4. Create Your Competitive Advantage
Posted: Sat Dec 28, 2024 6:20 am
4. Create Your Competitive Advantage (and What Makes Your Business Unique)
A competitive advantage is defined as your unique advantage that allows you as a business to generate greater sales or margins, and/or acquire & retain more customers than competitors. It’s what makes your business, your business.
This can be in the form of your cost structure, product offering, distribution network, customer support, or elsewhere in the business. If you’re going to start a business, it needs to be unique in some (ideally, several) ways. A competitive advantage is not business slang and industry jargon commanding a knowledge of all the right that makes you sound like you know that you’re talking about…
An example of a very powerful competitive advantage would be owning the exclusive rights to a brand new microprocessing chip that Apple is 100% going to need to include in every iPhone they build moving forward. Now, something like this is very rare. Apple hires some of the best & brightest in the world to cut down on the possibility of things like this happening, and they work with outside suppliers who can guarantee these things as well.
Know Your Competitive Advantage in Business Ryan Robinson
Your strongest competitive advantage may be your own personal skill set (your unique experience, storytelling ability, or industry knowledge), strategic relationships (you’re best friends with the CEO of a potential first client who loves the first proof-of-concept for your product), or your personal brand that you’ve built. The strength of your competitive albania phone number database will greatly affect your early results in learning to promote your blog (if your business is blogging) and otherwise sell your product or service.
I challenge you to write down what it is that’ll be your competitive advantage—and check out branding ideas for inspiration on how to position yourself uniquely within your industry.
If you don’t know yet, that’s ok. This activity is meant to kickstart your entrepreneurial thinking and get you headed down the right path. Defining and continually building the strength of your competitive advantage(s) is an essential step in the process of starting, growing, and staying in business.
Most importantly, your advantage(s) will be built into everything you do. Your product, service, and outward messaging will all tell the world why they need your product or service. Developing your messaging strategy deserves its own post.
5. Set Detailed, Measurable and Realistic Goals
Now that you’re developing a better understanding of your future business and what makes it unique, it’s time to start making the real work happen.
Without setting attainable goals and realistic deadlines for yourself, you’re going to spend a lot of time spinning your wheels. It’s hard to get anywhere if you don’t know exactly where you’re going. In my experience, it works best to set daily, weekly, and monthly blogging goals for myself. It helps me to stick with both the short term and long term objectives.
In the beginning, your daily goals are most likely small wins or to-do list kinds of tasks. I use Google Calendar to run my daily schedule and track the small wins I need to accomplish each day—in order to ladder up to my more meaningful goals.
A competitive advantage is defined as your unique advantage that allows you as a business to generate greater sales or margins, and/or acquire & retain more customers than competitors. It’s what makes your business, your business.
This can be in the form of your cost structure, product offering, distribution network, customer support, or elsewhere in the business. If you’re going to start a business, it needs to be unique in some (ideally, several) ways. A competitive advantage is not business slang and industry jargon commanding a knowledge of all the right that makes you sound like you know that you’re talking about…
An example of a very powerful competitive advantage would be owning the exclusive rights to a brand new microprocessing chip that Apple is 100% going to need to include in every iPhone they build moving forward. Now, something like this is very rare. Apple hires some of the best & brightest in the world to cut down on the possibility of things like this happening, and they work with outside suppliers who can guarantee these things as well.
Know Your Competitive Advantage in Business Ryan Robinson
Your strongest competitive advantage may be your own personal skill set (your unique experience, storytelling ability, or industry knowledge), strategic relationships (you’re best friends with the CEO of a potential first client who loves the first proof-of-concept for your product), or your personal brand that you’ve built. The strength of your competitive albania phone number database will greatly affect your early results in learning to promote your blog (if your business is blogging) and otherwise sell your product or service.
I challenge you to write down what it is that’ll be your competitive advantage—and check out branding ideas for inspiration on how to position yourself uniquely within your industry.
If you don’t know yet, that’s ok. This activity is meant to kickstart your entrepreneurial thinking and get you headed down the right path. Defining and continually building the strength of your competitive advantage(s) is an essential step in the process of starting, growing, and staying in business.
Most importantly, your advantage(s) will be built into everything you do. Your product, service, and outward messaging will all tell the world why they need your product or service. Developing your messaging strategy deserves its own post.
5. Set Detailed, Measurable and Realistic Goals
Now that you’re developing a better understanding of your future business and what makes it unique, it’s time to start making the real work happen.
Without setting attainable goals and realistic deadlines for yourself, you’re going to spend a lot of time spinning your wheels. It’s hard to get anywhere if you don’t know exactly where you’re going. In my experience, it works best to set daily, weekly, and monthly blogging goals for myself. It helps me to stick with both the short term and long term objectives.
In the beginning, your daily goals are most likely small wins or to-do list kinds of tasks. I use Google Calendar to run my daily schedule and track the small wins I need to accomplish each day—in order to ladder up to my more meaningful goals.