What is your edge on your competitors?
Competitive advantage management is a set of methods and strategies that work to not only position your company or business but also make it stand out in the market. Understanding the competitive advantage of your company over its rival companies is the key to creating a dominant position in your market. The business plan that you have sketched as an outline of the future progress of your business should incorporate competitive advantage management. Without it, your business plan is incomplete and will be ineffective as well. What are your strategies for standing out among your competitors?
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Jul 1, 2014
It helps to model the business itself, to create a simple and understandable representation of the business model itself. That should be done in person with senior leaders. Then use the five forces, described by Porter, to flush out opportunities to shield the company from shifts in the environment that can push a company out of a successful market. Now, analyze the value proposition of your products and services in key market segments to see if you can make specific and feasible changes to your offerings, channels, or partner relationships to draw more value from existing customers, or if you can make a different set of changes in order to draw new customers into your portfolio of business.
In other words, use differentiation in the appropriate context. If you lead with differentiation, you can end up standing alone. Creative Labs did that. Last I checked, they were a penny stock at the risk of being delisted.
Jun 30, 2014
There are 3 part of product/service
1) Core
2) Actual
3) Augmented
People will come to you for Augmented part (the differentiators) but they closely look at your core and actual will help you give extra push (the professionalism park like packaging etc) ...
Edge at core, Edge at Actual and Edge at Augmented is needed.
Hope it helps.
Thanks
Aji Issac
CEO, Techshu - End 2 End Digital Marketing
Hi Aji, thanks for the insight you've shared. I appreciate your comment.. =)