(MB) Gaining a Competitive Advantage Lesson

Gaining a Competitive Advantage

A competitive advantage is offering a customer more value than a competitor can. A business can develop a competitive advantage by taking some of these steps.

GAINING A COMPETITIVE ADVANTAGE KNOW YOUR TARGET MARKET- Knowing who you are selling to will help you improve product, processes, and promotional strategy KNOW YOUR COMPETITION - When you compete it is always wise to know who you are up against. You should know their strengths and their weaknesses. Then find a way to provide the customer something your competition is not BE PROFESSIONAL- Whether in your publications and advertisements or in your dealings with customers always be professional Professionalism can allow a small business to appear bigger and shine brighter than a competitor IMPROVE YOUR PRODUCT- Even small changes in your product or product line can increase your product loyalty and gain you new customers PROVIDE THE BEST CUSTOMER SERVICE- Great customer service will help retain present customers and will gain you new ones. Great customer service comes from a well trained staff and a company culture of customer support. MAKE YOUR BUSINESS CONVENIENT - Offering online ordering, shipping to their door, free delivery, etc. makes doing business with you convenient for your customer. This is highly valued in today's busy world FIND A NICHE OR SPOT A TREND - Pay attention to your customer, to your competitor, to the world around you. By paying attention you will find ways to provide products and services your competitors don't offer or you will be able to see things new and useful on the horizon and be the first to join the trend

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