Contact us about a general enquiry.
Unlock your cash flow potential. At Yorkshire Bank we take a flexible approach to business borrowing.
Lending is subject to status and eligibility.
< back to all business news articles
27/08/2019
A competitive advantage is what you are better at doing than anyone else. The smarter you can be about developing and promoting your competitive advantage, the better placed your business will be to succeed. It's important to remember that it's essential to differentiate yourself from the competition. For example, are your products more durable than those of your competitors? Do you deliver exceptional customer service while your competitors push self-service options? Are your staff members highly educated, friendly, and proactive? Do you offer a money back guarantee?
Usually the more similar your business is to your competitors, the harder it is to convince customers to choose you.
Competitive advantage can be classified in one of two ways:
While it's tempting to pick an appealing area and make it your competitive advantage, chances are you already have one.
List the areas of your business that you believe are superior to your competitors. For example, these areas might include:
Are you robust in a certain channel or market segment that's growing stronger than the market average? Can you sell higher volumes or gain more market share than your competitors?
Continue brainstorming – and pay specific attention to the following four areas.
Is your business efficient with labour, materials and productivity? Do you have strategic alliances or joint ventures in place? Highly proficient businesses tend to have lower costs, which could lead to a comparative competitive advantage.
Think about the quality of your products or services. Ask yourself:
Customers tend to appreciate products and services that last longer than they expect.
List areas where your business is superior in terms of innovation and creativity. How are your products or services unique? Do you hold an extensive portfolio of intellectual property assets? Highlighting innovation could differentiate your business from its competitors.
Depending on how you position your company's customer responsiveness, it could be either a differential or cost advantage. Some questions you could ask yourself and your staff include:
By now you should have several areas that could be your business's most essential competitive advantage. Next is to analyse your competitors thoroughly so you can either differentiate or be comparatively the better choice.
Keep in mind that relativity and perception are important. If your business is slightly better than your competitors on a vital ingredient in your industry, this can widen year-on-year into a significant advantage.
After brainstorming your list and making sure that your advantages are indeed superior to those of your competitors, develop a crystal-clear marketing strategy around them.
All businesses need a clear point of difference to win and retain customers. With sound, tangible advantages that can be understood and communicated to customers, you’ll increase the chance of gaining new customers.
Using these tips, decide how you'll exploit your advantage in the short-term and turn it into a sustainable competitive advantage over the long-term.
POSTED IN: Growth,Finance advice
SHARE
You are here: Business Banking > Business News > Articles
To log into Internet Banking you now need to use Virgin Money Internet Banking. You'll get the same great service and are able to access all your accounts.
Your log in details will stay the same and you can log in directly from the shiny new Virgin Money website.
Continue to Virgin Money Internet Banking
Go to the Virgin Money websiteNever tell anyone a token 3 response code, even someone from the bank. You should only input these codes to our secure Business Internet Banking service when you’re sending and making payments. If anyone calls and asks for a token 3 response code or asks you to authorise a payment on the App for fraud checks, hang up and call us on 0800 085 2914 from another line if possible, remember the Bank will never ask you to disclose your security details.
Continue to Virgin Money Business Internet BankingYou can find impartial information and guidance on money matters on the “MoneyHelper” website.
Yorkshire Bank is covered by the Financial Services Compensation Scheme (FSCS), Find out more.