Communicate Your Competitive Advantage

Your competitive advantage is what gives you the edge over a competitor. It is a product feature or attribute, which is superior to that of the others on the market. Or, it might be a service that you are able to perform better than your competitors. Regardless of what it happens to be, that competitive edge can be exploited in order to attract new customers, and can also become a catalyst to drive sales. However it is vitally important, that this advantage be clearly and effectively communicated to clients. The message ought to be specific, and should be communicated every chance you get.

How to communicate your competitive advantage:

1. Develop a positioning statement: The statement should be compelling, accurate, descriptive, and carefully crafted in order to grab the attention of the target audience. The purpose of the statement is to underline the differences between your product, and that of your competitors, as well as to outline the benefits of your product or service. This will ensure that there is no doubt in the mind of the target audience, the value that your product is expected to deliver.

2. Invest in regular marketing campaigns. These can be in the form of television or radio ads, or similar tools. Make sure to include the positioning statement, or a tag line that the customer can identify and easily recall. Ensure that the campaigns appeal to customers’ emotions, and are designed to elicit a positive response.

3. Social Media. If every there is a low cost way to get your message out then this is it. Whether you use your business website, blogs, Twitter, or Facebook, social networking is an out-and-out powerhouse to communicate what you do or sell, and there is no better tool to help you get word out about your competitive advantage.

A company needs to communicate their competitive advantage, because it is an important way to get more customers to buy your product. As was said at the outset, the message should be clear, and must also be communicated at regular intervals. Positive reinforcement is one of the underlying factors that will make a customer buy your product, over that of the competitor.

Consumers will be willing to buy your product, if there is a clear difference in terms of cost or value from the others being offered on the market. If you are able to establish that you can deliver a better service or product at a lower cost, then that will lead to more sales. In addition, if you are also able to establish a clear distinction by offering a product of superior value, that will also pull in more sales.

In terms of long term profitability, many companies who do not hold a competitive advantage have often recognized the wisdom of investing in resources to create one. Innovation and creativity can go a long way in ensuring the longevity of a company. Customers don’t mind paying premium price for products of better value. Having a competitive advantage is one sure way to attract new customers, and increase profits.