What is your competitive advantage? If you don’t have a clear picture of how your business differs (or fails to differ) from other similar businesses, you might want to spend some time researching your competition and strategizing new ways in which you might set yourself apart. Here are 8 questions you might ask yourself to determine your competitive advantage:
About your competition:
- What are they doing (and what are they not doing)?
- What are they best known for (both the good and the bad)?
- What do their customers value most about their product or service?
- If you worked for their company, what changes would you make?
About your business:
- Why did my customers choose me over my competitors (for closed sales)?
- Why did my prospects choose to work with a different business (for lost sales)?
- What do my customers value most about my product or service?
- What do I want to be known for (e.g., great customer service, highest quality products)?