Monday, November 15, 2010

Competitive Advantage, Part 1

No matter the shape of the economy, gaining a competitive advantage is an important key to business growth.

Quit looking at the numbers and act like a corner store.
Transactions are an important part of making money, but if you want to build your brand in the minds of your consumers, try gaining their respect and loyalty. Corner stores know all about this approach because it helps keep them in business after a Walmart opens down the road. Treating customers like people makes them want to come to your store again.

While doing research, ask yourself, "What do my customers want? What do they need?" Once you have answers to these questions, you can shift your positioning so you fulfill those wants and needs. Give customers the things they desire, and you will be well on your way to a successful business.

Coming up next time:
Competitive Advantage, Part 2: Customer Lifecycle

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