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5 tips to finding your competitive advantage – Part 2

30 November 2023 Myra Knoesen

In part one we discussed why finding your competitive advantage is key to your small business’s success and the common types of common types of competitive advantage.

In this article, we take a look at how to find your competitive advantage. 

  1. Research current industry rates for what you offer. You might find that you’re already very competitive when you compare your prices to what else is out there. If that’s the case, make sure you emphasise it in your marketing content.
  2. Consider what sets your brand apart. Take for example real estate agent, Cyndi Alvarez. Cyndi calls herself the “Pay It Forward Realtor.” She knows how difficult it can be for buyers to take on the many costs associated with purchasing a home. Therefore, she provides a discount to folks like teachers, government employees, first responders, and seniors. This discount can be the difference between a buyer finding a permanent home and worrying about whether it will ever happen for their family.
  3. Do things in new or different ways. Flex your creative muscles and figure out better ways of doing what you do. You don’t have to reinvent the wheel every day. But if inspiration does strike be sure to use it as your competitive advantage.
  4. Work smarter, not harder. Sometimes all you need to do to stand out is to be more organised, punctual, and efficient than your competitors. People appreciate seamless experiences. So, give them what they want by streamlining your work routine or delegating tasks like marketing.
  5. Try new tools. Technology just keeps getting better and better. Research the latest apps, software, and tools for your industry. Your customers will be impressed by your up-to-date industry knowledge, and you may find yourself able to delegate time-consuming work. 

Finetune your competitive advantage

Finally, after finding your competitive advantage you’ll need to watch how it resonates with customers and prospects in the real world. How much do your customers really value your chosen advantage? Does mentioning your competitive advantage seem to be a pivotal moment during a conversation with a prospect?

You’ll be able to answer these questions once you’ve incorporated your competitive advantage into your marketing

Author

Maria Waida

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