Learn and apply new skills to guard your competitive edge

Last week during our weekly meeting I asked my sales team who our major competitors are. This seemed a very easy question. They quickly mentioned three key players in the industry starting with the biggest.

However, my next question made them a bit uneasy. I asked what would happen if those competitors closed shop the following day. Does it mean all their customers will be ours for easy taking?

All of them agreed that even if all our perceived competitors are instantly eliminated from the market we will not sail effortlessly. It is at this point that we embarked on a self-examination exercise to establish what is holding us from selling as much as we would like.

We listed a number of obstacles we are currently facing but top on the list was lack of awareness in the market. We concluded that hindrance to success was largely not due to other players we perceive as our competitors. It is mostly lack of awareness.

In other words, most of our potential customers are not even aware that we exist and what our products can do to them. We resolved to stop focusing on our competitors and focus on our prospects.

This applies to many businesses as well. Your sales are not low because your competitors are selling. Your sales are low because most of your potential customers do not really know that you exist or do not see any difference between your products and others in the market. In this case what you need most is to have and execute a sales and marketing strategy that will elevate you in the market so that you become more visible and preference choice.

Essentially, all marketing and sales strategy is based on differentiation, which is the ability to show your prospective customers exactly how what you are selling is different from, and better than any other competitive products or services offered in the marketplace. To succeed today in the market you need those two things in generous measure: to differentiate your products or service from others in the market and to let your prospect clearly perceive the difference.

You may not be the best in terms of price, quality, speed of delivery or some other treasured attributes but you must at least have one major thing or sales proposition, which will persuade customers to buy from you.

Competitive advantage is anchored on the exclusive benefits that your customer will enjoy from purchasing and using your product or service that they would otherwise not fully enjoy from purchasing and using other similar products.

Until you make it clear to them they will continue using what they are used to, or what is readily available. This is why the biggest enemy to your success is not other players in the market but your own inability to clearly blow your own trumpet and be clear and loud enough to be heard. In the market place nothing changes as fast as competitive advantage.

In a world where information and technology flows fast, your competitive advantage today may not be a competitive advantage tomorrow. Soon rather than later other players will be offering the same or even better.

Your biggest competitive advantage therefore is your ability to learn and apply new skills ahead of your competitor in the market. You need to keep abreast of the industrial trends by reading widely, attending trade fairs, visiting other places or countries and networking within and without, as well as being close to your customers in order to know what they need, how they need it and pre-empt what they will need tomorrow ahead of your peers.

Mr Kiunga is a business trainer and the author of The Entrepreneurial Journey: From Employment to Business. Email: [email protected].