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| Competitive Advantage (Image by Getty Images via @daylife) |
Ten powerful tips for competitive advantage for your company.
How do you get a competitive advantage and make the products and/or services of your company sell like hot cakes? You may be a head of a start up company or a seasoned CEO of a large company wanting to create breakthrough products that will bring a lot of revenue for your company.
How do you get a competitive advantage and make the products and/or services of your company sell like hot cakes? You may be a head of a start up company or a seasoned CEO of a large company wanting to create breakthrough products that will bring a lot of revenue for your company.
There is a way to nurture and evolve your product to the point that it gets a mind of its own and grows in sales exponentially. An example of such a product is Facebook. In this highly changing global environment the half-life of your competitive advantage is very short.
Here are some tips that will get you started
and help you to maintain and increase your competitive advantage
:
- Acknowledge that your product can be improved in different ways
- Listen to your customer for clues of the kind of value addition they are looking for
- If it is a new product, allow at least six months to one year for the concept of the product to evolve
- Be aware of the product and scan the environment constantly
- Capture all the ideas with respect to the product-good, bad, and brilliant
- Piggy back on others invention
- Whenever you come across a new idea, an invention, or a market immediately try to correlate it to your product
- Nurture, modify and finalize the product after preset attempts
- Trust your intuition to tell you when your product is ready for the launch or the redesign
- Take these steps and give yourself sufficient time to evolve the product into something your competitor will find it very difficult to emulate.
I would recommend a training program to start you on this journey and get you quick results.
Start applying this to a select number of products in your company, and you will find that your competitive advantage soaring high.
This approach should become a part of your long term strategy to develop and maintain your competitive advantage.
