Your business could be absolutely brilliant, but for some reason, a competitor is doing better. You need to have the competitive edge in your market and to have this you first of all need to understand what it means. Having the competitive edge or the competitive advantage isn't just about the price you need to have a unique angle, something that sets your business apart from all the others and makes customers more likely to choose your product over someone else's. Without a competitive edge, your business has no unique method of drawing customers in. So if you don't have one or you don't know what yours is, here's a few things that might be able to help you.
Charge More
While many businesses think that slashing their prices is the way to go and the best way to stand out, it's quite the opposite. If you charge more or go with a method called "prestige pricing" then you will appeal to buyers who don't take cheaper products seriously. This concept is also used to boost margins and increase your brand's image and social capital. However, if you're going to do this, you do need to make sure that your products or services justify the higher price point.
Become an Online Influencer
Although the term "Influencer" is a slightly loose one these days, 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 have a similar impact on expanding your company's perceived authority.
Stay Ahead Digitally
As much as you might not want to do this, technology is the future, and you need to be on top of it, not just keeping up with it but staying one step ahead of the game. Get an app before everyone else in your industry does. Look here to learn about how the right software can help your business work more efficiently, be more productive and gain a leading edge in even the most competitive markets. Conduct regular social media audits so you can track your success and know exactly where you need to make changes.
Create Your Own Data
Data is changing the way we do business. You should use data points and statistics in the marketing content you create, as this gives the appearance of authority and credibility. However, you don't have to use someone else's data; you could be the business that other businesses cite in their content. You can gather market data easily with tools like Google's Consumer Surveys and SurveyMonkey, and then you can package your results in a neat format for distribution, and you will soon see your industry presence grow.
Find Your Niche
Trying to be everything to everybody means you'll end up being nothing to nobody. Many successful business today are just focussing on the one thing, and they are doing it really well. People will then see you as the expert in that field, and when it's that particular product or service they want, they will come to you.
