Recently, I read a quote by Michael Porter who said, “Competitive strategy is about being different. It means deliberately choosing a different set of activities to deliver a unique mix of value.” I couldn’t agree more, but determining your competitive advantage can be challenging to do.
Here are some questions you might ask yourself or your marketing team to help you zero in on your competitive advantage.
- What are you better at than anybody else in your space?
- What is unique to just you?
- How can you be different?
- What are the competitive advantages of each one of your main competitors?
- Why do your customers buy from you?
- Where do the opportunities lie for your business?
Once you answer these questions, you can begin to identify the advantage you have and how you’re going to exploit it and communicate it. It can be a challenging process to go through, but also very insightful and rewarding.