What’s your competitive advantage? After an insightful conversation with a dear friend of mine, David Avrin, I realized many entrepreneurs can’t articulate what gives them an edge. If you’re struggling to define your competitive advantage, keep reading to learn my top three tips to do so.
What Isn’t Your Competitive Advantage
First, let’s clarify what your competitive advantage is NOT. It’s not your people. Now, don’t get me wrong, I love my team at Brand Builders Group. They care, have integrity, work hard, and are incredibly smart. But I have ten entrepreneur friends who would say the same about their teams. Great people should be a prerequisite for being in business, not your unique edge.
Your competitive advantage is also not your high-quality product or service. High quality is essential, yes, but it’s not what sets you apart. I’m part of three different coaching programs right now, all offering high-quality services. The market expects quality, so it’s not enough to stand out on this alone.
Discovering Your Real Competitive Advantage
So how do you figure out your competitive advantage? Start by asking yourself what makes it ridiculously easy for people to do business with you. If you’re unsure, here are three tips to get started:
1. Ask Your Customers
What would your customers say? If you don’t know, go ask them. Find out what they like about doing business with you and what they think your competitive advantage is. Also, ask them what’s difficult or what they wish was better about your product or service.
2. Go Through Your Own Processes
Become a consumer of your own business. Schedule a call with your sales team, request a customer care call, and email your support line to check response times. Experience what it’s like to be a new customer and a returning one. Look for points of friction and ease.
It’s my job, as a business owner, to find these points of discomfort or challenge and remove them. It’s not my customers’ job to do this.
3. Investigate and Ask the Tough Questions
Put on your detective hat and ask your team and clients why they bought from you or why they might have been on the fence before investing. You can even ask prospects who never bought from you, what stopped them? Get feedback on what works and what doesn’t. This will help you identify what truly sets you apart.
Taking Action
After going through this investigative process, you’ll start to see patterns and unique aspects of your business that stand out. For us at Brand Builders Group, this process is ongoing. We strive to continually refine and improve.
If you’re still questioning your competitive advantage, I highly recommend picking up David Avrin’s book, Ridiculously Easy to Do Business With. It challenges you to ask deeper questions and really uncover what makes you unique in the marketplace.
So, what’s your competitive advantage?
