A large part of the Brazilian population has found entrepreneurship as an alternative to overcome the consequences of the economic crisis . With the growth in the number of businesses being opened, competition in the consumer market is increasing.
To stand out in the market in which you operate and stand out from your competitors, you need to have some competitive advantage.
This happens through strategic planning, in-depth internal and external analyses, and market knowledge. Therefore, if you want to have a competitive business, we have put together some tips for you to put into practice .
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What is competitive advantage?
In addition to being the uae whatsapp number data of your business, competitive advantage refers to the company’s ability to protect itself against the actions of its competitors . Thus, regardless of external actions, it is possible to remain strong in the market.
There are several ways to gain a competitive advantage, such as:
- Offering higher quality products;
- Lower prices;
- Investment in innovation;
- Research and development;
- Personalized service ;
- Social responsibility; among other strategies to make your product unique.
Each one is unique and can undergo changes. However, it is necessary to identify areas for improvement to adapt to market volatility .
What are the types of competitive advantage?
Building a strong strategy and how to increase internet speed the concepts of competitive advantage allows your company to get ahead of its competitors .
Currently, we can list 4 types of competitive advantages , which are based on the study by Porter, a professor at Harvard Business School . They give rise to different strategies to consider:
- Low cost;
- Product differentiation;
- Focus (company mission);
- Service.
From these points, you must structure plans and research that reinforce your final mission. One way to carry out these internal analyses is through the SWOT matrix , which highlights your strengths, opportunities, weaknesses and threats.
However, these points bring, in addition to a scalable strategy, a change in the perception of your company . The greater the credibility, the easier it is to gain advantages over the competition.
How to gain a competitive advantage?
There are some ways to identify europe email advantages in your business, both existing or potential for improvement, as well as those that can be implemented .
Among the possibilities, it is important to emphasize that it is not necessary to stick to just one of these types. The idea is that you can identify a combination of factors that will make your business prosper.