What is your competitive advantage?
It’s such a simple question. What is your competitive advantage?
Whenever we are getting to know a new client, we have a process of discovery that we complete to scratch beneath the surface. We need to deeply understand your business, your products, your clients, and what sets you apart from your competition. This is a question that I ask about halfway through our discovery process and it always makes me smile.
“So what is your competitive advantage?”
A quick search on Google brings up this snippet from Wikipedia: Competitive advantage is the leverage a business has over its competitors. This can be gained by offering clients better and greater value. Advertising products or services with lower prices or higher quality piques the interest of consumers. Target markets recognize these unique products or services. This is the reason behind brand loyalty, or why customers prefer one particular product or service over another.
That first sentence, it’s the leverage that a business has over its competitors.
When I ask this question, nine times out of ten, the answer that I receive is along the line of this. “We care, we treat every client like family, you’re not just a number here.”
That’s what your competitor says as well. So let me ask you this, do you help your clients move house? Pick up their groceries? Give them a hug when they’ve had a bad day? Maybe, but probably not. For every client? Not a chance. So you don’t treat them like family, you treat them with care and professionalism, sure. You offer a wonderful experience. Sure, so does your competitor.
Do you want to know the real difference?
Your approach, your perspective, your manner, your experience. That’s what they are buying. That’s what we need to bottle.
We need to look at what makes you, your product, your service so special.
Take some time to consider your advantage, really think about it. Then have another go at it.