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5 Strategies to Develop a Superb Competitive Advantage

Before any customer makes a purchase, more than 85% of them would check out similar companies that offer the same product. These companies include yours. What then is the factor that makes them settle for one? According to Kimberly Amadeo of The Balance,“ a competitive advantage is what makes you better than the competition in your customers’ minds.” Think about the company you buy from every time, there is something about them that makes you keep patronizing them. Perhaps it is their impeccable customer service or proximity or maybe the cheap price. Something draws you to this company. If you want your company to thrive, it should also achieve a similar effect. Below are 5 strategies to develop a superb competitive advantage

Charge more

Customers are usually skeptical if your product costs less than the value it is worth. In most cases, they relate this to the product being of lesser quality. However, if you up your price while still maintaining quality, customers tend to be drawn to your product. They believe the quality made it stand out. As such, if you are going to adopt this strategy, ensure your product is of unbeatable quality. Why do you think people still patronize Apple phones despite the fact that there are some Android phones with similar functions? Quality and reputation stand out.

Branding

If there is anything that instantly differentiates a company from the others, it is branding. branding is the first thing people notice about a company. For instance, the name Nike or Rolex sends a message and picture quite distinct from other shoe companies. The level people place your business is defined by the image it portrays to the outside world. Your company’s image matters

Be innovative

When it comes to developing a competitive advantage in the market, you can’t go wrong with innovation. Like the popular adage that innovation is the father of inventions, inventions help to bring about change and spur people’s emotions for the need for a new thing. No one wants to continue patronizing a company that still keeps its method of doing business the same way it was 20 years ago. Even a loyal customer would be attracted to a place where innovation is evident. As such, be innovative in how you run your business. Constantly package and repackage your product. Find a new way to advance your current product. This helps to attract more customers.

Be up to date

There is something that comes with keeping up with information like new technological development or statistics. This helps to keep you informed and helps you devise strategies to ensure that your business is not sidelined. Should you be the first among the majority to hear the information and you come up with some improvement in your business, you have an edge over other companies. Be up to date. It works

Operational effectiveness

Choose to be among the company that knows how best to do what it does. Think about FedEx, when the company came up with its innovative shipping idea, others followed suit. However, there is something about FedEx that still made it to be on top of the list of customers interested in the shipping business. When a company have stable operational effectiveness, it’s hard for it to be sidelined

Competitive advantage is an important aspect of a company’s success. It is that unique factor that made a company stand out. With the 5 strategies examined above, you can build a strong competitive advantage.

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