What makes people buy your company’s product, rather than your competitors’? Is the price lower? An excellent service experience? A superior product? Easier to find your store? Greater possibility of receiving technical assistance in case the product fails? To stay in the market and grow your company, you need to gain a competitive advantage, something that only you can offer and the competition.
In this post, check out four tips on how to gain a competitive advantage. This differential will bring the possibility to establish your brand in the market, have a better perspective of the company’s future, acquire leadership, and surpass your competitors.
4 Tips to gain a competitive advantage
The competitive advantage always creates value for the customer, meeting their needs; it is irreplaceable, different from what can be found in other companies out there; and it is sustainable, as it needs to be maintained over time to achieve the desired effect. Considering this, check out five tips to gain a competitive advantage:
Keep your sales team motivated
An excellent service experience is often the reason why people choose certain places to shop and then return. Even the most competent salespeople can make the quality of service drop if they are unmotivated. So always keep your sales team motivated.
In the organizational environment, motivation usually arises or disperses depending on the attitudes of the leadership. The first step to keep the team motivated is to invest in a good relationship between the leadership and the salespeople. They need to feel heard and recognized for their merit in the service. Other vital aspects that significantly affect employees’ motivation are the payment of fair wages, the correct adjustment of positions to the functions performed, and the possibility of growth.
Progressively reduce costs
Reducing costs is a central task for almost any competitive advantage strategy. With greater availability of resources previously wasted with unnecessary items or low suppliers’ choices, it is possible to invest more in the aspects in which it seeks to guarantee to gain a competitive advantage, such as restructuring the price system.
The top tip to reduce costs is to find out where to remove the excess, but be careful not to affect the quality. It is necessary to review all the destinations of the money carefully and if there is an alternative that can reduce expenses without any harm to the company.
Remember that even if your business is doing well, this is no reason to settle and stop looking for expenses that can be reduced or cut. The progressive reduction of costs is the goal for those who want to expand their competitive advantage and, thus, take or maintain the market’s leadership.
Make a sustainability plan
Several consumers are concerned with the environmental and social impacts of what they buy, avoiding companies that pollute the environment, produce a lot of garbage with their packaging, hire work similar to slavery, or cause animal suffering, among others. Many also prefer to choose companies responsible for recycling their products and have other actions to reduce the impact of their production.
An article in the British newspaper The Guardian points out that the nine companies that most invest in sustainability in the world have a competitive advantage of about 12% over the others.
Therefore, developing a simple sustainability plan for your company can already make a big difference, being a competitive advantage for your product, which will be preferred by those more aware consumers.
Use Google’s algorithm to your advantage
Nowadays, the internet is one of the principal means by which people search for the objects or services they need, even if they prefer to buy them in person, rather than online. The digital presence has become an essential item for any business, and the website the most professional way to ensure this. Through it, it is also possible to have a digital marketing strategy that makes your brand be found on Google when a consumer is looking, in the search engine, for what your company offers.
One way to gain a competitive advantage is to use the Google algorithm that makes your company appear in the search engine’s first answers. For this, it is necessary to invest in SEO (Search Engine Optimization), which stands for Search Engine Optimization, a strategy that can make your site a better position on Google.
Did you see how these actions, which, although they take time, are simple, can make your company gain a competitive advantage and get ahead of the competition? Also, check out the next articles on our Entrepreneurship Today.