Competitive advantage is, in your customers' minds, what makes your business different from the business of your competition. This is something that needs to be clearly stated and communicated to your customers. So, how do you distinguish your business from others in your market?
First and foremost, you'll want to focus on the customer. Who's your target market and do you understand their needs? Does your service or product satisfy their needs? What problem are you trying to fix for them? What about customer service? Start by answering these questions, then ensure the information is clearly stated on your website and marketing materials. You can then start sending E-mails catering to your target markets' specific needs. Actively work on customer service with your team by implementing short training sessions on a quarterly basis, or E-mailing short articles on customer service and satisfaction. Ultimately, a satisfied customer EQUALS repeat business.
Information technology plays a key role in competitive advantage! Customer Relationship Management (CRM) software is a good example as it can improve the process of understanding and delivering to your customers. It can establish and help with target segmentation, market needs, leads, won opportunities, etc. Another good example is automation. Automation of labor-intensive business processes and services can result in lower costs. Use automation for E-mail alerts, automatic updates, client account management, document management and overall workflow.
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