Your competitive advantage is like your unique selling point. It’s an aspect of your business that sets you apart from your competitors. Something that they simply don’t have, but you do.
For example, Coca-Cola’s competitive advantage is their secret recipe and their huge brand name recognition. For years, Pepsi has tried to beat them but never succeeded. Why? Because their recipe has never matched up to Coca-Cola’s.
By identifying your competitive advantage, you can increase your business profitability. This will help you gain a high market share.
How to Leverage Your Competitive Advantage for Growth
If you can identify the competitive advantages of your business, you can improve on them. This will help you stay ahead of the competition.
Here’s how you can give your instasculpting business an edge over the rest.
Create a Differentiation Strategy
If you don’t already know what sets you apart from your competitors, you need to create a differentiation strategy. One of the easiest ways to do this is through consistent branding. For instance, Rolex and Nike’s core strength is not only in their product quality but also in their brand name.
You can then leverage your branding to increase your business’s visibility. Be consistent because it takes customers an average of 7 interactions to recognize your brand.1
Tap Into Your Innovative Side
One of the best ways to stay ahead of your competitors is by offering your services in a new and different way. For instance, if other instasculpting businesses are only offering ultrasonic cavitation, you can bundle up your services with other complementary procedures.
This will turn your business into a one-stop-shop for your customer’s needs, ultimately increasing your market share.
Embrace New Technology
Digital transformation has completely revolutionized how companies operate. Instasculpting businesses have not been spared. In addition to getting innovative machines, you could also integrate technology into your operations.
For instance, you could use tech to streamline your marketing and customer service departments. Instead of making physical appointments, customers could simply book their sessions online.
Keep in mind that more than 70% of customers will stay loyal to a brand with exemplary customer support.2
Optimize Your Pricing Strategy
Pricing has a lot to do with your customer retention rates. If your prices are too high, customers will leave for the competition. On the other hand, if they are too low, they’ll take it as an indication of your service quality.
Price your services based on the industry standards but keep them low enough that customers prefer you over the rest.
Improve Your Competitive Advantage and Grow
The business world is cut-throat, and you need a competitive edge to remain in business. Find a way to differentiate your services from your competitors and implement innovative strategies.
Don’t be shy to embrace new technology and work on your pricing strategy. This will enhance your customer loyalty and increase customer acquisition rates.
Links to sources used.
- The marketing rule of 7, and why it’s still relevant in B2B – https://www.b2bmarketing.net/en-gb/resources/blog/marketing-rule-7-and-why-its-still-relevant-b2b
- 50 Stats That Prove The Value Of Customer Experience – https://www.forbes.com/sites/blakemorgan/2019/09/24/50-stats-that-prove-the-value-of-customer-experience/?sh=27fd75504ef2