We all work or blog in industries that require a unique perspective in order to succeed. We don’t produce commodity products. Instead, we work with clients who want a fresh and informed opinion or idea.
Due to the speed of information movement in today’s society and the low barriers to entry in many industries, competition is increasing at exponential rates. If you create a product, that product will be copied. If you have a wonderful blog that enjoys success, it will inspire others to blog and connect in that circle. If you are a graphic designer, individuals with access to the same tools and technology will use your ideas. What are you putting out there to make sure people choose you?
There’s an economic principle called competitive advantage, which says that firms that succeed have some form of advantage over their competition—an ability to add more value, therefore bringing in and retaining more customers (or more readers, if you are blogging). One of the keys to success in business is to find your competitive advantage early and exploit it.
You may have a faster product assembly or access to better materials. Or perhaps it’s more intangible than that – relationships that you have cultivated or a creative spin on an idea that you’re able to take to market with great speed.
What is your competitive advantage? How are you exploiting it for your business? Can it be replicated?