Finding and sustaining your competitive edge and its importance to your business

Finding and sustaining your competitive edge and its importance to your business 

By: Abu Dhabi SME Hub
Leadership

Competitiveness is viewed as a threefold concept comprising the potential, the process, and the performance. To remain competitive, businesses need to satisfy the four conditions of sustainability, controllability, relativity, and dynamism.

So how can you identify and maintain your unique value proposition and beat your competitors?

Thoroughly understand your unique value add by examining your passions, experiences, what customers tell you, and what competitors miss out on, and providing unparalleled products, services, pricing models, customer experience, knowledge, and expertise.

Embrace the fact that products, services, and markets that generate good returns today, will, sooner or later, become saturated and too competitive, causing pressure on prices and margins! Proactively work out a solid plan defining your next steps!

Create new demand in an uncontested market space, or a "Blue Ocean", by opening new business lines and/or targeting new markets, instead of competing for head-to-head on price, specs, etc. with other businesses in the same industry!

Avoid benchmarking your competitors, or else you will tend to look like them! Focus on offering products and/or services that meet the quality standards of your niche market(s) and provide adequate returns on the resources employed/consumed in producing them.

Build on the uniqueness of what you have to offer, and innovate in your products, processes, services, technologies, ideas, pricing, and business models, to differentiate yourself and stay ahead of the competition.

Your value proposition is at the heart of what you should be doing, which is managing your customer experience for business profitability and sustainability!