In a crowded market, it is sometimes hard to define what differentiates your business from the competition. Is it your service, brand, or offering? We have explored this topic many times in our blogs at No More Practice, and taken some advice from some of the most successful business owners in the market. One of my favourite articles was by Barry Lambert and his entanglement strategy.
In order to find your competitive advantage, first you have to define your purpose. By asking yourself these three questions, you can help articulate your purpose, and define your competitive advantage.
Question 1: Why did I enter business in the first place?
Did you enter business because you saw a gap in the market, or perhaps, you thought you could offer something better or different than anyone else? Maybe you had a vision to build something different, something which represents your beliefs. Whatever the reason may be, going back to your original ‘why’ will often give you clarity on your goals, objectives and purpose – no matter what stage your business is in.
Question 2: What would the market miss if my business didn’t exist?
Without your product or service out there, how would the marketplace react? What would be missing and who would be missing out? Knowing and acknowledging the impact of your business in the marketplace, can really help define your competitive advantage.
Question 3: How do I wish to be perceived and/or remembered?
When you look back on your life and your business, what do you want to say about it? With your business and personal goals set, how will you feel about what you have achieved? How will others acknowledge your efforts? Most importantly, what change do you want it to bring about in the world?
If you can honestly look at the impact you want to have over the long term, you not only identify your true business purpose, but also your longer term competitive advantage. Because no one has a business like yours.
Join the conversation with Vanessa on Twitter @ceovanessa
Vanessa Stoykov is the founder of No More Practice, and the founder of the parent company, evolution media group in 1999. She has over 20 years’ experience in financial services as both a journalist and business owner. She is an award winning chief executive who is passionate about creating education and communications to help the wealth industry and consumers fulfill their prosperity potential.
