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Competitive Advantage

This tool will help you identify your competitive advantage in your market/idea.

1. What are the top 5 things that make your customers purchase a product?

  • Brainstorm 10 things and narrow it down to 5.
  • Examples include brand, quality, cost, convenience, impulse, customer service.
  • Ask your customers what they think.

    • 2. On a scale from 1 to 10, where do you and your competitors rank on these values (try to be subjective)?

    3. Evaluate the results and locate where you score the highest.

    4. Create a statement that reflects this competitive advantage. Use this as a marketing tool to attract new customers.

    Sample Matrix:        
    VALUE   COMPETITION   MY COMPANY
    Brand  
    8
    		  
    7
    Quality  
    8
    		  
    8
    Price  
    7
    		  
    8
    Convenience  
    7
    		  
    9
    Customer Service  
    9
    		  
    7

    Statement: My Company provides high quality goods at the lowest price and the most convenient locations. Why buy anywhere else?

    Need to record and organize your ideas? Use ManageMyIdeas!

    This entry was posted on Wednesday, April 25th, 2007 at 1:53 pm and is filed under Evaluate Ideas. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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