How To Gain Competitive Advantage
Your small business needs to have a competitive advantage and that advantage can come from cost leadership, quality, innovation or customer service. I mentor business owners to focus on cost leadership because it is the most important thing to your customer and is hardest for your competitors to compete with. Being the cost leader in your industry means you are able to offer your goods and services at the lowest cost in your niche. You are the business that will set the prices which will be lower than your competitors and your business will also provide the same level of services are your competitors.
When you have a cost advantage for your small business you can then bring your customers products and services at a great price and provide them with great value. When you can provide services and products at the lowest costs with the biggest value you will have a profitable business. Cost leadership will give you strength in the market and the competition won’t be able to compete with you. I really want you to become the cost leader in your market sector so you will have a choice of strategies to use and you can set your prices lower than your competitors and still maintain profits while increasing your market share.
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