BEING COMPETITIVE – YOU HAVE OPTIONS
A COMPETITIVE ADVANTAGE is the attribute that allows an organization to outperform its competitors. A competitive advantage may include access to natural resources, such as high-grade ores or a low-cost power source, highly skilled labor, geographic location, high entry barriers, and access to new technology and so on.
There are three distinct types of COMPETITIVE ADVANTAGE:
COST LEADERSHIP STRATEGY is the ability of your business to produce a product and/or service that will be at a lower cost than other competitors. If your business can produce the same quality product and/or service…but sell it for less, this gives you a distinct competitive advantage over other businesses. If indeed you can do this, you should tell the world, shout it from the rooftops.
DIFFERENTIAL STRATEGY is when your products and/or services are markedly different or exceptionally unique from those of your competitors. Of course, you should always try to make your products and/or services so attractive that they stand out from your competitors.
FOCUS STRATEGY is when you aim at a few narrowly targeted markets rather than trying to target everyone. Ask yourself how you can focus on the needs and wants of a clearly identified customer type, describing how your products and/or services can noticeably improve their daily lives.
Whatever type of COMPETITIVE ADVANTAGE you chose to create for your business – you ought to do so with all the gusto you can muster. You’ll know you have it right when your Top Money Making Activities (TMMA) directly flow from the results of the strategies and tactics employed in your COMPETITIVE ADVANTAGE. Yes!
Creating a COMPETITIVE ADVANTAGE is of course marketing work. More precisely marketing strategy work. And you know what I’m talking about. A MARKETING STRATEGY is a long-term, forward-looking approach to planning with the fundamental goal of achieving a sustainable COMPETITIVE ADVANTAGE. The sustainable part matters a lot.
“Master-Mind is where I go to wake up…oh and find ways to grow my business and make lots more money too of course.” ~Richard Karasik—CEO, Saratoga Information Systems, Saratoga, CA, 1987