There is always going to be competition in business. Even if you start out with a product or niche that you consider to be yours alone and continue to build brand awareness, other enterprising businessmen will likely catch up with you through experiential marketing and will fight for their share of your market. You cannot afford to be complacent in business no matter what industry you are operating in. You have to make sure that you have an edge over your competitors. You have to make sure that you are always a step ahead of your competition.
To develop and maintain your competitive edge, there are several key factors you need to pay attention to:
Your industry—with today’s technology, industry developments and advancements happen all too quickly. You have to be abreast with these changes. And, you have to be sure that your organization can quickly adapt to these changes. Make sure that you are in touch with industry experts and leaders to get the “insider” info that you need to get your team up-to-speed whenever changes are implemented.
Your competition—before you can even start doing anything for the purpose of developing your competitive edge, you first have to have a benchmark. You need to know what your competition is doing. Only then will you be able to devise your own plans on how to top whatever it is they are offering.
Your customers—ultimately, it is your customers who can tell you whether your products and services are better than your competitors. It is your customers who can tell you what your competitive edge is. Your edge is the reason why they are choosing you over your competitor. You have to listen to what your customers have to say and be responsive to what they need. Use experiential marketing tool and meet your customers face to face. The more sensitive and attentive you are about their attitudes and perceptions, the better your chances are at developing and keeping your competitive edge.
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