With the arrival of the concept of entrepreneurship, each and every business area is facing the challenge of competition. Entrepreneurship has evolved the meaning of business rivalry, causing many businesses to dissolve just because the company in the competition had competitive advantage.
Competitive Advantage is considered as the edge your business has over another business of the same niche just because you worked on the same things differently. For example, Coca cola and Pepsi Co. are both beverage companies. However, during the beginning year of this century Pepsi Co. had to face a major setback because Coca Cola worked on the marketing campaigns, the drink quality, customer services and mainly the user experience.
Working out on these basic points Coca Cola gained competitive advantage over Pepsi Co. Similarly, Nokia was a renowned mobile brand but lagged behind its successors because the company did not evolve and switched its strategy to better meet the needs of the current era.
So if you are in any kind of business then work on the areas that will help you in gaining competitive edge over your business competitors. This can be right the way through the process of your business operation from fundamental marketing, generating interest and leads, customer service quality and actual product branding and differentiation.
Here we have listed five ways you can get a competitive advantage:
- Market Research
You need to thoroughly go through the businesses of the niche you are working in. It will help you in better understanding what services and products have already been offered and what new you can do. Moreover, you will get to know about your potential competitors and new entrants in the industry.
- Analyze the Competitors
If you are running a business successfully, do not consider yourself to be the only player in the game. There are any other businesses in the industry who are working on the exact same thing you are putting efforts in. Analyze what they are doing, what they are avoiding and what they are missing out on. This will help you in working on those specific parts for your product/ service so that you get the advantage over them.
- Focus on Product/Service Quality
One of the most important role players is the quality of the product or service you are providing. You have to ensure that the quality delivered is the best and there are no complaints about it.
- Focus on Customer Services
The most important key player in your business is your customer. You need to take care of your customer. Provide him with the best services, be cooperative, accommodating and helpful when dealing with them. They are going to bring you down or take you up depending on how you treat them.
- Maintain the Advantage
Taking an advantage over the competitor is not as difficult as it is to maintain that advantage. You should keep evolving with the changing business needs and requirements to better serve your customers. This way you will be able to beat your competitors.
So be flexible and focus on your customer to gain maximum advantage over your competitor.