How Do You Build Competitive Advantage?

Competitive advantage is the edge you enjoy over other businesses; the reason why people choose to do business with you rather than your competitors. Without some distinct competitive advantages you're unlikely to remain in business for long. Your task therefore is constantly to search for ways to improve, develop, enhance your existing competitive advantages or discover new competitive advantages that will make doing business with you more attractive and compelling than with other businesses. Do you have a strategy? Examine the three types of strategy discussed in this chapter and see if you can identify one that you have been using or that you could adopt. The long-term survival of your business depends upon you using an effective marketing strategy.