Overcoming “So What” – Leveraging Your Competitive Advantage
In a competitive consumer world, one of the biggest challenges facing customer-driven businesses is overcoming the “so what” factor. You have a great product or service, but that means very little to potential customers until they understand why it’s different from everything else.
Understanding Your Competitive Advantage
Between ads on television, Facebook, Internet radio, and that passing bus on the highway, today’s consumers are faced with constant choices. They have options, and they know it. Therefore, you need to find a way to stand out. You need to identify your competitive advantage.
The competitive advantage should be a main focus for every business. In developing your product or service, your teams should be discussing how or why this product or service is better than anything else on the market. You need to be able to say to your clients that you can fill a need others can’t – or at least that you can fulfill it better in some way.
Fine Tuning Your Competitive Advantage
By identifying the competitive advantage, you have an opportunity to strengthen your company’s offerings. If your competitive advantage isn’t compelling enough, you chance being lumped into the 80% of businesses who are forced to compete with one another by lowering prices. Instead, leverage your competitive advantage; make the changes to your products or services that allow you to stand out above any of your competitors, so you can continue to sell confidently.
Communicating Your Competitive Advantage
Once you’ve clearly defined your competitive advantage and made any tweaks to your product or service in order to leverage your strengths, it’s time to communicate your message across your teams. Every person in your company should be able to speak to what makes your product or service superior to every other option on the market. It should become a part of your company culture.
Selling Your Competitive Advantage
Now, it’s time for your competitive advantage to drive your marketing and sales initiatives. Your competitive advantage becomes your unique selling proposition for your customers. It convinces your customers that your product or service provides the solution to their need better than anything else. As you continue to improve the quality of your offerings, your customer base grows in their trust that your product or service is superior to anything else available. Once you’ve achieved this perception, it becomes easy to sell more at higher prices, maximizing your profitability and success.
About the Author
Craig Korotko is a creative, results oriented C-Suite executive with extensive experience and achievement in creating technology solutions that deliver products and services to the financial industry. As a business coach, Craig Korotko combines his passion for leading small companies and growing them in competitive markets with his ability to lead large cross-functional teams.
In his over 30 years of corporate experience, Craig has worked with startups to Fortune 500 companies with a demonstrated track record of success. He wants to make sure you are not too busy working in your company instead of working on your company. Start the conversation with a simple, complimentary 30-minute advisory discussion. Contact Craig today.