What is your competitive advantage? Is it what distinguishes your company or organization from the competition? Are you charging a premium because of it? Are you known for this advantage and experiencing off-the-charts brand awareness?
Nailing your competitive edge certainly has several advantages, but the most important thing about getting it right means your customers and potential clients know why they should choose your brand over another option. It’s the conceptual place your brand holds in their minds.
So, what is it that you want to be known for in the marketplace?
- Start with what is your most requested or biggest selling product. This could be a signature line or service that is specific to your team, your process or audience. If you are offering a unique solution to your customer’s pain points and the competition is falling short here, you’ve just hit gold.
- Tell the story and talk about WHY your brand is the solution to their problem. Be clear, concise and speak their language. Don’t be timid about letting your customers know that you are the best choice. Don’t be afraid to toot your own horn and own your position.
- Niche down. Most brands find this challenging because nobody wants to leave anything on the table. It’s so tempting to be everything to everyone. But you know the saying, marketing to everyone is marketing to no one. And, you guessed it — trying to be all things = no competitive advantage.
- Finally, what if you are in a super competitive space? Some brands are in categories where the field is packed and it’s tough to gain even a slim competitive edge. First and foremost, don’t ever compete solely on price. You might be winning the fight now, but it’s a tough stance to maintain. Usually someone bigger and with deeper pockets will become the new cheapest option in town. The best thing you can do in this situation is to assess why your loyal customers are choosing you. It could be something small but mighty that you can build a strong positioning around, or a specific niche with a dedicated but loyal following.