This article was co-authored by Helena Ronis. Helena Ronis is Co-founder and CEO of AllFactors, a unified web analytics software to drive company's marketing and business growth. She has worked in product and marketing in the tech industry for over 8 years, and studied Digital Marketing & Analytics at the MIT Sloan School of Management Executive Program.
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Every business, large or small, needs a competitive advantage to distinguish itself from the competition. In the aggressive business world, especially in today’s economy, every advantage counts to establish your business in the top of your industry. Gaining a competitive advantage takes strategic planning, extensive research and an investment in marketing.
Steps
References
- ↑ Helena Ronis. Business Advisor. Expert Interview. 23 January 2019.
- ↑ Helena Ronis. Business Advisor. Expert Interview. 23 January 2019.
- ↑ http://www.netbase.com
- ↑ http://study.com/academy/lesson/types-of-competitive-advantage-cost-product-niche-sustainable-advantages.html
- ↑ http://www.wordstream.com/blog/ws/2017/02/21/features-vs-benefits
Expert Q&A
Video
Tips
- A small business can gain a competitive advantage by minimizing production and related costs, resulting in reducing the price to the level that other competitors will not be able to match. However, never sacrifice quality just to reduce costs.Thanks
- As markets change every day, focus on a strategy that is flexible and helps your business be competitive.Thanks
- Make changes in size, addition of features, or change in promotional strategy to make your firm's product stand out.Thanks
About This Article
To gain a competitive advantage in business, focus on improving or marketing some aspect of your company that distinguishes you from your competitors. For example, you could lower prices, spend more time training staff, provide faster service, or offer niche products. Do some research to see what your competitors offer and survey your customers to better understand their needs. If you are struggling to gain a competitive advantage, you could also hire a consulting firm to help you analyze your target market. For more resources from our Financial reviewer on how to reduce costs so you can offer lower prices, keep reading.
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