Starting a business or expanding your business into a new product line resolves around some key factors.
One of the key factors is that your business must have a value that will call the attention of others.
Something that will pull the crowd to you!
This value is sometimes known as “COMPETITIVE ADVANTAGE”
What can your product offer that other products in the market does not have?
What is so uniques about your product that will magnetize the mind of your market audience?
Your competitive advantage is your area of differentiation that gives you an edge above others in your industry.
The CA (Competitive Advantage) may be a new discovery, little adjustment to existing plan, additional features, etc.
It can take any form of development!!!
In what way do you have an advantage over your competitors?
How and why is your product superior?
As Jack Welch of General Electric once said, “If you don’t have competitive advantage, don’t compete!”
Your competitive advantage is invariably the most important reason that a customer would choose your product over that of your competitor.
Fully understanding the system of your competitive advantage is the key to achieving a great market share and projected returns.
You should be knowledgeable about the competitive advantage of your product that someone could wake you up anytime and ask, “Why is your product better than any body else’s?” and you could answer this question out of a sound sleep.
Your competitive advantage should be the national anthem you sing to the ears of your customers.
It must ring a bell in the head of your customers; Creating a first-mind expression.
So if I may ask, what is the “Competitive Advantage of your product?”