Voicings: Do You Have the Advantage?
"If you don't have a competitive advantage, don't compete."
—Jack Welch, former chairman and CEO of General Electric
Your competitive advantage is why your customers buy from you and not from your competitors. It communicates, specifically, what your company is going to deliver and what your customers should expect when doing business with you. It is also the single driving force in what determines the success or failure of your business. And yet, far too often, many companies fail to focus on what separates them from the crowd.
As Jaynie L. Smith, author of "Creating Competitive Advantage: Give Customers a Reason to Choose You Over Your Competitors," points out in her book, there are five "fatal flaws" most companies have when it comes to their competitive advantage:
• They do not have a competitive advantage but think they do.
• They have a competitive advantage but don't know what it is—so they opt to lower prices.
• They know what their competitive advantage is but neglect to tell clients.
• They mistake "strengths" for competitive advantages.
• They ignore competitive advantages when making strategic and operational decisions.
Niles Audio has always been a company guided by its mission and competitive advantages. From the top to the bottom, we understand what makes us different from every other manufacturer in the custom electronics industry, and we understand how this positioning has made our company successful.
While you may feel as if you fully understand your company's value proposition, you may want to take a moment to determine how much you actually understand about your company's position in the marketplace. Below, I've outlined a few steps to help you determine your company's competitive advantage and how to incorporate it into your business strategy.
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