Monday, 5 September 2016
Ways you can use to sustain your competitive advantage
Hello readers, today I will be telling you about ways you can use to sustain your competitive advantage. It is good to note that everything happens by Allah's (SWT) Will. However, you are always responsible for your actions cause you have freewill. In other words His Permission is needed for everything. If your competitive advantage is not given enough attention it can be overtaken by competitiors. You should always challenge your competitive advantage in order for it to be sustainable. Being innovative is one medium you can use. Competitors can erode your competitive advantage by imitating your products that is why you must have barriers in place to prevent them from imitating your products (this article will give you an idea on how to set barriers). This will help your company sustain its competitive advantage.
You have to pay attention to the technology in play. You should always improve the technology you use so as to be up to date with the trends in the market. That way your competitors will not see the technology you use as a loop-hole and take advantage of it. Walmart is a market leader and the largest company in the world by revenue, it uses a cutting edge technolgy to stay competitive. Technology can be outsourced from experts like Google. Look at how Samsung worked with Google and it became a market leader in the mobile phone industry.
Being up to date with the government's laws, rule and regulations is another way you can use to sustain your competitive advantage. Having issues with the government as a result of not obeying their rules can damage your reputation. It could also put you out of business. You should obey the rules that governs your industry. You should know that ignorance may not be seen as an excuse. Having issues with the government can threaten your competitive advantage.
Having a good relationship with customers is another way to sustain your competitive advantage. By understanding your customers, thus getting to know them better, you can develop a business model that will help you meet their needs. It is the number of customers that buys your products that helps you achieve the market leadership position. Understanding customers will help you know what they want before they even say it, this will help you create better products that will meet the needs of customer before competitors think about it. Thus, helping you to sustain your competitive advantage.
That is all for today, thank you for reading this article. Keep checking out my blog regularly. Cheers!