Very few products in the modern world are the only players in their space. This is where your competitive edge comes into play.
You need to stand out from the rest. Think about your favorite products and services. There are probably five to ten companies just like them who offer the same products. So why do you keep going back to those same companies?
You need to achieve a similar competitive edge.
Here are five strategies you can use to give your small business a competitive edge:
Use the Latest and Greatest Technologies
With so many innovative technologies releasing daily it’s never been easier to equip ourselves with the latest and greatest. In this day and age you’re better off partnering with another company than building it yourself. Integrate your products and services with others to offer your customers the best experience possible.
For example you can integrate your platform with an online payments solution to create a seamless payment experience for your customers. Whether you’re sending invoices or accepting payments directly on your website, choosing the right payments partner makes all the difference.
Become a ‘Premium’ Player
When it comes to pricing your products and services it’s often difficult to find that “sweet spot”. Typically competitive pricing is associated with the cheapest rates. However there’s something to be said about becoming the premium offering in the space.
This means you price your goods and services higher than the competition and simply offer more. If your customers can gain value from your services then your price point can be easily justified. On the contrary you need to be absolutely sure you’re on top of it. If you promise premium and deliver a substandard experience you’ll have a hard time recovering since there are so many cheaper alternatives available.
Create Useful Content
Data is extremely valuable. Instead of constantly using other company’s statistics, create them yourself. Produce content and case studies that provide relevant data points and statistics to your industry.
If your company becomes the top resource for industry data you better believe it will give you a huge competitive edge.
Make Changes From the Inside Out
Investing in a strong and positive company culture will do wonders for your business. Take the Uber and Lyft situation for example. Uber has been hammered recently for a truly toxic company culture, while Lyft has gained praise for quite the opposite.
While Uber is still very much the largest competitor in the ride-share space it’s still clear that Lyft is the runner up largely based on their company culture.
The more influence your company has the more it’ll stand out against your competition. One of the best ways to increase your influence is by creating influencers out of your employees.
Sure it’s good to create influence around your brand but at the end of the day, people are what make companies succeed. Have your employees write articles for relevant publications and speak at industry conferences. The more influence your employees have the more your company as a whole will be respected as a key influencer.
Gaining a competitive edge in business is no easy task. Not only that, maintaining it is just as difficult if not harder. That said, it’s something every business owner must do if they want to establish their name in the industry. Use these five strategies religiously and you’ll be pleasantly surprised by the results.