Competitive advantage vs comparative advantage

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This ensures that customers are given a privileged position in which they prefer to buy their products rather than those of their competitors.

But are there ways to create that competitive advantage?

The truth is that we have a few tips that will help any company find its own advantage.

1.- Follow Porter's guidelines
As we have seen previously, there are three main types of competitive advantage.

Therefore, if we are clear about which one we want to focus on, it will be easier to achieve it.

If you want to lead in costs, produce at low prices. If you want to stand out for the exclusivity of your product, offer features that no one else has.

Or if you want to dominate a small niche market, you'll need to produce something that a specific audience needs and that no other company is making.

2.- Innovate and seek effectiveness
To position yourself in a market full of competitors, innovation is essential .

Offer your customers something that your competition hasn't yet offered and you'll gain that competitive advantage.

Study the market and respond to its needs. The results, combined with your originality, will give you the key.

On the other hand, when you manufacture your products or provide your services, always focus on doing it as well as possible.

There is no point in mass production if the result is not good. Doing things and doing them well is always synonymous with success.

3.- Adapt to changes
Production patterns, individual customer needs, tastes… are changing at ever-increasing speeds.

Only the companies that best adapt to these changes and know how to take advantage of them, gain a competitive advantage.

If you know how to pay attention to these changes and define your strategy flexibly around them, email list of switzerland businesses you will gain a lot of ground compared to your competitors.

4.- Gather information and choose your partners well
How many times have you heard the phrase “information is power”?

Short and forceful!

But this truth takes on much more value in the business world.

If you have more information than the rest, you can stay ahead of changes, competitor plans and even new customer demands.

With this information, you will have greater peace of mind when choosing your partners and suppliers.

This choice can give you a greater competitive advantage, thanks to different factors: production efficiency, supplier prestige, etc.