Assessing Your Competitive Advantage
Duty Drawback Software | Import Export Consulting | Processing Filing | Full Service
If you’re looking to start your own business, importing and/or exporting might be an option for you. However, before you jump the gun one thing you need to determine is what makes your business better than the competition. What is your competitive advantage? Today we are going to give you tips on how to find your competitive advantage and how to use it properly.
One of the most impactful things you can do is talk to your customers. Both your existing customers and prospective customers. Customer feedback offers a wealth of information that will help you understand your current positioning in the market and industry as a whole. They will give you insights into potential new offerings and could very well give you the answer you’re looking for: what your competitive advantage should be.
Another thing you can do is perform a competitive audit. Marketing audits track the marketing tactics your competitors use. Does your competitor publish content marketing? Do they use Google Adwords? What social media channels do they post to and are they affective? Take tactics that work and implement them into your business. The ones that don’t work, make them better and use them to your advantage.
Lastly, once you’ve found your competitive advantage, don’t make it a secret! Communicate your advantage to your customers and make sure it is backed by proven facts. This is called a value proposition and will become the defining statement of your company. The goal is to not only hook your customers on your value proposition but to also engage in a “tell me more” conversation.
Nailing your competitive advantage is only one of the critical elements in a strategic business plan but one of the most important. The competitive advantage is what can make or break your business so invest time in figuring out what the right answer is before doing anything else.