If you want to strengthen your competitive edge, it is crucial for your business to have characteristics that set it apart from and outperforms the competition.
The secret to creating a successful B2B marketing strategy is having and utilizing a competitive edge. The businesses in the B2B Buyers Directory of Tradekey.com also support this statement. But how can you assess your competitive position when there are so many market competitors?
In this blog, we will explain how to offer your business a more significant competitive advantage. And talk about the best steps you can take to gain that competitive advantage you have been longing for.
Find Your Competitive Advantage with These Steps
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Who are the Competitors You Need to Beat?
The first step in developing your B2B marketing plan is to create a list of your top 5 rivals. Why? But if you want to keep your consumers and stop them from leaving or attract new ones, you need to be aware of your competitors.
You will frequently consult this list of rivals throughout the activity to make sure you are a better choice than the alternatives.
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What are Your Top 4 Company’s Strengths?
In the circle marked “Your Company’s Strengths,” list four organizational strengths. List no more than four, and then choose the strongest four.
If you ask your team to do this exercise individually and then compare their results with the group, you will often be surprised at what others see as your primary strengths.
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Where do your competitors execute better than you?
Check out your list of competitors. What skills do they possess that you lack? And what do they offer that would be useful to consumers? Also, what sets them apart in a way that matters? now enumerate the top four benefits of your competitors.
Finding their strengths might take a little longer than finding your own because we frequently ignore the united strengths of our main competitors. However, if you want to outperform them with a more enticing value deal, you must be aware of their advantages.
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What Do Your Customers Want and Need?
We frequently focus on what we have to give instead of pausing to think about what our customers might want.
Now, make a summary of the top four consumer demands in your industry, paying particular attention to the crucial demands. I’m sure you’ll discover a lot more than 4, but the task is to prioritize the most crucial needs and desires.
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The overlap spots between your circle and that of your competitors serve as the “table stakes”Â
Where your circle crosses over the circles of your competitors is the crucial area or your “points of parity.” The table stakes are the requirements for both of you to continue playing. It’s more crucial to have the tools you need to thrive than it is to have a competitive advantage. Knowing the rules of the game gives you the ability to make sure that the crucial components that keep you in a company are functioning at their best.
Your top table stakes may include things like 1) having centrally located premises; 2) having the necessary approvals and accreditation; 3) having skilled staff; 4) having modern machinery; 5) having licenses; or anything else you need to stay in the game.
Your team can focus on the crucial elements you need by making the areas of comparative advantage clear. This exercise concentrates your attention on the necessities you need to continue playing, which we frequently forget when our attention is drawn in another way.
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Your Weaknesses – Where Your Customers’ and Competitors’ Circles Intersect
Where the circles signifying the needs and desires of your customers and the strengths of your competition cross, that is where your weaknesses lie. Compare what your competitors are giving in-depth to the primary needs and desires of your clients with your team.
To please such customers, look for areas where your competitors may (and do) offer a better deal. Consider things from the viewpoint of your current and potential customers. Where do they need to get better, and how can they beat you? Choose the top four places where you are most vulnerable.
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“Your Advantages” pinpoints the intersections between your circle and the circle of the buyer
You have the edge over your competitors and are untouchable where your circle touches the circle reflecting the client’s demands and wants. By comparing your strengths with the most crucial client wants and needs, you can determine where you can meet those requests more successfully than your rivals.Â
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