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If you consider what differentiates you from your closest competitors, chances are you will find very little of significance. You might argue that your methodology, brand strength or your technology is distinct, however the reality is that your customers, specifically prospective customers, likely don’t recognize or value these unique attributes of your product or service.
For example, consider the competition for dominance in the coffee market between McDonald’s and Tim Horton’s. There are of course differences in how each of these companies attempts to satisfy their customers, but the reality is they are both still serving coffee in a cup.
So if we set aside what we typically believe offers us an unfair advantage over our competitors, what does that leave us with? One are that rises above all others in order to set our product or service apart from our competitors…
If you’re unsure, or even if you have a few ideas about what this competitive advantage might be, take a few minutes to watch the following video to learn about how you can differentiate in a crowded marketplace.
Surprised? Possibly not. Now the question is, with this intelligence at hand, how are you going to capitalize in order to quick gain greater market share? If you want some additional reading on this, check out the story of how Tony Hsieh made Zappos one of the most popular online shoe companies in an already saturated market.
Question: What can or should you change in order to capitalize on your competitive advantage?
© Shawn Casemore 2014. All rights reserved.
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