How to Gain a Competitive Advantage

How to Gain a Competitive Advantage

The secret to success is having a competitive advantage over your competition.  We all know that competition is fierce.

So, what separates you from your competition?

What gives you an advantage from the perspective of your clients?

Arm wrestling, competitve advantage

What is a competitive advantage?

A competitive advantage is a characteristic of your business that separates you from your competition.

Here is a list of some of the top competitive advantages you can have for your service business.  You can combine them to work for your business.

1. Specialize in offering a unique service.

If the service you offer is unique, offer a particular service.  Become an expert in that distinct service.

2. Provide a unique technology or procedure.

Offer a unique technology that solves a problem or offer a procedure that is unique and different.

3. Specialize in an industry.

Become a specialist in your industry.  Be known as a specialist.

4. Know your audience better than anyone.

Have a profound understanding and knowledge about your targeted audience/clients.  The more your know your client, the better you will be able to service them.

5. Hire experts in your field.

If you are not an expert in your field, then hire a top expert or two in your specialty.  Clients flock to experts, well-known experts.

6. Offer your services on a flat rate fee instead of hourly.

Offer a flat rate fixed fee for your services.  Change the industry norm.  Anticipate the work at hand and offer a budget-friendly flat rate invoice to your clients.

7. Offer a unique level of service

Provide a level of service that is not being offered by your competitors.  Think outside the box.  Some examples:  Lawyers offer in-home counseling; physicians make house calls; food is delivered to your doorstep; food trucks park at local sporting events.

8. Bigger isn’t always better; Do it well

Provide services in a “boutique” setting.  Distinguish yourself, find a niche, do it well and dominate it.

9. Target your market; service a unique group

Service a special kind of client, like seniors, stay-at-home Moms, expatriates, farmers, etc.  Focus your services to provide for them.  Think global.

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