Download Article Show Download Article Every business, large or small, needs a competitive advantage to distinguish itself from the competition. In the aggressive business world, especially in today’s economy, every advantage counts to establish your business in the top of your industry. Gaining a competitive advantage takes strategic planning, extensive research and an investment in marketing.
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Show More Tips Advertisement About This ArticleArticle SummaryX To gain a competitive advantage in business, focus on improving or marketing some aspect of your company that distinguishes you from your competitors. For example, you could lower prices, spend more time training staff, provide faster service, or offer niche products. Do some research to see what your competitors offer and survey your customers to better understand their needs. If you are struggling to gain a competitive advantage, you could also hire a consulting firm to help you analyze your target market. For more resources from our Financial reviewer on how to reduce costs so you can offer lower prices, keep reading. Did this summary help you? Thanks to all authors for creating a page that has been read 544,954 times. Reader Success Stories
Did this article help you?What is a competitive advantage that small businesses have over larger businesses?Small businesses fill niches that their larger competitors often overlook and can serve customers more directly and with greater flexibility than their larger competitors.
How can a small business compete with a larger competitor?Don't Let Big Brands Swallow Your Business. Establish a Solid Digital Presence for Your Small Business.. Test Out Marketing Trends.. Build Your Business's Reputation.. Deliver Excellent Customer Service.. Make Improvements Based on Customer Feedback.. Segment & Refine Your Target Audience.. Why is that small business is more effective than big business?“Because small businesses are more agile than big businesses, the decision-making process is much faster,” Hassler said. “That means smaller businesses can test new technologies, processes, systems and marketing methods much faster than big businesses.”
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