The most important thing for gaining a competitive edge is an intimate knowledge of your competitions customers. Such knowledge is invaluable for maximizing your company’s revenue potential and increases your customer base and retaining your competitive edge in the market. It is always advisable to use a mix of several tools and methods for measuring consumer familiarity with your product which enables your company to assess their position in the market. Besides using conventional information sources, using “social media analysis” tools gives consumer insight on a much larger scale Companies must also take advantage of regulations, barriers, and tariffs that favor them to gain competitive advantage and dissuade competitors from challenging their marketing share.
Gaining the competitive edge does not mean that you rest on your laurels because to succeed in business companies have to work hard to continuously maintain the gained competitive advantage because your competitors are not going to allow you to take over their market share without a fight Your competitiveness can still be maintained in the industry by being constantly alert to any changes in the market and monitoring the competition and being aware of customer requirements. This might involve some risk-taking to keep ahead of the competition, but the rewards can be probably greater than the risks involved and risks are minimized if you have done your homework about the competition before embarking on any adventurism.
To obtain and retain a competitive advantage, businesses are in the best position to work in partnership with their customers. They have the option to read or ignore emails or click on to another website and for them not to do that, small businesses should make the most use of social sites, forums, and blogs. This enables you to invite customers to offer suggestion and become part of your planning. The creation of a concerted tradition for your business with the participation of employees and customers will really help to obtain and retain the competitive edge for your business.
Effective and continuous communication with customers is very essential to gain and retain competitive advantage. Communication does not have to be very intricate or lengthy just simple and short which will provide great insight to create or make changes that your business might lack and which will ensure you a competitive edge because you are offering understanding and insight to your customers. People usually buy from companies that they know and trust so do something different and have something unique on your website and your communication that the other companies do not have. Be Unique! Be Different! Be Creative!