Identifying Your Competitive Advantage – What Makes Your Company Unique?
Your company’s competitive advantage is best defined by answering the question “ what makes your company better from your competition? ” It could be a unique range of products and services that your company offers or just a spin on the way they are offered which makes customers prefer your company over others. Knowing your competitive advantage is extremely crucial so you can strategically place your organization ahead of others. For this you need to analyze the strengths and weaknesses of your competitors and understand how your company can bridge the gaps to improve the system. Another important aspect is understanding your target customers and building strategy to attract them towards your products and services. Successful companies focus much on making their offerings unique to create an advantage that is sustainable over time and helps them outperform their competitors. Many organizations, however, misidentify their competitive advantage and focus on the unimportant...