Starting a Business: What is Your Advantage?

Advantage is essential in business. Your need it so that your venture will be able to compete, survive and succeed. You have to know what is your advantage, what is unique or special in your enterprise that customers will you choose it over others. Gone are the days when a product or service is first of its kind. Whatever you are selling, it is almost 100% sure to have an existing competition. Advantage is the difference. It almost always come in the form of net benefit customers can derive from your enterprise. Usually, determining your business’ advantage is difficult.

Know Your Advantage and Build on It

When you start a business, you have to identify its strengths. Built on these advantages so that you can get your share of the market and capitalise on it. What can benefit can the market derive from your products or services? The best people to answer this question are the customers themselves. Whatever their answers are, these are information that is useful to you. Sometimes, their responses to your query may not be as you expected or hoped them to be. For example, you may have envisioned to offer fast service to your customers. However, your customers say that they find you slow but still select you anyway because of the safety and quality of your service. In cases like this, you have to accept what your clients say and safeguard this advantage that you have.

Areas Advantages Abode

Aside from the answers of customers regarding what they specially like about your business, advantages can be found in the design of your product or service, the pricing model you use for them, the manner you deliver them, sales channels and marketing strategies. It can even lie on the kind of clients or customers you choose for your business.

Two or more advantages is better than one advantage. Simplicity and being straightforward are important in formulating your marketing appeal. A clear and unified targeting is a sound marketing principle. The challenge is in how you make use of these two seemingly contrasting theories work together. Thus, you should create an overall appeal that tying your many advantages while showing your customers each of them. You should bundle your advantages together, show the market the overall picture and at the same time its many components.

Advantages Behind the Scene

Be observant of what your prospective and current customers are doing. Sometimes you have advantages you do not know. Without imagesyou knowing it, another area or angle in your business has become that something unique which customers want. For example, there is this story about an enterprise which offers review courses for an accountant’s licensure examination in a small country. The passing percentage for that test was very low. Because of the difficulty of passing the exam, the number of enrollees in the review centre largely decreased every year.

The owner found out that the enrollment declined because of the failures which was caused by the difficulty. He thought that the number of accounting students who will take the licensure exam will increase again if he can help students who are just starting to study in the degree program master their lessons. Thus, he created many accounting tutorial classes. He realised that he was very distracted getting enrollees to his review classes when the greater need is for tutorials.

The same principle applies to another small country that is not able to accredit its financial advisors for an international project. The reason behind is that even though they are very technically knowledgeable when it comes to finance, they are not able to answer well the essay portion of the accreditation test. Thus, they trained them on how to write business essays well.

Author Bio:- I am a self-accepted OC. Yes, I believe I have an obsessive compulsive personality. I want the things I do to be perfect. I practice my basketball shooting everyday and learn new ways to write on a daily basis.