Marketing Hacks for Competitive Advantage

Brand recognition, increase in prices of goods and services, and having brand loyalty are few of the benefits of a company’s competitive advantage and the establishment of this is one of the most important goals of business owners. Some brands generate more sales and have superior margins when compared to their rivals for a variety of factors. These factors include a company’s cost structure, marketing strategy, product/service distribution, customer service, skills/intellectual property, and branding.

Defining Competitive Advantage 

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Whatever would make you choose a brand product/service over another even if it costs more, is the competitive advantage that brand has over its rivals.

According to the Oxford Languages, competitive advantage is a condition or circumstance that puts a company in a favourable or superior business position.

In an article published on Study.com- (Types of Competitive Advantage: Cost, Product, Niche & Sustainable Advantages), Jennifer Lombardo defined it as “a set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition.” 

Lombardo identified three different ways a company can have competitive advantage as cost, product/service differentiation, and niche strategies- Cost competitive advantage is when a company is able to utilize its skilled workforce, inexpensive raw materials, controlled costs, and efficient operations to create maximum value to consumers. Product competitive advantage is when a company’s product or service has a valuable, unique offering for its consumers. Niche competitive advantage seeks to target and reach a single segment of the market. This type of strategy works very effectively for smaller and new companies that do not have the resources to go after larger sections of the marketplace.http://bit.ly/2Kg5vMg

Marketing Hacks for Competitive Advantage

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Below are 5 marketing hacks that can give you an edge over business rivals.

1. Establish Your Unique Value Proposition

Your competitors have similar products/services to offer. This is why it is very important to identify what makes your offer different from theirs and then bring it to the knowledge of your target audience. While pricing, quality, and brand recognition are important for value proposition, you need to interrogate your brand constantly until you discover what makes your brand unique to build your value proposition and have a competitive advantage. For more insight on value proposition, read this- http://bit.ly/3lLOeHC

2. Utilize Modern Technology

Modern technology enhances productivity in business due to the speed of operation, communication, audience engagement, creation of a stronger public image, and a host of others. As a company, use modern technology in your marketing strategy for relevance and virality. Create digital marketing that enables you reach a wide range of audience as well as project your brand. 

3. Engage your Audience deeply

Your audience has a variety of options to choose from, if they have chosen your brand, they should be made to feel important. Engaging your audience in an honest and truthful way will provide authenticity and enhance their trust and loyalty. Create user-centred content, ask and accept feedback from them. They will always be drawn to the brand they feel relevant to.

4. Create and Sustain your Niche

For a brand seeking to have a competitive edge, don’t dive into anything and everything you observe from your competitors. While it is often more convenient to go after known niches where there is a market for, looking for niches where customers are under-serviced can give you a market advantage. Although this might not be easy at the beginning but you can tap this new or unpopular market and establish a brand recognition early. Use your business core strengths and competencies- processes, technology, or intellectual property to offer value to your customers. 

5. Be Consistent 

Your audience should be able to identify your brand through any of your brand elements- logo, website, tline, etc. This is a proof of brand consistency. Being consistent in your message and offers can differentiate you from your competitors. It enables you to beat the market rivalry. Read more on the benefits of brand consistency- http://bit.ly/3nMdRIZ

To keep up continued success in business and marketing and lead in it, you need the above marketing hacks and more. 

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