Competitive Advantage: It’s What Every Entrepreneur Dreams Of

4 Strategies For Gaining And Sustaining Your Competitive Advantage

It doesn’t matter what market you operate in, most industries are more saturated than ever before which means the competition you’re up against is seriously strong. With that in mind, the only way you can hope to be successful is by standing out from the crowd; it is having something that differentiates you from everyone else vying for your customers; it is having something that will make people choose you over everyone else out there.

Competitive Advantage

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As a business leader, these are things that should always be on your mind.

Like we said at the very beginning of this article, the competition is tough and the economy almost unforgiving, and that is why you need to do all you can to gain the upper hand in your sector.

Unfortunately, though, finding and leveraging an advantage is no easy feat. Hurdles, challenges, frustrations, anguish, and chaos are all going to be part and parcel of your battle for the top spot.

However, if you stick it out and shoulder all these tough times, well, we can assure you the upside will be totally worth it.

So, without eating up any more of your time, here are the most celebrated strategies for gaining a competitive advantage in business, no matter what it is you do or sell:

Competitive Advantage Strategies

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Your Position Is Everything

If there is one thing everyone in business is constantly doing, it is looking for now leads, more clients and a whole new well of customers. That is how the expansion is made possible and revenue is boosted.

However, this infinite process can eventually tire you out, as can the scaling struggles that accompany it. So, instead of chasing prospects, you may find it far easier and far more effective to position yourself as the leading authority in your industry.

It could be that you achieve this through your pricing, knowing the hidden risk of ignoring cost leadership strategy can be very detrimental. It could equally be that you position yourself as a trusted advisor by using as many of those ‘as seen on’ logos as possible on your website.

It could even be that you hire an expert copywriter to manage your blogging needs, thus giving off the impression that you are the go to expert in your profession.

Whatever you decide – and you could decide to adopt more than one of these advantages – you will need to do it with strategic and deliberate action.

What this will achieve, though, is a complete transformation of how you acquire prospects because, instead of you chasing them, they will come to you. People will think it is an honor to work with such an elite business.

Make It A Movement

The more you can make your business about something bigger than just you the better your chances of becoming the leader in your sector. There are plenty of success stories on this front that we could use as examples.

On the smaller end of the scale you have a company like Toms shoes; a company that we all love for donating shoes to those in need. Buying a pair gives a pair. It is what that brand has become synonymous with.

On the larger end of the scale, you have Disney, where dreams come true. Forget the movies, the theme parks, the cruises and everything else, it is all about the dreams.

This won’t just help you bring in more customers, by adopting a mission that is bigger than just your business, you will find that top talent is attracted to your goal too. Movements just have a way of leaving us so much more fulfilled than doing something strictly for ourselves.

Make your Employees Awesome

Every first-time entrepreneur heads on their journey with the intention of doing all on their own, only to realize that this is not possible. It is one of the most significant learning experiences you can ever receive.

In order to be a success, you need to build a seriously talented team to support your aims. But don’t stop there. Instead, make sure you can develop this team even further, make sure that they are always improving and that you are the best leader you can hope to be.

All you have to do is watch a sports game to see that the team who works well together is the team that will win. This is the case with 99% of sports and 99% of games.

The same goes with your business. You want a team that compliments each other, works well together and has one shared goal in mind: success.

That is why you need to pay special attention to who you bring onto your team and what will make this a dream team.

You will need to create a team where people’s strengths are boosted and their weaknesses made up for. It isn’t easy, but it is worth the hassle.

Existing Advocates, Not Customers

You will have no doubt realized by now that trying to land a new customer costs a lot more than trying to keep an existing customer. It’s true. But in order to get ahead of the game and streaks in front of your competitors, it is far better if you turn your existing customers into existing advocates and use them to attract new leads instead.

The easiest way to do this is to always over deliver. Do that and you will see your business start to gain a following of fans, all of whom will go out of their way to sing your praises and promote your offerings.

What’s more, they will do this organically – not because you asked them to – and that is what will be so attractive to new customers.

Think about it. We all buy according to social proof.

If you are in Times Square and you want to have the best hot dog going, are you going to go to the vendor with no one waiting or the vendor that has a queue of twenty plus customers?

Exactly.

That is why this route is a surefire way to become a market leader.

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