you can boost. A lot of business do manage their employees well, so if you can do this, it is a plus for you.
#7 Corporate Social Responsibility
Corporate Social Responsibility is one of the good reason why you can be on top of your game. People who love CSR will love your company for this, they can be die-hard customers and or fans of your business. A lot of businesses are moving towards this with the general assistance of Sustainable Development goals points. They support society based on the SDG points like zero hunger and many more. E.g. MTN Foundation, Vodafone Changing lives, Awake drinking water, Verna Mineral support disabled people and many more.
All these advantages can gear up your business in your niche. To do this, a competitive advantage needs to be researched, assessed to make the final decision before you choose two or more.
By Brigitte Adofo Agyapong
Management Consultant | Strategy| Brand and Marketing
Author, Win You: An Introspective Journey of Finding Yourself, Knowing Your Potentials And Harnessing Them For Greater Heights And Ultimate Success.