The world is getting bigger and with the increase of demand, comes high competition. So, how does one stand out? From start-ups and small businesses, to large companies and titans of the industries, competition is inevitable. The golden ticket to having that edge over your competitors quite simply consists of developing a sustainable competitive advantage.
Sustainable. Competitive. Advantage. What do these three words mean to you? There is no successful business without identification of value, even more so, communicating your vision with the world. The art of developing a sustainable competitive advantage (SCA) consists of the following three facets: price, value, and focus.
How would your pricing strategy compete against your competitors?
What advantages does your company value over its competitors?
Are you really focused on who your target is?
Sustainability is the continuity of progressive improvement that offer customer satisfaction down to the tee. This goes for searching what fits for the present and future. Much like the new AI-based marketing ROI (ROMI) SaaS, the on-going process monitoring KPIs, utilizing proper internal systems that opt for productivity and efficiency should be a goal to achieve.
Are your working platforms up to date? Do they opt for precise measurements? Finding the next best thing and being first gives you power in the market; ergo, it gives you a competitive advantage. Confidence of possessing a superior product/service and displaying it through the prism of luxury would not only lead your customers, but also competitors to believe that you have something of high value. This generates even more reputable value and builds brand awareness as a luxury item.
As an effective company, one of the first steps is analyzing your competitive triangle; building insights on your customers as well as your competition. One key element that is always carefully viewed and that is extremely important is price. Does your pricing strategy compete against your competitors? Company A may be wary with segmented pricing strategies according to their target’s sensitivity to price, product design, purchase location, and time of purchase. Companies that possess a product with a continuous satisfactory service (such as SaaS) have generated pillars of sustainability.
Price sensitivity dwindles with reputable service value when the product creates sustainability and long-term sales growth.
Product design has implications of differentiation and product placement. Applying to meet the demand, or even better, create a demand from a pioneering industry, this adds to your competitive advantage.
Like all things online, purchase location would be done from the comfort of your own home or at your own company which ties well with the times of purchase when regarding SaaS technology, specifically AI -powered ROMI solutions. This is because the availability is not only continuous, but consistent on a molecular level – everyday.
To be first. To lead the industry or be ahead of the market is a law of marketing that would give you an advantage over your competitors. It is not a battle between products, but a battle between the perception of products – its value. Perception of value is, in its own metric, powerful. This brand equity and customer equity [from strengthening customer relationship management (CRM) and better maintenance of KPIs] strengthens this value and brings you closer to your goal of having that edge.
As someone who values SCA and wants to maintain it, there is responsibility for analyzing your company’s internal nature, what it offers its customers and what it does not – it’s advantages and disadvantages. But, how do they boat well with the competition? This can be viewed with precise data-based analytics powered by artificial intelligence and machine learning. Competitive strategies can be better executed with the help of precise data and latter forecasts.
Follow up with market segmentation, research your target audience, and let your mission speak for itself. With a value proposition tailored to be honest, transparent, and yet suited toward the target audience, focus on your target along with consistent monitoring provides valuable measurable insight on your company’s success. Allowing this smooth communicative flow is one of the best forms of inbound marketing that will attract your target audience.
So, what would be the best way to retain this focus? Artificial intelligence and machine learning have evolved to the next step of not only focusing a company to reach its targets, but also prioritize investments and uncover hidden sales in an innovative way. Marketing data analytics has put on a microscopic lens on your company’s online and offline data, absorbing information from major campaigns to each individual receipt – no cell unread. This pioneering technology would have the power to provide consistent exponential sales growth and stay in the lead of the market.
Your price, value, and focus will be the epitome of what it takes to maintain a sustainable competitive advantage. Price and its competitive strategies earn you sustainability, value breaths life into your company and gives a competitive advantage while focus ties the knot and keeps it together. This main competitive objective to exponentially increase value through granular-level AI-powered data analytics is the future. And the future is coming now.