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

By Gene Marks
The Hartford Small Biz Ahead
Originally Published: November 15, 2023

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.

4. Speed

Most customers really don’t care about actually being your customer. They’re buying your product or service to fulfill a need. The less interaction they have with you the better, which is why companies that deliver their wares fast and without any drama are preferred. Obviously, this isn’t every case. Sometimes, people like to linger over a long dinner or enjoy the process of watching their ice cream being scooped, but that’s generally not the norm. People want their stuff, and they want it fast. Speed of delivery, therefore, is usually a big competitive advantage…[MORE]

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To read the entire article by Gene Marks at The Hartford Small Biz Ahead website, visit: 8 Ways to Get a Competitive Edge and the Best Way to Keep It