February 19, 2020
“It is important to know your brand, what you represent, who your competitors are in the marketplace and what makes you different.” … Germany Kent
Your company must achieve a competitive edge, whether you sell products, services or some combination of the two to be relevant! Here are some ways to create and maintain a competitive edge!
- Value Pricing
Charging more is what’s referred to as “prestige pricing.” It’s used not just to boost margins but to increase a brand’s image and social capital by appealing to buyers who don’t take cheaper products seriously. People are willing to pay more for a product or service if it aligns with their plan, profile and strategy for increased sales, productivity and profit!
- Become an Influencer
“Influencer” is a nebulous term these days, but its function as a competitive edge is simple to understand: The more people who know and respect your company, the more customers you’ll acquire when these same people have a problem you can solve.
- Speak at Events in Your Industry
Speaking at conferences, meetings and other events has a similar impact on expanding your company’s perceived authority. This type of communication produces monetary and intangible benefits. Seek also to be available for interviews and participate on program panels in all forms of electronic media [ social media, TV, Radio, etc.]
- Create Your Own Data
Use data points and statistics in your marketing content to create and give the appearance of authority and credibility. This will result in your company being cited in articles, presentations and professional journals. Use tools like Google’s Consumer Surveys and SurveyMonkey. Compare your results to industry norms and competitive products. Package your results in a neat format for distribution, and your industry presence will grow.
- Define Your Uniqueness
You cannot be everything to everybody. You need to develop your own unique place in the marketplace. Distinguish your product or service from the others, seek to create value within a niche market. Be specific and unique! Define your target audience/customer. Create a website, social media and all forms of collateral to appeal and create an immediate compelling competitive advantage.
- Leverage New Technology
Another way to stand out in your space is to use new technology approaches .
Live chat, interactive texting, group Skype and all forms of immediate contact with your client/customer supports multiple “impressions” of your product or service. Connecting on a tech and personal level builds trust and confidence in the product or service you are offering. Adding technologies to your digital repertoire gives customers a great reason to shop with you, rather than your competitor.
- Enhance Customer Relationships
Advocacy marketing is a hot topic these days. Its more than just sending an e-mail, texting, providing marketing updates through mass mailing, social media notices , e-mails, etc.
Invest time and energy into forming real relationships with your best customers Sharing an afternoon lunch, golf outing or evening dinner, concert or athletic event can produce immense good will and deepen the client/customer relationship. The business world is impersonal enough already. Real relationships stand out and create a powerful competitive edge.
- Create a Healthy Culture
Customers want to buy from companies that treat their workers well and produce products and services that align with their customer’s needs and values. At the same time, these companies can attract the best talent, who – in turn – go on to provide great service for the company’s customers. It’s a win-win cycle that leads to growth and the development of a compelling competitive edge.
How are you competing and distinguishing your company, product and/or service in todays every changing economic landscape?