MARKETING
TIP #069
What's Your Competitive Edge?
Jack Welch has said, “If you don’t have a competitive advantage, don’t compete.” In the easy to read book, Creating Competitive Advantage, Jayne Smith shows her readers how critical creating a competitive advantage is in keeping a business growing. Smith identifies the five fatal flaws of most companies:
- They don’t have a competitive advantage but think they do.
- They have a competitive advantage but don’t know what it is so they lower prices instead.
- They know what their competitive advantage is but they neglect to tell clients about it.
- They mistake “strengths” for competitive advantages.
- They don’t concentrate on competitive advantages when making strategic and operational decisions.
Interesting quotes from the book:
Pg. 37 – Warren Buffett, when asked about the most important thing to look for when investing in a company said, “A sustainable competitive advantage.”
Pg. 71 – Without a competitive advantage, price becomes your only differentiation.
Pg. 78 – Customers will spend more for convenience. If you save them time, money, energy, aggravation or uncertainty, even if you’re not the lowest-cost seller, you will succeed.
Talk to you soon,
Kae Groshong Wagner
CEO, Founder — North Star Marketing
Award-winning Author, Speaker
Brand Consultant
CEO Advisor for Sales & Marketing
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