Business Plan Tutorial:
Tools to Help You Launch Your Own Business
Assessing Your Competitive Advantage
Once you've completed a detailed SWOT Analysis for your company, you should
then be able to more clearly atriculate your competitive advantage.
What is a competitive advantage -- and why is it important?
It defines the one thing that you do (that you provide)
that is different or better than any of your competitors.
Offering greater value to your customers than what your
competition can offer.
Competitive advantage can be price, but it is better to be
benefits provided.
You may have more than one competitive advantage, but its
best to select just one or two (to keep it simple for your customers
to understand)
Once you identify your competitive advantage, you can claim
your position in the market. Positioning is the image you create
about your business for your prospective customers.