Home topics news News News Differentiating your business Brad Callaughan August 24, 2011 Business is all about winning customers . You need a constant flow of new customers calling or walking through your doors, but you need to show these new customers how you can do it better. Below, we look at a few areas for you to look at within your business to increase your competitive advantage. Know your competition intimately You need to study your competition intimately and document their product, services, price and promotional offers. A simple excel spreadsheet will suffice. Price Pricing is something that every business has to overcome. You want to be competitive but not price yourself out of business. Use the information you collect when getting to know your competition to compare your price to the marketplace. You need to look back at your operational costs to determine if you can offer promotion offers to match or beat your competitors – but be careful – you don’t fall into the ‘el cheapo’ business category as word of mouth will spread, ‘you get what you pay for’. Premium Product or Service The other side of the above is to offer a premium product. When your competitors are all cutting their costs and seeking their product from cheap manufacturers, you need to differentiate yourself, by showing that you are offering a much superior product for a higher price. Having a premium product is not the norm, but if you do remember that you have a