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competitive advantage

competitive advantage
9 آوریل 2022 سامان ملک پور marketing

What does competitive advantage mean?

Competitive advantage refers to factors that allow a company to produce goods or services better or more cheaply than its rivals. These factors allow the productive entity to generate more sales or superior margins compared to its market rivals For example, do you offer home delivery, a money back guarantee, a 2-hour call-out service or childcare facilities.

How to identify your competitive advantage

To identify your competitive advantage, you need to understand your competitors and your customers

 

: Ask yourself

  • Why do customers buy from us
  • Why do customers buy from our competitors and not us
  • Why do some potential customers not buy at all
  • What do we need to do to be successful in the future

 

Market research will help you to answer these questions. Good market research will reveal how your business is different from your competitors, and what you have to offer that appeals to your customers. In-depth customer research will help you identify your customers’ needs and increase your competitive edge.

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