I thought using Usain Bolt's image a good idea to represent a competitive advantage.

What do successful companies all have in common? A competitive advantage. Take a look at companies dominating their categories. Does Apple, Nike and Wal Mart ring a bell? Each of these companies have 1 or 2 strategies that keep their customers brand loyal, purchasing their products again and gain.

As defined, a competitive advantage is something that an organization does better than its competitors to obtain an edge in satisfying customer’s needs and maintain mutually satisfying relationships. For more info on competitive advantage, please see wikepedia’s definition.

To begin planning for a competitive advantage, we must first develop a SWOT analysis. A SWOT analysis is a facet of the marketing plan that represents Strengths, Weaknesses, Opportunities, and Threats.

* Begin by forming a SWOT analysis of your hard earned research

To achieve a competitive advantage, we must first create capabilities by matching Strengths to Opportunities. If your company can provide better value to customers than other competing offers, those capabilities become competitive advantages. Next, make an assessment of your Strenghts and Weaknesses to offer solutions to customer problems. It is very important to look beyond what you already offer to meet customer needs and expectations. This will help you create what is missing, a product or service that can revolutionize your industry.

Convert Weaknesses into Strengths by investing strategically in key areas (customers service, research and development) Your investment can blossom into long-term success. Do the same for Threats to Opportunities. Need more help with your marketing or design? Comment below or send us your question through our contact form.

What strategies did Apple, Nike, and Wal Mart use? It all boils down to three basic strategies marketers follow; Product Leadership, Customer Intimacy, and Operational Excellence.

Product Leadership – Excellent at technology and product development. These companies set trends, introduce new to market products, and offer the most advanced, highest quality goods in their industry.

Customer Intimacy – Know customer needs better than the competition. These companies establish long-term relationships with customers by seeking their input on how to make their product or services better.

Operational Excellence – Focuses on efficiency of operations and processes. Firms that use this strategy operate at lower costs, enabling them to deliver goods and services to their customers at lower costs and increased value than competitors.

Which strategy does your company use?