Marketing Tip of the Week – Competitive Advantage

What makes you stand out from the competition? Do you have that competitive edge that makes you the place to shop? Do you even know how your store stands out or how it can? Now is the time to sit down and figure that out. It’s important to know how you can set yourself away from the competition. This week, FGmarket has a few tips on finding your competitive advantage.

Think about why you shop at some places. Why do you? What’s their competitive advantage? Some stores focus on a low-cost marketing strategy. Can this apply to your store? Smaller businesses normally can focus on lower cost strategies since they have lower overhead costs. Does this work for your store? Focusing on lower costs will intrigue your customers to come in, everyone wants to save a few dollars for themselves. If they can get a product they’re looking for, for a bit less, they’ll choose that store. Take a look at your overhead costs and see how you can get the costs down for your customers.

If you can’t seem to get lower costs for your customers, what about focusing on differentiated products or services. Finding unique products that your competitors don’t offer always makes for a reason to visit your store. Do your research and make sure you find items that are on trend for the season. Keep in mind that your target market for your differentiated product must be big enough in order to achieve profit. Understand your market and know what they want. It’s up to you to figure these things out.

So, what’s your competitive edge? Now is the time to figure it out so you can gain an advantage on your competitors.

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