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Do you know who your competitors are? Your target customers consider your competition as products or services that can be substituted for yours. Whether you want to steal someone else’s customers or keep yours from being stolen, the first order of business is to establish a competitive advantage. One of the following five strategies could assure you victory.

1 – Be Better. Better can be a perceived higher quality in materials, construction, or status. It can also mean a more convenient location, larger selection of merchandise, or impeccable customer service.

2 – Be Faster. Can you produce results in less time than competition? This can include speedier delivery, quicker service, streamlined process, shorter lead turnaround time, etc.

3 – Be Cheaper. Cheaper should not have to mean inferior. Think about how to save your customers’ money. Examples: deliver more value for the price; eliminate the middleman; have flat fees with no hidden charges; or a lower cost to operate, maintain or upgrade.

4 – Deliver what you promise––with white glove service. Research shows consistent, reliable performance is what customers want more than anything else. They will also go out of their way to do business with people who treat them with respect and make them feel important.

5 – If you can’t beat them, change the rules. Sometimes the way to win is to exit the arena and compete where you are able to exploit what your company does best. Then again, if you can’t beat them, join them. (i.e., merger, acquisition, joint venture, or partnership).

Copyright 2004 Denise Barnwell. All Rights Reserved.

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Copyright 2004, Denise Barnwell. All Rights Reserved.

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