Sustainable Competitive Advantage

March 7, 2007

Sustainable Competitive Advantage is, perhaps, the most important characteristic of a successful Company, Product, or Service.  Without a competitive advantage that is either real or perceived by customers that can be sustained over time, the prospects for a successful business is slim to none.

How do you know if you have such a sustainable competitive advantage?  Do your homework!   What are the critical differences between your service or product and your competition.  Have you researched this difference with your customers?  Do they agree that what you are providing is clearly and meaningfully different and better then competition?  Is this differentiation sustainable over the long-term as a result of patents, unique technology, unique manufacturing capabilities, etc.?  This is the point in your business development where you really need to be objective and honest with yourself.  If your product or service cannot live up to this type of scrutiny, then you probably should not pursue that service or product business.

So, get a good research partner and get the answers to the questions above before you go to far.   You will clearly benefit in the long-run.

Rich

Bizvice:  Business Strategy, Marketing & Entrepreneurship

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: