How to Come Up With Your Own Competitive Advantage

This week’s book review at Small Business Trends was on “Creating Competitive Advantage” by Jaynie L. Smith.  In my on-going efforts to practice what I’ve been preaching about content repurposing, I created my first short video book review to match the article and originally posted it on DIY Marketers.

In this article, I’d like to do a little summary of how to create your own competitive advantage.

1. What are your company’s most critical competitive advantage?
2. What do your employees think are your company’s competitive advantages?
3. What are your competitor’s competitive advantages?
4. How do you respond to customers when they ask “Why should I buy from you?”

To even begin answering these questions you need to understand that “Competitive Advantages” are

1. Objective, not subjective.  That means they are statements of fact and have no judgement or meaning behind them.  For example – we are open 24 hours a day.  This is an objective statement while “We’re open when you need us” is a subjective statement.
2. Quantifiable.  That means that there is a number associated with your statement.  Rex Parker is the 44th best puzzle solver in the Universe!  That’s more quantifiable than “Rex Parker is the best puzzle solver in the universe!”
3. Not claimed by the competition.  This one is easy – it simply means that other alternatives to your product or service either don’t do this or simply haven’t claimed this advantage.
4. Not cliche.  Please don’t use words like “exceed customer expectations” it makes everyone want to puke.

Get a pen, paper or keyboard and start your list.  Where are you blazing through this and where are you getting stumped.  Tell me how you’re doing in your comments.

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