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Sustainable Competitive Advantage...Big Words!
April 20, 2018

Sustainable Competitive Advantage...

Big words...

Sounds important...

Well, it is...

Not sure what it is?

Or if you have it?

Here's the official definition...

"A sustainable competitive advantage is "an advantage that one firm has relative to competing firms."

What the heck does that mean?

Simple...

It is the long-term (sustainable) superior (competitive) thing about your business that makes you better than your competition (advantage).

That's why it's important...

It will set you apart from your competition.

So, how do you know if you have one?You must have an edge over your competition...

Something that sets you apart, that makes you uniqueSomething that you can sustain long term.

Things like being first in a particular market or pricing are not always considered to be competitive advantages.

Your competitors can often catch up and even surpass you in these areas.

What sort of things ARE considered competitive advantages?

Intellectual property (patents, copyrights, trademarks, even unique domain names).A unique product or service with a plan for additional follow-up products/services that will keep you ahead of your competitorsInnovative technologyA large pre-existing customer base.

What if you don't have any of these?

Don't worry...

It is still possible to build your advantage.

Know your customers. And I mean KNOW your customers...

Every who, what, where, when, why, and how that you can possibly learn about them...

This means research. (No one said this was going to be quick and easy).

Know your competitors.

Who are they? Where are they? What do they offer that is similar to you? What do they offer that you don't? What do they do better than you? What are their weaknesses?

Analyze your own business.

What are your strengths? What are your weaknesses? What can you improve upon and surpass your competition? Are there areas in your business where you just can't compete?

Create your strategic marketing plan.

Decide where you are going to focus your efforts.

You want to put your time, energy, and money into the things that will bring value to your target market...

That you do better than your competition...

That your competition doesn't offer.

Outsource or discard everything else.

And...

Never stop learning!

To your competitive advantage,

Melodieann


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