Companies that compete in the same markets have a tendency to become very similar over time, making it difficult for customers and potential customers to tell one company from the next. This often leads to price becoming the decisive market factor. To counteract this “race to the bottom,” companies must have a strategic imperative to differentiate their offerings and value propositions.
Being focused on improving differentiation to enhance your competitive advantage can protect the core business, raise barriers to entry, increase revenue from existing sources and substantially deliver a stronger value proposition to your customers.
Reevaluate your competitive strategy by reviewing the following questions:
- Which of your corporate assets, capabilities and core competencies are truly unique?
- Can you provide distinct products and services that deliver unique value to your customers?
- What offering or guarantee can you deliver that no one else would dare?
- What product or service can you pair with your current offering that will set you apart?
- What convenience can your offering provide customers that none of your competitors offer?
- What is the competition not willing to do?
- Can you construct compelling experiences around/ beyond your offering for your customers?
image credits: growthstrategy.com
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Wayne Simmons is an accomplished executive, innovator, value creator, and entrepreneur and co-author of GrowthThinking: Building the New Growth Enterprise. As CEO and Co-Founder of The Growth Strategy Company, Wayne leads the vision, strategy and growth of the company. He has worked for global advisory firms Ernst & Young, Deloitte Consulting, and has been a trusted advisor to C-level executives at Fortune 500 corporations, venture capital firms, and small and midsized companies. Wayne was trained in airborne reconnaissance for US Army Intelligence; and is an alumnus and Fellow of The Wharton School of the University of Pennsylvania.
Keary Crawford is a results-driven executive leader with extensive experience in operations, M&A and finance for start-up, entrepreneurial and middle-market companies. As co-founder and COO of The Growth Strategy Company, she manages the strategic growth and vision, and day-to-day operations; and is co-author of GrowthThinking: Building the New Growth Enterprise. Keary was trained in Behavioral and Social Sciences and is a Fellow and alumna of the Executive Development Program at the Wharton School of the University of Pennsylvania.