What Is Your Competitive Advantage?
No doubt you want a competitive advantage over your competition. A competitive advantage can come in different forms for different people. For example, if you’re a leader you’re competing for the mind-share of the individuals you lead. What will give you an advantage in influencing others behavior? If you’re selling a product or service you are competing with the budgetary requirements of the customer as well as with other vendors. What gives you an advantage?
If you want to position yourself in ways that give you an advantage over your competition I’m going to share one bold statement and three questions that will help you have a competitive advantage. Answer these three questions and you can have a competitive advantage.
Your competitive advantage needs to be that you give a competitive advantage to your customer for having done business with you.
It’s really quite simple. By giving a competitive advantage to someone you will have a competitive advantage.
1. What is it that you do extraordinarily well that is highly beneficial to your customer?
2. What are your customers strategic initiatives, and how are you helping them accomplish them in unparalleled ways?
3. What problem / issue are you addressing that it is a game changer for your customer?
When you answer these questions you will have a competitive advantage. But before you check this exercise off your to-do list, take one important and highly valuable next step. Confirm your answers with your customer.
If your answers to what makes you unique and distinctive are compelling for you but not for your customer you do not have a competitive advantage, but rather a performance disadvantage and all bets are off.
If you want to have a competitive advantage provide a competitive advantage to your customers. You’ll know you have done so when customers say, “we cannot imagine doing business without you.” When you hear that, you’re going to have a fabulous week filled with a competitive advantage.