Your competitive advantage is what sets you apart from the rest. It is the reason why customers come to you over your competitors.
When you complete a SWOT analysis of your business – Your Strengths, Weaknesses, Opportunities and Threats, you may uncover your ‘Competitive Advantage’. If you have never done a SWOT analysis of your business (its a good idea to do one), you should at least have a think about what is your ‘Advantage over your competitors’
Either way, as a business owner or manager, with a goal for specific financial results, it is imperative to create and manage a competitive advantage over your competitor. And this competitive advantage should be communicated to your target audience, and customers alike.
To give you a few ideas – you can utilise the following to create a competitive advantage over their competitors. Consider if the following are better/worse/different to your competitors:
• Trading terms
• Delivery terms
• Packaging
• Back up service
• Warranties
• Merchandising
• Advertising
• Displays
• Dealing with customer complaints
• Best practice in customer service
What can you do to create a competitive advantage in your business?
How about a manned display in your local shopping centre to create awareness of your business?
This is where your creative juices are required. Maybe a brainstorming exercise with your team is in order!
This is not about offering ‘the same’ as your competitor, this is about being ‘different’.
Can you come up with at least six cost-effective ideas to create a competitive advantage for your business?
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What’s next?
- Join our Kick-Ass Tradies Facebook Group, for access to trade business specific conversations, tips and resources, plus a like-minded community of tradies.
- Book a 15-minute Game Plan Call with Andy, owner of Dr. DRiP plumbing and co-founder of Lifestyle Tradie, to clarify your priorities and get clear action steps.
