Find Your Competitive Advantage (Growth Strategy Part 2/4)

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In the world of business, you need to understand how to find your competitive advantage. A competitive advantage is what makes your organization unique. In the end, focusing and capitalizing on these advantages is vital toward the overall goal of “winning.” You want your organization to gather more market share, make more sales, and become a more prominent brand. We show you how to win.

Make sure you’ve built out a SWOT. We start this process by analyzing our strengths. Are your strengths different from your competitors, do your customers value your strengths, and are they difficult to imitate? If you answered no to any of these questions, that strength is not a competitive advantage, but maybe it needs to be. While you're working toward finding your competitive advantage, look out for opportunities on what they need to be.

Analyze your competitors. Why do they win, and why do they lose? Where are they headed in the next five years? A competitive analysis will identify ways in which you’re winning, and they are losing. This is a great exercise to help you find your competitive advantages.

What are you best at, and what do you need to be best at? These answers help identify and create competitive advantages. Using Michael Porter’s three generic strategies (speed, scale, and scope), you can better understand how your organization is differentiated from your competition.

Your goal here is to identify three to seven competitive advantages you currently have, what you need to work on, and a summary of how you’re going to be differentiated.

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