What’s your EDGE?
What’s your competitive advantage?
A competitive advantage is an advantage gained over competitors by offering customers greater value, either through lower prices or by providing additional benefits and service that justify similar, or possibly higher, prices.
When people can’t tell the difference, you’re thrown into the commodity trap – where products or services sell the same need and solve the same problem, which supports the statement above is saying, people are then forced to choose on price alone.
If someone tells you that he or she is selling a commodity and a brand isn’t important, are dead wrong. There’s always a reason why people are buying your service or product vs. others, so why not take advantage of it? Take whatever is working and enhance it – drive the potential behind it.
Recently I went shopping for a new couch – I think I must have been to every store locally and online. What I noticed though was a handful of the company’s shot straight from the hip with me. The ones that are trained on their competitive advantage knew their brand promptly and met me at the door to give me their competitive advantage statement.
This type of approach gave me clarity as a customer to help me identify if their brand that suits my emotional need for my version of a perfect couch. I was able to understand where they fit in the world or industry, comparatively speaking.
For example, one said, “we have the best price around, but you’ll have to wait roughly 6-8 weeks to get your sofa.” Another said, “we’re not the cheapest, we don’t customize but you’ll have your couch within 24 hours.” The other store sold on higher end pricing and said, pointing at the sofa, “this was the only sofa I would ever have to purchase – for the rest of my life.”
What’s interesting is that they all have their niche and I’m sure all are doing quite well. What is key here is that they know themselves, they know who they are and whom they serve. The missed or lost opportunities are much slimmer because they understand who they are, whom they serve and how best to communicate that.
Take a second and answer these questions:
What type of quality are you providing?
I sat down with a business owner last week, and he spoke in a very clear way about how is he positioned – affordable and fast. We get the job done and out the door – we’re not worried about perfection.
How fast are you delivering your product or service?
I always think of the idea if you want great results, it’s going to take time. I tell my clients – you get what you pay for especially in the design and branding world.
What is the price point you’re charging your customers?
Are you high quality and are your customers expecting to pay high prices for premium products? Is it said that people expect to pay prices.
I don’t care if you are telling nuts and bolts or deliver the fastest hot dogs and hamburgers – there’s still a brand – there’s still an opportunity for you to sell on brand and enhance your revenue through understanding and communicating your competitive advantage.
Call today for your brand audit and advice on how to better position your brand to gain more awareness and attract more clients.