Are you able to define your competitive advantage, what is it that sets you apart from your competitors? Try asking your team what they would say to a prospect, do they list a string of features or can they clearly state what it is that gives your company a competitive edge?
There are a number of points to consider:
What is the basis of present advantages of your product or service?
How valuable are these?
Can they be sustained?
Do you have a better cost position?
Do you have a differentiated offering?
Do you operate in a protected niche?
Once you have addressed the above, you then need to look at the market potential, is there a sizeable group who perceive value in your offer and are willing to pay for it, are you communicating with that segment of the market?
email : lauren@p2marketing.co.uk
Lauren Liles owns P2 Marketing – a marketing and business development consultancy that helps owner managed businesses develop focussed plans (strategic, action plans, campaign planning, events planning), gain a competitive advantage, penetrate target markets, build their brand and develop new business.
Lauren has over 30 years’ marketing experience and works with firms in many different sectors.
