How to determine your market advantage
One of the things that you will need to determine in order to be able to market effectively is what your market advantage is compared to your competition. When you have determined what your market advantage is you can then use it in your marketing to show your customers why they should buy from you rather then your competition. However, this can be a trickier process then you may have thought. You will need to look closely at different aspects of your product and your business in order to clearly determine what that market advantage could be. Here is what you need to know about how to determine your market advantage.
Most market advantages fall into 1 of 5 different categories. These categories are pretty common to each business regardless of what you sell. If you find that your market advantage lays in one of these categories then that should be the focus for your marketing strategy. However, you need to keep in mind that it won't be enough to just determine what your market advantage is but you should also determine what your competition's weakness is, as well. Then you will need to be able to line them up and use them in your marketing message. Here are the 5 categories that typically show a market advantage-
- Cost-The bottom line is that you want to provide a product for the lowest price possible with the same or higher level of quality as your competition. You want to determine if this is the situation for your business or if you can create this situation. If you can use in your marketing it can be highly effective. If you don't see yourself with this situation then you may have to consider other options for a market advantage.
- Differentiation-Your market advantage can be in what makes you stand out. If your product is extremely different from your competition then this can be your market advantage. Consider carefully if there is a feature of your product or service that can make it highly different and therefore a marketable advantage.
- Innovation-Does your business have an innovation that would be a market advantage? You may have a product, service, or even a method that will change your industry and should be used in your marketing strategy as your market advantage. Keep in mind that the innovation that you choose to focus on doesn't have to be large or earth shattering in order to be the focus of your marketing strategy. It only needs to be a way to make your business stand out from the crowd.
- Growth- Are you looking at ways to expand more your market area or attract new customers. Will you be launching new products? This can be a market advantage that can be the focus of your marketing efforts. One of the benefits of using growth as your market advantage is that studies show that people want to buy from a successful company. This means that if you can show your growth your existing customers will be more impressed and want to buy from you again and again.
- Speed-Is there something that you do faster then your competition? Can you order, ship, or deliver faster then your competition? Speed can also be a market advantage. In today's world many consumers feel overscheduled and pressured to move fast. They want to be able to get what they need or want and quickly move on.If you can satisfy their want or need faster then your competition then you may have a marketing advantage that can be the center of a very effective marketing campaign.