There are hundreds – if not thousands – of businesses doing trade as of this moment. What do you think makes your business stand out among all of them? What does your business offer that would make prospects choose your products or services over others? What is your competitive advantage?
Competitive advantage is something that a business offers that makes customers choose that store over others. It gives your business some kind of superiority over rival establishments. It can be your product or service, a new technology, superior customer service or anything that your competitors don’t have or don’t deliver well.
To determine your competitive advantage, you have to look through the eyes of your target market. What do they prefer? Do they like stores that deliver superior customer service, unique products or low prices? Find what your customers want and deliver it.
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Let’s take high-end coffee shops as an example. Customers can brew their own coffee to suit their own tastes or run to convenience stores to get their daily cup of Joe but they still go to expensive coffee shops. Why? Because thesebusinesses offer something more valuable than their product alone. Customer-oriented staff and a cozy atmosphere make for a unique coffee drinking experience. Add that to the fact that they have strong brand images that persuade people to purchase their products despite being overpriced.
Another example is Jollibee, the country’s top local fast food chain. What does Jollibee have over McDonald’s, the global giant? They offer almost the same products, deliver fast service and target the same customers. Jollibee banks on its Filipino heritage. Having Filipino food like palabok in their menu far outweighs McDonald’s effort in incorporating rice meals to suit the locals’ taste. Their tag line, Bida ang sarap, captured the hearts of many Filipinos as it is written in Tagalog.
Flaunt your competitive advantage through advertisements and other promotions. Focus on developing that asset like Starbucks and Jollibee did. Make the customers be aware of your strengths and soon they will develop loyalty to your brand.
source: http://www.articles.88db.com.ph/find-your-competitive-advantage
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