Thoughtful Thursdays – Is your competitive advantage still a competitive advantage?
Last week’s thought was about reviewing the tools in your sales kit and the importance of keeping then up to date. One of the most important sales tools in your sales kit is competitive advantage. So important in fact, that that Jack Welch says: “I you don’t have a competitive advantage, don’t compete.”
Today’s thought concerns competitive advantage and the importance of a regular review.
Competitive advantage is the reason or combination of reasons your customer buys and continues to buy product/services from you rather than one of your competitors. All things being equal it creates an uneven playing field that tips in your direction. It is one of the most powerful tools in your sales kit.
Competitive advantage is also something your competitors are working hard on with the objective of supplanting you. Do not be so naïve to think they are not.
Pay attention to and take care of your competitive advantage.
- Do not assume what you think your competitive advantage is what your customer thinks it is – check in with them to confirm.
- Re-quantify your competitive advantage on a regular basis – 3% of two million is twice as much as 3% of one million.
- When was the last time you talked about your competitive advantage? – let your customers know!
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