The challenge was compounded by having to compete with mega-retailers who offered free shipping, sometimes in as little as a few days. Many small businesses had to do so virtually overnight. But given the supply chain issues of the past year and the upward trend of pricing across the board, brands need to look elsewhere to find marketable advantages.įor example, because the pandemic of 2020 shuttered many brick-and-mortar retail locations, businesses have had to implement ecommerce storefronts. Because price is still the most important purchasing factor for consumers, if you can offer higher quality products at a lower price, you have your competitive advantage.
Whatever the case, there are three basic types of competitive advantage: price, product/service differentiation, and niche strategies. Or maybe you’ve been in business longer than anyone else. Maybe you can produce a popular product faster or more cheaply than the other businesses in your area. It’s an attribute that differentiates the goods and/or services of your business from those of your competitors. Similar to a point of differentiation, a competitive advantage is something you have that your competition doesn’t. While not every brand has universal recognition, in order to succeed in an uber-competitive marketplace every brand needs a clear competitive advantage. Everyone from Seattle to Seoul can identify the Mickey Mouse ears, Star Wars characters, or any other copyrighted cartoon character related to Disney. Disney, for example, stands above virtually every other entertainment content provider due to the sheer ubiquity of the brand’s intellectual property. Every business, large or small, needs something to make themselves stand out.
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