How to Develop and Maintain a Competitive Advantage

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A competitive advantage is a superior and strategic attribute that a product has over its rivals within its same industry. A competitive advantage is defined as a superior and strategic attribute that a product or brand has over its rivals within its competitive industry. That is, what a company is better at than its competitors and what it is capable of delivering the greatest value to its customers. Knowing and understanding our market is crucial to building lasting and profitable relationships with our clients. To become an attractive option, we need to offer greater value for consumers to consider us and generate enough satisfaction for them to stay with us. The point is that, to create lasting competitive advantages, this is often not enough. When competing in a market, it is necessary to identify and thoroughly understand the segments in which we want to enter. That is, both to those to whom we want to sell, and to the competitors (direct or indirect) whom we are going to face.
  
Here it is crucial to assess the strengths and weaknesses and try to SMS Marketing Service identify the objectives and strategies of each competitor. Discovering the importance they give to issues such as profitability, capturing a market share, offering outstanding customer service or investing in technological development can help us to know more precisely the reactions that said competitor would take in the face of a specific action by us or someone else. more than the competition.. Having evaluated and identified the competitors, it is possible to design a specific marketing strategy that translates into one or several competitive advantages that generate superior value for our client. Consciously developing a competitive advantage is therefore essential for anyone who wants to stand out from the competition and attract more customers.

To make this advantage sustainable, it is essential to offer products with greater added value, as well as to have processes and/or offer a customer service that cannot be duplicated or imitated by the competition. There are many ways to build competitive advantage. I consider 5 main approaches with which you can have better results: 1. Cost It implies focusing on reducing production and distribution costs as much as possible to offer good quality, reliable and easily accessible products at prices lower than those of the competition, allowing it to gain a greater market share. 2. Quality It implies offering a higher value than the competition with the most innovative products that position the company as a leader in its industry.