9 strategies to improve competitive advantage in business

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9 strategies to improve competitive advantage in business

9 strategies to improve competitive advantage in business

Ever heard a competitive advantage strategy? Your company needs to have a special perspective of some interesting value propositions to be more attractive than your competitors.

Furthermore, it doesn’t only mean your price is cheaper. Your company needs to have a special perspective, some interesting value propositions to stand out and prove to prospective buyers that your solution, service, or product is the right one. That is analogy of competitive advantage.

So the point is, competitive advantage is what makes you better than competition in your customers’ minds.

Think about the company where you buy or use the service of a company regularly. There are reasons you choose the product from the company, right? Whether competitive advantage is as simple as proximity or price, or something more complex, like your unspoken desire for social prestige related to purchases.

Your company must achieve a similar competitive advantage, both you sell products, services, or combinations of both. Next nine strategies to build a competitive advantage in your company.

1. Increase Price

While many businesses think to cut prices to attract consumers, you can do the opposite. Think about this quote: “You don’t buy Rolex to find out time.”

Set higher prices that are called “prestige prices”. It is used not only to increase margins but to improve brand image and social capital by attracting buyers who do not take cheaper products.

The only thing to note here is that your product or service must pay attention to the overall quality according to the price you provide, both from products, aftersales, to other things customer service, or educational products and services.

2. Become an online influencer

“Influencer” is a vague term lately, but its function as a strategy in increasing competitive advantage is very easy to understand:

More and more people know the credibility of your company in a problem solving, the more customers you will get when these same people have problems that you can complete.

Examples are Academies and Hubspot Certification Programs:

Hubspot certification program is completely free, and if combined with other useful resources from the site, this will strengthen its position as a leader in digital marketing services and support.

3. Become a speaker in your industry

Speaking at conferences, meetings and other events has the same impact in expanding the perceptions of your company’s authority.

You can get monetary and intangible benefits from this strategy.

Claire Lew, CEO of Know Your Company said

“Speaking at events and conferences is the most interesting experiment for us. Although being a speaker was not the biggest sales source for us last year (we saw 47% of our sales coming from inbound marketing, while 38% came from talking opportunities) – that’s where our biggest learning came for me as a CEO, and for our business. “

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4. Create and process your own data

Businesses are often encouraged to use data points and statistics in the marketing content they make, because it gives the impression of authority and credibility. Your business can be like that

Even though you want to adhere to the right survey protocol and sampling protocol, collecting market data can be done easily using a tool like Google’s Consumer Surveys and SurveyMonkey.

If the data has been produced in a neat format for the distribution, and the presence of your industry will grow.

5. Your business specialization

Remember, trying to be everything for everyone means you won’t be anything for anyone.

Don’t think about business expansion if the biggest source of income in your business is not optimal, if you do it, it’s the same as waste. Choose and market analysis that is right for your business, then maximize consumers in it.

Some businesses must be aware that not all efforts are not intended for everyone, for example such as the websiter manufacturing business. But by creating a target audience, a unique nuance and special attraction. The business will create an interesting competitive advantage strategy.

6. Utilizing new technology

Another way to be the best on the market is to use new technologies that other people don’t use.

Use Live Chat for example. According to Econsultancy, “79% of customers say that they prefer live chat because of the wonder they provided,” but the adoption of Live Chat is not evenly distributed throughout the industry.

Adding technology like this to your digital realm gives customers a good reason to shop with you, not your competitors.

Including if you still use a manual system in the business process, one of which is bookkeeping. Use Cloud-based accounting software that will increase business financial management efficiency and get financial reports, taxation, stock, and others anytime and wherever you want.

7. Fun your customers

This is a very cliche strategy. However, everyone wants to be a customer with a company dedicated to their fun.

Customers are things that drive your business, also make sure they feel satisfied with their commitment to your business.

For example, you can gave birthday greetings for those who bulletin bulletin from your company website. Or if your business sells subscription services, you can provide an anniversary cake at a certain time, like an agreement for 1 year. This will make your customers feel happy and note.

8. Invest in better customer relationships

Advocacy marketing is a hot topic lately, but so many advocacy programs stop on making referral codes automatically for top shoppers.

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What if you take one or two steps further? What if you invest time and energy to form real relationships with your best customers – maybe by enjoying dinner together or by renting a meeting room to discuss the best thing in growing a business.

The business world is quite impersonal. The real relationship will create a strong competitive advantage.

9. Create a good work culture

Many people talk about the famous Zappos work culture while they talk about his shoes. Zappos consistently invests in creating good performance and has encouraged a number of business benefits.

Customers want to buy from companies that treat their workers well. At the same time, this company can attract the best talents. This talent in turn continues to provide the best service for company customers.

This is a mutually beneficial cycle that leads to positive growth and the development of interesting competitive advantages.

Businesses that pay attention to competitive advantage strategies will continue to grow sooner or later. Make the best strategy for directed and planned business growth that prioritizes customer satisfaction and your workers, making it competitive advantage and the impact can be felt thoroughly.

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