Developing and Maintaining Your Competitive Edge

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.

experiential marketingMeeting customers face to face to build brand awareness.

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.

Image Credit:
Ambro – Free Digital Photos.Net

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Comments

  1. Sometime the competition is very tough.
    It gives too much stress on us.

  2. this are great tips for those who wish to develop and maintain their competitive edge in whatever industry they are in…

  3. This is a basic Michael Porter matrix. Even in marketing it is being used.

  4. Airra Pingol says:

    I’d have to agree w/ the last one. Strive to ensure that your business/services continually solves your customers’ problems in new ways. By focusing on this goal, you can stay ahead of your competitors.

  5. Developing a very good quality service is what I would add to that. Even in the seller’s point of view, the business doesn’t stop in the exchange of goods. Knowing how to handle your customers and establishing a good relationship with them would be a great advantage to competitors.

  6. Competition might be a good thing for you for it’s like fuel that keeps you going further and further to success. In today’s world, you must have good relationships with customers as this can be your competitive advantage when all you’ve got are relatively the same products and same level of service with others in the same field.

  7. I think we also need to consider the LOCATION. I made this kind of defense in my MARKETING CLASS way back my college years. INDUSTRY tackles the core eye of the business. COMPETITORS are the target point of your industry. And customers are the umbrella that covers your industry to have LONG TERM INVESTMENT. But LOCATION is absolutely the VITAL to your company success.

  8. One way of developing your edge is knowing your business and knowing what sets you apart and then you have to grow on this features.

  9. Monitoring competition IS important but I usually warn my personal clients that they shouldn’t focus on this TOO much; reacting to competition (as opposed to pro-active action) limits innovation and creativity, and breeds a feeling of “we must be better than X” rather than “we must be better than US” 🙂

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