How to Give Your Business a Competitive Advantage

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      You can increase your competitive edge through research, by knowing your customers and your competition, differentiating yourself from competitors and keeping up to date with what’s happening in the market.

      There are several ways you can identify who your competitors are, including through Google searches and social media.

      Even if you’re not a competitive person, owning a small business puts you in direct competition with other small businesses that are offering the same or similar products or services. It’s highly beneficial to develop a competitive advantage as it encourages customers to buy from you, rather than your competitors.

      A competitor analysis should focus on the strengths, weaknesses, opportunities and threats of your competitors. It should also include details such as pricing, location, marketing approach and customer reviews.

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