One of the most difficult jobs in the modern world business is to gain an edge over your competitors. A slight advantage can always play a hefty part in the establishment of your business. Competitive advantage is something that will place you differently than your competitors; make sure it is something worth wonders.
How can you sneak a competitive edge over your peers in the industry?
Pinpoint the target market for your product or service. Never count on all consumers because it would give you a wrong idea of potential demand and lead to inaccurate forecasting. Target markets should be separated with respect to socioeconomic, demographic, and common characteristics. Loyal customers should be dealt with differently and recurring sales should be generated through improved after-sale service.
Understand the procedures used by your competitors in order to make their customer base yours. Identify what practices they follow and what can be added in your portfolio that can differentiate you from others. Always stay in close contact with your customers and care about their small gestures so they feel part of the organization. Send complimentary items and remember them on their birthdays, anniversaries etc.
Learn about the barriers to entry in the industry and manipulate them in your favor whenever required. Stop new competitors from entering and overtaking your market by creating hurdles through litigations or pricing strategies. This will secure your business potential and preserve future profits for foreseeable future.
Continuous improvement in your services will disable the ability of your competitors to identify niches and seize your market share.