What’s Your Competitive Advantage?

Submited by: , M.A. - Director of Marketing Services

Do you know your competitive advantages? If not, I suggest you give it some thought. If your marketing efforts are focused on doing what your competition is doing, then think again.

The most successful business owners I know are ones that dare to be different. They’re often called entrepreneurs rather than owners. They look for ways to be different, innovative and have a competitive advantage. They don’t just have a brand—they redefine a category.

At a recent American Marketing Association (AMA) event, I had the opportunity to hear the CEO of Method speak on branding. If you haven’t heard of it, Method is a brand of cleaning products sold at Target.

Instead of fitting in with the thousands of other household cleaners on the retail shelves, Method reinvented the category. They developed a brand of cleaners that serve as artwork in one’s home, are environmentally friendly and make cleaning more fun.

Their marketing is driven by non-traditional efforts such as customer blogging and free publicity. They have successfully redefined household cleaners in a way that has never been done before.

If you want to really be inspired, watch The Big Idea with Donny Deutsch on CNBC TV. This show features guests that have taken simple ideas and made them into marketable products or services in ways that have never been done before. Its business innovation to the extreme and I find it very inspiring!

Before launching a marketing campaign, think about your competitive advantage. You need to clearly define how you’re different from the competition. Dare to stand out from the crowd! Don’t just put your ad in the newspaper because everyone else is there. You will just bury yourself among the others.

Branding is defining your personality and being the leader in your industry. Remember back in high school when there were a few really cool kids that everyone wanted to be like? Then there was everyone else who tried to copy the leaders.

Now think about your business and how you will become a leader by clearly differentiating yourself from the rest. It’s only when you know your competitive advantage that you can begin to emerge as a leader.

Stand out from the crowd!
5 things you need to know about your business

1. What consumer problem am I resolving?
   Can I help people save time, money or enrich their lives in some other way? Getting at your buyers’ emotions is a great way to motivate them to action.
   
2. Does my product/service have new uses?
   For example, Method has developed household cleaning products that look like beauty products and can be proudly displayed in the home.
   
3. What are my key messages?
   Put together 2 or 3 sentences that you want your prospects to know about your business. Repeat, repeat, repeat!
   
4. What is my brand’s personality?
   Are you calm and soothing or upbeat and fresh? Are you based on new technology or tried and true methods? You must define your personality and carry that out in everything you do.
   
5. Can I communicate my message in a new way?
   If the “yellows” are oversaturated with competitors, are there other places to communicate your message? Think about new mediums such as consumer blog spots, e-mail marketing or extremely targeted direct mail campaigns.

Stacey Ackerman has helped numerous non-profits, corporations and small business owners grow by developing sound marketing strategies. She is a well-known speaker and columnist on small business marketing. Stacey has a B.A. in communications and an M.A. in management. She is the director of marketing for Small Business Builders, that specializes in small business management.

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