Understanding the concept of a company's strategic advantage is the first step to standing out from the competition. It's no wonder that business owners are increasing their investment in competitively focused teams .
According to Crayon’s “ 2022 State of Competitive Intelligence ” report, 31% are dedicated competitive intelligence professionals. On the other hand, 42% are planning to add more staff to the team.
Read on to learn more about the concept of competitive advantage, its benefits and some key examples, and apply the most effective strategies to boost your business!
The concept of competitive advantage
A company's competitive advantage is its ability to stay ahead of its competitors by strengthening a set of aspects that make it stand out from other companies in the sector. It generates a differentiating factor that makes it more attractive to potential customers and seeks to generate a favorable position for companies.
This can be achieved in a free philippine number for whatsapp number of ways, whether through concrete aspects, such as a lower price, or through more subjective aspects such as an excellent service experience.
In other words, the concept of competitive advantage refers to the elements that add more value to a product or service, making the customer perceive one brand as more attractive than another. The central objective , therefore, is to be more profitable than the competition.
Importance of competitive advantage
The importance of this concept lies in the fact that a business advantage serves as a basis for building a brand's value proposition and, from there, the entire communication and sales strategy.
A Statista study revealed that, as of March 2022, there were more than 1.07 million companies. The number, although surprising, refers only to those created in the United States in the last year. If we consider all countries, the figure reaches more digits than we can count.
And the landscape is only getting fiercer. The Crayon report cited above found that 59% of professionals believe their industry has become much more competitive . This represents an increase of 16% since 2020.