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Visit GoForth Institute's Blog for Trending Business Topics

What is a competitive advantage?

27 May 2017, 10:00 am by Samantha Garner

Your business has a competitive advantage when customers believe you offer clearly superior products and service from your competitors. Successful small business owners craft a competitive strategy, which considers how their business will compete against other businesses.

Why should you create a competitive advantage for your business?

Many small business owners will simply try to copy what’s succeeding already. But if you dig deeper, there are flaws in the logic — why would customers buy from you if you’re exactly the same as your competitors?

In your customer’s mind, at least they have some history with those businesses, so your competition is lower risk. With you, they may have no history. So, lower that risk by clearly communicating to your customer why you’re different.

Where competitive advantage comes from

Sources of competitive advantage in small business are based on price/value. Sure, larger businesses may be more capable of competing on price, but small businesses can add greater value, like superior customer service. Small businesses can respond to changing conditions quicker than larger businesses, making it easier for them to adapt to what customers want. Small businesses can also serve niche markets, or small markets with unsatisfied needs, where there are no other competitors.

What’s your small business’ competitive advantage? How do you clearly communicate that to the market?

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