What Are the Risks of Not Having a Competitive Edge?
Failing to develop a competitive edge can have several negative consequences:
1. Market Vulnerability: Without a unique value proposition, your business is more susceptible to competitive pressures. 2. Customer Churn: Customers may switch to competitors that offer better value, leading to loss of market share. 3. Profit Erosion: Lack of differentiation often results in price wars, eroding profit margins. 4. Business Failure: Ultimately, the inability to compete effectively can lead to business failure.