Do you often wonder as to why you should be in business and not someone else?
The answer to this lies in what makes you different to your competitors and what you can do for your customers. In marketing terms, this is called developing your competitive edge.
To be truly successful in your business, your edge will be unique in relation to your product or service. Unfortunately, many people have never thought about their competitive edge, or what makes them different from others in the same industry. You need to ask yourself – why would someone prefer to deal with me over my competitors?
It may be that you are advanced with technology and you can provide superior service with those means or it may be that you have managed to create a unique image for your business – something which is more personal and makes people want to come to your store.
For you to be able to develop your Competitive Edge – there are many questions which you could ask yourself:
- Do your customers know what you do?
- How can you tell your customers what you do as well as how you do it differently to others
- How do you treat your employees or suppliers
- Are there any competitive edge elements that you can work on with suppliers or employees
- What are the strengths and weaknesses of your business
- What are the strengths and weaknesses of competitors?
Most importantly you need to remember that you need to know your customers – what will make them happy? What will make them come back for more?
Ultimately, preparing a plan for your competitive edge and then monitoring this on an ongoing basis to ensure your business changes with other world changes is essential and a very important step towards business success