Financial Data
Updated 26 Feb 2020

Tips to find your competitive edge

The success of any business depends on it being able to provide something better, faster, cheaper or more conveniently than the competition.

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All the answers to your unique business lifestage questions

This is what attracts your customers in the first place, and is what keeps them coming back. Use these tips to help you find - and build - your competitive edge:

  • Product: Can you offer a new or additional service to make your product more useful to the customer?
  • Service: Package your services differently. Add value, define what you intend to deliver, and fix the price. Call it something different.
  • Market niche: Gain recognition by becoming an expert in one specific area. People are also willing to pay more for a specialist.
  • Special offer: Become known for an offer you make, eg, refunds in return for referrals.
  • Solve a problem: Be the answer to your customers' biggest fears. Find out what bothers them most about buying your type of product or service, fine-tune your solution and then tell them about it.
  • Message of value: Tell people about the great things you do. Don't just assume they will notice.
  • Guarantee: Can you offer a guarantee so strong that no one else in your industry would dream of doing it? If you guarantee your work, make sure everyone knows.
  • Customer service: Under-promise and overdeliver. Strive to give people more than you promised, eg, a value-added item or a related service for free. Ideally this should be a post-sale "thank you" rather than a pre-sale incentive.
  • Competition: Find your niche by looking for holes in your competitors' offerings. If others are failing to address a certain problem, make this your point of difference. Also study your competition to see what they do that you could do better.
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