What is Competitive Advantage?

At Assemblage LLC, one of our core services is to provide a Business and Financial Strategy to get your business off the ground no matter your business entity. This strategy is key to your long-term success.

As mentioned in a previous blog, a business strategy is an outline of the actions and decisions a company plans to take to reach its business goals and objectives. One of the factors that we analyze in that plan is your competitive advantage or where you stand among your competitors.

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But What Exactly is a Competitive Advantage?

Competitive advantage “refers to the factors or attributes that allow a given company to produce more affordable or higher quality services or products than its competitors” (Ref). By identifying those factors for how you will reach your goals, you can focus on capitalizing on your strengths, using them as a competitive advantage that makes your company unique.

A common example is when one retailer has lower prices than the other retailers selling the same or similar products at a higher price. Therefore, the lower prices are the competitive advantage.

Other ways to gain that advantage are to stay up to date with market trends such as technological advances, provide real value to the customer with a personal touch, or deliver what the customer needs with efficiency.

Know Your Audience

With the right business strategy, you can learn who your target audience is so that you can meet their demands based on what they prefer. Who are your ideal buyer personas and how can you reach them? How can you make your customers’ lives better with your products and services?

Know Your Competitors

Finally, identify your competitors in your business market. These not only include the similar companies but also how they are creating the same experience for their customers. In your business strategy, analyze your competitors’ products, messaging, delivery, and any other differentiator that meets the demand.

In most cases like many of our services, our Business Strategy service can be offered for a conveniently billed flat rate.

Contact us today, and tell us how we can be an asset to you!

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