Whether the economy is slowing or growing, it is important that businesses develop a sustainable Competitive Advantage that sets themselves apart from their competition. Your current customers and prospects undeniably have several solutions to their problems and needs, these tips can help you secure yourself as the solution with superior value.

1. Spread the Word

Your competitive advantage has to be something that you do better than the anyone else, and it has to be communicated. Customers won’t know what sets you apart from other solutions unless you tell them. Focus not only on what you’re saying, but how you are saying it.

Build your brand recognition – the more people hear your brand name the more likely they are to become a customer or refer you to someone else
Create and send original content – builds value and trust
- Reposting messages and content that is not specific to your company will decrease its perceived authenticity
Communicate numbers or metrics that divide you from competitors
Promote your entire line of products/services

2. Differentiate From Others

If there are other companies doing what you do, what makes yours unique?

Provide additional products/services that competitors are not
Build a friendly, well trained, and knowledgeable staff
Superior location – Products/services are more easily accessible to the customer
Superior design, quality, or reliability
Speed of service – without sacrificing quality
Community and Industry involvement
Eco-conscious and ethical services

3. Master Your Niche

Although it may be beneficial to provide additional offerings, a Specialization Strategy can help you serve a market better than anyone else and maintain a competitive advantage. This strategy is most effective when the employees involved are solely focused on that area of the business. This helps to:

Retain existing customers
Achieve economies of scale
Build brand recognition
Attract more customers and prospects

To build and maintain success you have to beat the competition by being better. Strategizing your competitive advantage will help you become a market leader by persuading customers that you are the solution to their problem!

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Building a Competitive Advantage to Succeed in any Economy