The COVID-19 pandemic has impacted the business world and marketplace in countless ways and has forced the necessary transition towards the virtual realm. Gaining competitive advantage allows companies to leverage their assets and strengths to stand out in the complex, competitive and dynamic marketplace. Businesses that know how to continuously gain competitive advantage can effectively differentiate themselves amongst their competitors to ensure their ongoing success.
The reality is that buyers everywhere are motivated by various complex factors which enable them to purchase the products that they desire, and it is the responsibility of each purposeful business to get better understanding of its clients’ needs. To get in touch with your customers’ intrinsic motivations and interests, consider offering them products that stand out in the marketplace against your competition, give them the most vale for their money, and provide them with the satisfaction of choosing your company above the rest due to its innovation in value propositions.
The competitive advantage could be defined as the gap of costs difference between a business and its competition when it comes to the client’s willingness to pay for a product and service, and the costs required to provide these products and services by the business and competition. Businesses that provide distinctive products which stand out as being rare or inventive oftentimes provide the customers with the understanding that their products are inherently valuable, and consequently, the customers are willing to pay a greater price for something that they deem as greater quality and value among the rest.
Fortunately, many companies have the option to create a competitive advantage. The key is to understand your market and competition and find ways to offer your target market a value proposition that is unique. Customers need to understand why your products, services, or skills are the best option – and this requires thoughtful research, reflection, and re-imagination of the possibilities that your company has to offer. Offering added value is also an instrumental asset, and you can do this through product and service innovations, exclusive market offers, and talent.
Businesses are also investing in their customers. One of the best investments that can be made is to teach and educate customers on the products or services –technology being a great example. The services offered through education and tutorials help the public with software and hardware bundles that they purchase, and reassure them that the company they purchased from is one that they can rely upon, trust and feel secure in. Customers also walk away with the satisfaction of knowing that they purchased a product or service which goes beyond the money they have spent in terms of value.
One of the greatest aspects of incorporating a competitive advantage is to differentiate your products and services without affecting pricing and getting into price wars with your competition. It is crucial that your customers appreciate and recognize why and how your product stands out among the rest. Customers want to better understand what your business adds to their them, what enhanced services you provide, and what unique attributes your products or services have compared to other products and services within the marketplace. Generally, they are seeking the most cost-effective and unique option and investment which will enrich their experience.
Businesses should focus on gaining competitive advantage and consider the long-term implications of their products, services, assets, and decisions. Virtual selling offers unique opportunities for companies to integrate the competitive advantage in a way that creates better scalability, opportunity, and sustainability from countless facets with the potential avenue for high ticket selling items. A competitive advantage also provides companies with the resilience they are looking to acquire considering the Pandemic, product digitalization and increased competition.
At Blue Stride, we can help your business gain competitive advantage through implementing highly effective virtual selling strategies.
So, why not consider implementing a virtual selling competitive advantage today? Blue Stride Sales and Marketing Solutions offers unique packages tailored to your contextual needs which enhance your business through high ticket selling and remote selling and ultimately, differentiation in the marketplace Consider booking your free strategy session today to learn more. BlueStride | Sales and marketing solutions ( thebluestridemethod.com )
