8 Ways to Get a Competitive Edge and the Best Way to Keep It

Eight qualities that give businesses an advantage over the competition

A competitive edge is what supposedly differentiates you from your competitors. It should be the reason why customers choose to buy your products or services over others. In my experience of running a business for over 20 years, I’ve found that most companies can have the following eight types of advantages.

1. Cost

This is simple. Your product is simply the cheapest. People oftentimes use price alone to guide their buying decisions. If your cost is lowest among a bunch of other commoditized competitors, then you’ve got a good chance of having an edge.

2. Value

Value is a customer’s perceived return on investment. Sometimes it’s a tangible, measurable result and sometimes it’s not. Some businesses can calculate the value of an investment over a period of time, while others may just say it feels right. Someone may get a cheap fast food meal but then feel a little nauseous afterward, so the value isn’t high. Other people like to pay a little more for a car because they simply like how it drives. What one customer considers value may differ from another’s point of view. Value is subjective, but it can be a significant competitive edge.

3. Competency

You may have a reputation as a service provider for really knowing your stuff. For instance, “That firm is a great kitchen remodeler,” or, “That guy is one of the best plumbers I know.” Your competency will set you apart, for sure. The challenge is communicating your skillsets to new customers — this is where reviews come in handy. A good reputation for competent work is earned over time, but once you have it, you’ll have a better chance of being chosen over your competitors.

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