You must always be aware of new trends affecting your product
By understanding and enhancing competitive advantage, your brand or business can win greater market share. Porter's strategies can help you determine the competitive advantage of your business: Lowest price in the market (Cost Leadership): It is the production of a reasonable product at the lowest cost in the market. Brands that use this strategy must reduce the cost of production, meaning the industry is located in cheap regions such as East Asian countries. Differentiation: In the differentiation strategy, the brand aims to offer something different. Understanding the customer’s need facilitates the process of finding a feature to offer differently, such as: fast shipping, high product quality, and advertisements that reach the customer in a different way.A brand that uses differentiation can price its products at high prices, so phone numbers list profits will be high. Customization (Cost focus): It means that the company or brand is able to understand and serve the target market better than anyone else, either by using the lowest price in the market or by using difference to reach a competitive advantage. To succeed with this strategy you must choose a target market, often a small niche that is not served by larger companies. Focus on differentiation: The important factor for any company that adopts this strategy is to ensure that there are indeed different needs and desires among customers, meaning that there must be a basis for differentiation and to ensure that what current competitors offer does not meet those needs and desires. In this way, you can find A need that makes it a competitive advantage for your brand.
http://aobdirectory.com/wp-content/uploads/2024/02/%E5%A7%94%E5%86%85%E7%91%9E%E6%8B%89%E6%89%8B%E6%9C%BA%E5%8F%B7%E7%A0%81%E5%88%97%E8%A1%A8-1.png
How to create a competitive advantage for your brand: To create a competitive advantage for your brand or business you must be clear about these three determinants: Product/service What is the real benefit that your product or service provides to the consumer? It should be something your customers really need, you should know the features of your product and how useful it is for your customers. You must always be aware of new trends affecting your product, new technology, market and environmental variables. For example: companies’ response and the practical solutions they provide to their customers in light of the Corona pandemic. Was your business able to stabilize during the pandemic or succeed in acquiring a new segment of customers and expanding its business? Target market Who are your customers? What are their needs? Where do they live? what are their ages? What are the best payment methods available to them when shopping online? You should know exactly who is buying from you and how you can improve their lives through marketing research .
頁:
[1]