Wednesday, July 15, 2009

Marketing Mechanics. What Is Your Competitive Advantage?

In my profession, I commonly use the quote, "With Knowledge Comes Understanding, With Understanding Comes Commitment!" This quote can be used for almost any line of business and daily activity.

Does everyone really know what your business has to offer? What is your competitive advantage and how will you make the market understand the unique value your small business has to offer?

Does your business provide faster results, easier procedures, personal attention or a better guarantee? How do I know? Give me knowledge! What share of the market do you expect to command, and why? What is the difference between your company's abilities and those of your competitors - why customers should do business with you rather than your competition.

Identify why prospects should do business with you instead of with a competitor selling a similar product or service. Ask yourself, "What does my company do best?" Or better yet, what can my company potentially do better than any other company? That is your competitive advantage.

With understanding comes commitment! Your competitive advantage can be responsible for fifty percent or more of your sales. Make sure you have one - and don't lose it. Keep checking on your competition and make any changes necessary to keep your competitive advantage.

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