15 Mar How to Define Your Competitive Advantage

How to Define Your Competitive Advantage

The competitive advantage of your business is the ability to stay ahead of the competitions, whether it be the present competitors or potential future competitors.

The common way to do so is typically through the evaluation of your organisational competitor’s strengths and weaknesses, and then assessing where you can improve and fill in the gaps.

In turn, you will gain a strategic competitive advantage in the market place when you successfully produce attributes that allow you to outperform your competitor down the road.

Yet, it is not one simple formula to achieve a great market advantage. There are many ways and many strategies your organisation can implement to do so, and we are going to explore some of the more popular ways to gain an edge.

Innovation

Innovation helps a company in three main ways: Exciting the customers and clients, outperforming competitors, and building a new product or service portfolio. An innovative strategy is a refreshed plan to grow the organisation’s market share or profits through service or product innovation.

An effective strategy must accurately inform which segment within the company to target to achieve the most growth, alongside which needs are to be targeted to get the job done better. An innovative strategy must also create a solution, by indicating whether an improvement or a breakthrough innovation approach is best for the task.

It is shown that businesses can move ahead of the competition by refreshing their strategies and doing things in new and different ways. However, it takes careful consideration and planning to strategically implement an innovative idea for success, both in the short and long term.

Adaptability

In the modern working environment, many factors constantly change as the environment is increasingly unstable and unpredictable. Such factors include the market and economies, and those that can adapt to these changes have a distinct advantage.

A great example of this is how Apple successfully negotiated the waves of change in the market place. Business leaders can bring adaptability into their core organisational strength by simply being open to change, rather than ignoring it. They can cross train and recruit a new and more update skillset to the company.

If the acceptance of change is rejected, it is often seen that companies will fall behind those who embrace it. It is an inevitable fact of life that things change and evolve, and it is important to go with the ride and implement ways the changes can benefit you.

It may seem scary, and it may seem like you need to change every process in place within the business, but simple strategic alternatives and approaches can be all you need to keep your competitive advantage

Contact Hubb Strategic Workplace Consultants today to find out how you can evolve and adapt to change.