Choosing a Competitive Advantage
Business classes teach that in order for a business to succeed, it has to either be relatively free of competition in the market, or it needs to have a competitive advantage that will make people choose your company over another.
There are many ways to build a competitive advantage into your business. The most popular way is, of course, to try to beat the competition’s prices. However, this doesn’t always work out the way that you want it to — with the global market and the economic recession, it is often harder than you would think to offer a lower price than all of your competitors.
Another way to offer a competitive advantage is with something that other companies don’t offer, but that would be appealing to your target market. For instance, being able to say that your office is paperless is a great way to attract customers of a certain demographic. If you have networked attached scanners to digitize documents, preventing the need for employees to make additional copies, and you encourage all documents to be sent electronically whenever possible, you may be able to have an advantage over your competitors with customers who care about this kind of thing.
You have practically an endless range of possibilities for a competitive advantage before you, if you are willing to dedicate the time and creativity necessary to come up with something. What will you choose as your competitive advantage?
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