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Thursday, 3 July 2014

HOW TO CREATE A COMPETITIVE EDGE OVER YOUR COMPETITION

                     In business a competitive edge is having the lead over your competition. A competitive edge is all about producing goods and services more effectively than your competitors. This is where an organization has an advantage over its competition. A lot of organizations create competitive edges over their competitions to gain better recognition in the market. They use different unique ways to stay relevant in the market. Every organization always wants to stay ahead of their competition. Virgin, Google, Coca-Cola, Apple, Oracle, Chevron, Coscharis and Julius Berger are examples of companies who have created a competitive edge for themselves in the market. These are some guidelines on how your organization can create a competitive edge for itself.
1.     Identifying your competition: Before you can have a lead on your competition you will need to map out your competitions. You will need to know the kind of service they offer and what kind of products they sell. If you know who they are, you will know how to have a lead over them.
2.     Study and determine your target: After you have known your competition you will need to determine your target market. You will need to understand your target market. You will need to know their needs. If you understand your target market you will know how to serve them better.
3.     What are you selling and to whom: You need to understand what you are selling and to whom. To have a competitive edge you will also have to understand the market you are selling your products and services to.
4.     Which other companies are doing the same business as your company: You will need to find out the companies that offer the same service as your company. You will need to understand how they do what they do. If you can understand these companies, it will be easy for you to create a competitive edge over them.
5.     List out their strengths and weaknesses: Every organization has to know their competitors’ strengths and weaknesses. Your competitors’ weaknesses might be your advantage. You will need to compare your company’s strength with your competitors own. Comparing your strengths with your competitors allows you to focus on your relative strengths and grow them at your competitors’ expense. Knowing your competitions weakness will help you work on your company better.
6.     How do they draw in customers: You need to know how your competitors market their customers?  You need to understand the kind of marketing and advertising strategies they use in winning the best clients. You will need to know how they promote their brand. If you know all this, it will give you the ability to work on your own marketing skills that will beat that of your competition. This will help you know how to improve on your marketing skills.
7.     How do they stand out from other competitors: You will need to know what stands out about your competition?  You need to understand what they are doing that makes them stand out. In order to stand out you must be ready to offer quality products and services that your clients can trust. To stand out you will need to come up with strategies that will be unpredictable by your competition. Your company will need to develop the x-factor that will separate it from its competition.
8.     Why are your competitors pleasing to their existing and attainable clients and customers: what are your competitors doing that you are not doing. Is there any business strategy that they are applying that you don’t know about? To take the lead on your competitions you will need to make sure your company is customer-focused. Also you must make sure your customers are satisfied with your products and services. In doing this you will need to build trust between your company and its clients. If your existing clients trust your brand, they will definitely refer your brand to other people.
9.     Trimming down on your product price and service charge: What can make you have a lead over your competition is if your prices and charges are affordable for your customers. If your prices and charges are affordable for your customers, they will definitely patronize you. Making your price lower than your competitor’s own will attract more customers for your company.