Standing out from your competition is a constant and grueling battle; however it is worth fighting for. A majority of business owners think that they stand out because of price, quality, or tailored services. The harsh truth is that these cliché reasoning’s are what make that company blend in with likeminded businesses. In order to truly be a unique and worthy business, it is crucial to establish a legitimate competitive advantage.
The competitive advantage challenge: Define your company’s one competitive advantage from three (3) perspectives:
- As the CEO, what would you consider your business’ most defining competitive advantage?
- What would your employees considered the company’s competitive advantage is when the boss is not in the room?
- What would your customers or clients consider to be your competitive advantage?
When asked this question, most business owners spit back some cliché reason why they are number one. Whether they have the best prices in town, or they are your one stop shop for all things marketing, these are not quantifiable answers. Be honest with yourself. If nothing stands out to you, why would you stand out to potential clients?
This is a major issue. In order to work towards the same goal, everyone within the business needs to be working towards the same goal. Likewise, your clients need to be aware of why they chose to work with this company over your competition.
More often than not, each perspective has a different answer and most companies do not reconcile the difference. For example if you cannot reconcile this disparity internally, how will your customers see your differentiation? Once you and your employees reach an agreement and understand the company’s competitive advantage, it must be stated in clear and concise terms that are relevant to your customers. While it is a great deal of work, it is likely that your competitors have the same internal disparity. Why not start today and clearly define your competitive advantage.