Call for a redefinition of the concept of competitive advantage
We all strive to get ahead of your competition because that’s the way we’ve learned to be successful. To know what your competitive advantage consists of, everything starts with knowing your own strengths and looking for the specific USPs of the product or service that you are marketing. If you take the trouble to look up the term ‘competitive advantage’ in Google, you will be amazed at what a lot of outdated nonsense you find.
It already starts with the definition on the well-known Wikipedia:
“Competitive advantage in the economy is when a company can offer a product or service in a particular market that distinguishes itself positively from other products or services”
If you investigate a little further, you will see competitive advantages that could be related to claims such as ‘best quality’, ‘lowest price’, fantastic service or years of experience. All open doors without any specific interpretation.
After some additional research I have come to the conclusion that there is still very traditional thinking when it comes to achieving competitive advantages. The most important reason is that for many companies it is no longer or hardly possible to really distinguish yourself with your products or services. It is more about being found (online) earlier.
The products and services are increasingly similar and if you already have a head start, you will only keep it for a short time because they are easy to copy. It is probably recognizable that it is a major challenge to stand out head and shoulders.
Everyone is talking about the emergence of disruptive business models. And yes, that can happen in any industry.
So what is it all about?
Let’s take a step back. You will only gain competitive advantages if you are able to truly understand what your customers want and if you can continue to innovate at an ever increasing pace with a stable team so that you can continue to amaze your customers.
How do you achieve a competitive advantage?
By investing in knowledge and bringing together top talent. That is what you are going to use to win the contest for customer preference. Today’s most successful companies have long understood that distinctiveness is no longer about product, price, place and promotion. The four marketing Ps are still being taught, but luckily many have replaced them with Cs. It is now about “Customer solution, Communication, Convenience and Cost-to-the-customer”.
The 5th C to Gain Real Competitive Advantage
Following on from the fifth P, (People) added later, I am making an appeal to appoint an extra C: HR Consultancy! Because then we achieve a meaningful redefinition of the concept of competitive advantage so that it is clear what really matters!
“One speaks of competitive advantage in the economy when a company in a particular market really understands the customer, communicates with him in a clear way, makes the customer feel comfortable, so that he sees its value and achieves this. by a team of top talents who have the knowledge and resilience to constantly move forward together with the customer ”
Would you like to know more why knowledge is becoming the distinctive strategic asset?
Download the whitepaper here: “The rapid advance of Continuous Learning”.