Your small business is faced with a financially strong competitor, they can influence market prices as they see fit, and they have the latest technology on their side. What do you do? Imagine a phone with no social media; no internet and no applications trying to compete in a market where iPhones exist.
Competitive Advantage
Competitive advantage refers to factors that allow your companies to produce goods or services better or more cheaply than their rivals
Identifying Your Unique Selling Point
What is the one thing you do better than anyone else?
- Unique selling point that your customers can’t get anywhere else
- Even dumbphones have unique selling points
- People who get dumbphones report that they use them for productivity, focus, and mental health
Serving Your Customers and Earning Their Trust
Address the customer’s pain point, ensure they stay true to their company’s goal, and ensure that their customers trust the company
- As a small business owner having loyal customers ensures that the threat of competitors would be unable to shake your profits
Knowing Your Competition
Find out who your competition is, what they have that you don’t, and what you have that they don’t. The answers you get will form a major part of your competitive strategy.
- Nokia focused on affordability, low specs, and history when it launched the 3310 in 2017.
Knowing Your Customers
Influence customer bias by keying into something they already like
- The task is not so much to see what no one has seen; but to think what nobody has yet thought about that which everybody sees
- Think what they haven’t thought about yet
