What business doesn’t want to continually outperform its competitors? After all, when it comes to business, being the best is what we all strive for. But how do you keep your pole position? How do you maintain a competitive advantage, and how do you ensure it’s sustainable? In this blog, I’ll tell you what you need to be focussing on in order to keep your business ahead of the game...
First up, let’s iron this one out. A sustainable competitive advantage is the key assets, attributes, and/or capabilities that your business has that allow it to meet customer needs and wants more consistently than your competitors can.
Sustainable advantages mean they’re able to stick around longer than other advantages that might only have temporary staying power. In order to excel in sustainable competitive advantages, you need to be looking at a number of areas within your business.
Having a unique product or products is a must-have if you’re looking to keep ahead of the competition. Although, that being said, you will need to keep producing new and unique products to ensure you stay at the forefront of people’s minds. Some examples of businesses that have built their reputation on their ability to provide unique products can be found here.
If you’re able to undercut other companies that offer similar products or services to you, and you’re able to keep these costs low, then this is a great way to lure customers away from other brands. Look to areas in your operation where you may be able to make savings and you’ll be in a good position to improve your place in the market.
Customers warm to businesses that are able to offer an excellent customer experience. If problems can be resolved swiftly, queries are answered in a timely manner, and there’s a more ‘human’ element to the experience, then this is always a sure-fire way to attract customers away from the competition. Ensuring your customer service stays on top form will mean training, time commitment, and investment in the right personnel, but happy staff = happy customers.
Has your business developed products that are patented, copyrighted, or trademarked? These corporate assets are a great way of showing customers that your business is an expert in its field. However, there’s no time to sit back and rest on your laurels, in order to keep one step ahead, you’ll have to keep on developing new products and bringing new ideas to market.
Trust is a big deal. If customers come to you because they’ve ‘bought’ into your brand, they believe in your products, and they know they’ll get great service, then you’re doing the right thing. It’s this brand credibility – or reputation – that can really make you stand out from the rest. As with all sustainable competitive advantages, it will need to be monitored and maintained.
In the world of business, it’s no good standing still. You need to be constantly moving, pushing forward, striving for change and improvement. If your business is able to offer a product or service that can evolve with the times, and the needs of customers, you’re in a good place to stay at the front of the pack. Want to see some examples of major businesses that have had to evolve in order to succeed? Check out this article here.
I think you’ll agree these above points lay bare how vital sustainable competitive advantages are to your business’s success. They’re what help set you apart from the competition and they’re what make you unique. Having sustainable competitive advantages ensures your business can grow, gives you a better chance of a decent share of the market, and means your customers are likely to stick around for longer, and with more brand loyalty. Without them, however, you’ll likely get lost in the maelstrom of businesses all trying to offer the same/or similar products.
If you’re struggling to understand how your business can stand out in a sea of companies doing similar things, then get in touch with the team at Creative Ideaz. We’re experts in helping clients understand what makes them unique and ensure they have the tools they need to succeed in the competitive world of business. Call us today and get started on your business’s road to success.