From independent startups to the global enterprise, businesses have to constantly battle for that competitive edge. You’re no different. But what’s the best way to achieve that competitive advantage as soon as possible?
Well, in broad strokes, to obtain a competitive advantage there’s two paths you can take.
Path Number One: Differential Advantage
This has a lot to do with creating a superior offering. Investopedia lists several ways to distinguish a differential advantage including:
- Advanced Technology
- Patent-Protected Products
- Superior Personnel
- Strong Brand Identity
Now obviously these changes can’t happen over night. Even more obviously, these changes can cost a lot of money. Developing new tech might involve hiring those pricy “Superior Personnel”, IP lawyers notoriously don’t work for free, and creating a strong brand identity involves thorough ad and social campaigns which can take a lot of time.
So let’s take a look at option 2.