home > Articles

Honing Your Competitive Edge

What does your business offer that sets you apart from your competition? That is your competitive edge.

Your business can not be all things to all customers, so do not assume that you should excel in all of these areas, but consider in which of the following ways your business stands out:

Quality. In what way is your product demonstrably better than others? It may be made with better materials, last longer, be more attractive, more functional, or otherwise provide greater value.

Results. Will your product or service produce verifiable results? Do those results surpass those of your competitors?

Service. Can customers expect extra service that is not available elsewhere, or only available at an additional fee? Do you have knowledgeable staff to assist customers before and after the sale?

Access. Is it easy for customers to get to your location, or to contact someone who can assist them? Do you provide help, such as chat with live operators, at your Web site?

Exclusivity. Do you offer a branded product or service not available anywhere else? Have you created a brand for your company?

Availability. Do you offer a wide selection of styles, colors and brands? Are most items in stock, or do customers have to wait?

Price. Are your prices lower for comparable products and services, or do you provide a better value?

Convenience. Can customers get everything they need from you, whether that is a complete line of service, or all of the accessories for a product? Many customers are willing to pay a higher price to avoid waiting. When I called a plumber recently, I was quoted three different prices for a service call, depending on the appointment window that was scheduled. If I wanted a specific time, I would pay more than if I were willing to take a four-hour window.

Guarantee. Is your guarantee longer or more comprehensive than your competitors’? What assurances do customers have that the guarantee will be honored? For example, one home improvement company emphasizes how many years they have been in business, while another says that the manufacturer of the product they install guarantees both the product and the installation.

Speed. Will the customer have the product in hand sooner? Will you get there faster or get the job done sooner than others? Do customers get results sooner than with similar products?

Awards and credentials. Do you hold professional designations, such as Certified Public Accountant (CPA)? Are you certified by a manufacturer or software company? Were you voted Realtor® of the Year?

Testimonials and endorsements. Do you have well-known and highly-respected clients? Testimonials from them will influence other customers and give you an edge. Could you get an endorsement from a celebrity who would be identified with your business?

Customers will place different values on these characteristics. Although price may be most important to one customer, quality or convenience may matter most to others. The combination of benefits your business provides determines in what market niche it will excel.