Read Millionaire Fastlane
- May 21, 2011
You never want to rely on one macro advantage like price because your putting your eggs in one basket and that type of mentality always breaksdown over time.Awesome insight, thanks for this specific detail.
Which form of competitive advantage (ie operate at lower cost vs competitors, or command a price premium, or perhaps both) did you decide to go after, and why?
From what you’ve shared it sounds more so that you went for lower costs, by 1) really dialing in your sales and marketing to be closing deals very effectively and efficiently, 2) keeping your delivery and operations lean and efficient to the point of quality you are aiming for, and 3) post-sales service in which you mentioned you continue the customer relationship beyond the first sale for opportunities to upsell by knowing more of their needs and how to bring them more value.
Was that the case at your company? If not, how did you see it?
Which other forms of competitive advantage have you found are likely present in many industries today because the status quo has them complacent and comfortable?
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Instead you need to be stacking micro advantages through your operation that together over time build a "moat" around any type of competition coming in and taking over. Some of my top ones are:
1. Speed to market (If you're not first you're last - Cardone)
2. Pricing (I am not the lowest cost but my pricing makes more sense than a lot of other options)
3. Technology (One simple example is headsets.. Ive called other companies and they have there guys talking on headsets built in the 90s that cost 5 bucks and sound like absolute dog shit. This is a small advantage when i have everyone on $150 headsets designed for making calls all day long)
4. Clarity of message (A simple small over looked advantage.. How clear is what you are selling? Is your target market understanding FULLY AND COMPLETELY what they are exchanging dollars for? Again, I've called other companies and they confuse the shit out of people with what they are saying)
And the list goes on and on. Honestly i could probably make you a list of 500 - 1,000 specific competitive advantages that i have over everyone else.