4 Competitive Advantage Examples That Could Improve Your Marketing Efforts
One of the goals of any good marketing campaign is to set yourself apart from the competition. This is done by showcasing a unique selling proposition, which tells consumers exactly what makes the product or service that you’re offering unique. However, you can’t just stop there. At this point, every competently run business is going to have their own unique selling proposition.
To truly stand out, you’re going to have to figure out what your competitive advantages are as a brand and leverage them in order to enhance your marketing efforts and boost your brand reputation. The following are a few competitive advantage examples:
If you’re able to provide value at a lower price than your competitors, then that is a big advantage in itself. Many businesses will find ways to cut down on their operational costs so that they can lower the price of their products or services to the point where their competitors can’t afford to match. This kind of cost leadership is advertised by many businesses whenever they have it. Think of McDonald’s dollar menu or the “every day low prices” that Walmart advertises. These are companies that have successfully leveraged their cost leadership in their advertising.
2. Product Or Service Differentiation
Product or service differentiation refers to the ability to provide better benefits than your competitors. For example, being able to deliver a product to consumers faster than anyone else via same day shipping is a form of differentiation. Differentiation is typically achieved through product or service innovation, the quality of customer service that’s provided, or by the quality of their products or services. Another example would be a roofing contractor offering a longer warranty on their repair work than any of their competitors.
The processes employed by your business can be a huge competitive advantage. For example, if you have sole access to technology and partnerships that allow you to manufacture your product and get it shipped out quickly in a cost-efficient manner, then you may not only have a competitive advantage, you may have on that is sustainable as well. Other processes may work as competitive advantages as well, such as the ability to provide 24/7 customer service.
Authority is something that can only be built over time and which is often done by providing consumers with valuable content that helps to establish your authority and by extending your reach by regularly engaging with your audience. As an authority, you’ll become an influencer of sorts within your industry. When you lay out the benefits of your products or services, people will be more willing to take you at your word as a result.
These are just a few competitive advantage examples; however, these competitive advantage examples may not be your brand’s advantages. To identify your competitive advantages, you need to do a thorough evaluation of your company’s strengths. Once you’ve identified these advantages, you can begin to leverage them in your marketing efforts.
Dan Gartlan helps companies of all kinds drive their business initiatives and achieve their goals with strategic marketing programs that deliver results. As President of Stevens & Tate Marketing, he has over 20 years experience across various industries, and continues to share his expertise to build brands nationwide.