15 Dec Identifying Your Competitive Advantage
Have you ever sat back at the end of a long day and asked yourself, “why”? Why does your business exist? Why do you provide the services you do? Why do you produce the products you do? Why? Why? Why? The answer to these questions will lead you to your competitive advantage.
Your competitive advantage is that thing separating you from all of the competition. Without it, you blend into a sea of sameness, doomed to never stand out or make headway. Without a competitive advantage, your target market won’t ever take notice of your brand, your business, or your offerings.
When you have a firm understanding of what your competitive advantage is, you can better target your audience and know:
- The benefits of your products or services
- The pain points you solve for clients or customers
- The why behind what you do
All of which goes into building a marketing strategy, driving sales, and creating messaging that connects with your audience.
What Competitive Advantage Is Not
For many business owners, it’s tempting to say, “I’m cheaper. That’s why I outsell the competition.”
It’s probably a true statement, but it won’t always be the true statement. When you’re competing on price, it’s only a matter of time before someone else comes along and starts offering what you offer at a lower price. Here is what competitive advantage is not:
- Being cheaper.
- Offering discounts or running sales.
In order to stay competitive in your market, you need to be charging a price that is fair and allows you to make the profits you need to make in order to be successful.
Competitive Advantage Is All About The Why
Much like Meghan Trainor who seems to be stuck on the bass, to determine what makes you unique you need to be stuck on the why. Or, at least constantly asking yourself why. When you take the time to understand the why behind everything you do, you’ll get a better understanding of what makes your business unique
In order to identify your competitive advantage, you have to start with the why. Think about why you got started in whatever it is you do. If you’re a professional speaker who facilitates discussions on the conspiracy theories, maybe the why is your passion for those theories. Passion often leads to education which, in turn leads to expertise.
There’s something about you or your business that is different than other businesses. Identifying your why will help you identify what your competitive advantage is.
If you’re ready to turn your competitive advantage into a growing business or if you’re ready to discover your competitive advantage, Iconic Digital Agency is ready to help. We don’t only design great websites and help build dominating marketing strategies. We help businesses plan for success.
By assessing your strengths, weaknesses, opportunities and threats, we can work together to craft a strategy that increases your opportunities. What are you waiting? Contact the Iconic team today to get started!