What is Your Business’ Competitive Edge?

You know you have to have one, so what is that “edge” for your business? This is the key that draws people to your (virtual or physical) door. Without that “edge” clearly stated, people will never know why they should turn to you for your product or service.

Are you the price leader? Do you have the lowest price? Or do you intentionally have the highest price? Don’t just be the price leader and always be cutting your prices. If you do, you will soon be out of business. Price your services and products fairly and realistically; don’t play games with your pricing model.

How do you differentiate your business from you competition? What void do you fill that no one else can claim? Don’t just say, “We provide the best service.” High service levels are expected by consumers and are not a differentiation point. You may offer longer hours, free parking, more selection better guarantees etc. You must find and leverage the ways you stand out from others in your industry.

Do you focus to a certain niche? Can you zero in on an age group, a particular community of people, enthusiasts’ or segment of the market and cater to their wants and needs? Become the go-to business for that marketplace. Don’t worry about the size of the niche’ just focus on it. Learn everything you can about it and watch your business grow. This focus does not preclude you from servicing others.

Constantly be on the lookout for ways to create extra value for clients. Be recognized as a business that goes above and beyond for its customers. Earn you clients and keep them for life. It costs eight times more to earn a new client than it does to service repeat business. Your past clients are your very best prospects. Treat them well!

Spend some time this week identifying your areas of strength and uniqueness. Then consistently monitor how you are doing. It’s all part of your marketing process. I guarantee it will be time well spent.

When you know what your business’ competitive advantage is, you are positioned to optimize and leverage that asset in your Core Unique Positioning Statement (CUPS™).

This statement then gets incorporated into all your verbal and written promotional activities. You will articulate this to everyone who asks you, “what do you do?” Your response will then position you as the only logical choice for the consumer who needs and or wants to products or services.
Lindel James is a Master Business Growth and Marketing Strategist, and a Certified Guerrilla Marketing Coach & Trainer. She is the owner of Lindel James Consulting and also acts as the Executive Director and Chief Business Growth Strategist at The Business Growth System www.thebusinessgrowthsystem.com She can be reached at lindel@thebusinessgrowthsystem.com or 802-778-0626