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Monday
Nov072011

The Competitive Advantage - Keep an eye on it

The competitive advantage. Business jargon? Maybe, but an important ingredient to any firms ongoing success. What are some of the things a firm must keep an eye on to stay relevant, innovative and one step ahead of it's competitors?

Most industries are becoming more competitive both from changing local economies and a global market that is more accessible than ever.

In this landscape every firm must keep an eye on the building blocks of what makes their brand a better option than another. How durable are the competitive strategies in your firm?

There are four key filters you think about when assessing these strategies:

 

  1. How hard is it for competitors to imitate the product or service that I produce? 
  2. How difficult is it for a customer to find a suitable substitute for my products?
  3. How capable are my competitors to adapt and innovate?
  4. Is my market dynamic and does innovation happen fast, do I need to innovate fast to stay viable?

 

Take the time to think about these important elements regularly, its not just enough to be the best today, great organisations are always planning for sustained success. Great leaders make this thinking a part of organisational culture.

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Reader Comments (1)

I thought id have a bit of fun give your questions a try at my blog...et us know what you think! http://ampers.at/rto/?p=491

June 17, 2012 | Unregistered CommenterReece

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