Tips on How to Gain a Competitive Advantage in Business

Last year, the World Bank reported that from the 48th place among 190 countries, Thailand ascended to the 26th place in the ease of doing business for small and medium enterprises around the world. This means that doing businesses here in Thailand are much easier.

And so, in a country where doing businesses are improving, gaining competitive advantage over other businesses and sustaining it is vital. But gaining a competitive advantage is not just all about lowering prices. If you keep lowering prices of your products and services then you risk not getting any profit at all. There are other ways to have an edge over your competitors—know these and apply them to your business.

Running a business should not be a one-man band. It is a great responsibility that you will not be able to handle alone. Build a team of trusted and reliable people who will be able to work well together. These different minds will help you operate your business, and improve the strong parts and conquer the weak ones. Lead them and slowly create a solid team that will help you grow your business and achieve its full potential.

Almost all businesses use delivery companies to send their products to their customers, but not all of them can do it fast. Gain competitive advantage by using an express transport. There are delivery companies out there like Deliveree Thailand who offers express delivery service in Bangkok with their various transport vehicles at an affordable price. With a fast delivery time and low price delivery, your customers will be able to receive your products immediately, resulting to them favoring your business over others.

Create a movement that will go with your business, or have your business support a great cause. Not only that it is fulfilling on your end, but it is also very encouraging in the customers’ part as it urges them to try out your product or your service. For example, you can have a portion of your sales donated to a charity, or have your business showcase local organic products to help protect the environment. This may seem like it is nothing but it will add a significant impact to your business, differentiating you from others.

Do not hesitate to know your competition. Analyze their business—their strengths, their weaknesses, what they lack, or what their markets need. Once you have got all those figured out, use them to your advantage. Imitate their strengths if possible, use their weaknesses against them, and try to provide customers the very thing that your competitors cannot give them. Knowing your competition will give you a chance to improve further and gain more customers.

Make sure to tell people what makes your products or services better or unique. If you use a special ingredient on your food or a one-of-a-kind material on your product, go ahead and tell people that. You gain a competitive advantage by making your products better and different and letting people know that they are not going to get a product or service like yours from others.

Of course, you also have to make sure that every product or service you offer to the market is of high quality. Never mind the express transport, low prices, or good promotional tactics. If your products do not make it to the standards of the customers, you will not gain a competitive advantage against other businesses. Get high-quality materials at affordable prices, and make sure your employees are properly trained, knowledgeable, and approachable.

Once you gained a significant competitive advantage against others, you will need to maintain it. Just because you know you have an edge over other businesses does not mean you should be complacent. A business could lose their competitive advantage any time, so try not to feel all too comfortable. Instead, invest your time in thinking of other possible ways of improving your business and continuing the momentum you have achieved. Maintaining your competitive advantage is the key to a long and successful run for your business.

Competitive advantage is truly important when it comes to businesses as it is a way to ensure success. Familiarize yourself with the different ways to gain this edge, sustain it, and watch your business slowly prosper.