What Strategies Can Entrepreneurs Use to Build a Competitive Edge?
Several strategies can be employed to build and sustain a competitive edge:
1. Cost Leadership: Becoming the lowest-cost producer in your industry can attract price-sensitive customers and increase market share. 2. Differentiation: Offering unique products or services that provide distinct value can help in standing out from the competition. 3. Focus Strategy: Targeting a specific niche market allows for tailored offerings that meet the unique needs of that segment. 4. Innovation: Continuously innovating can keep your business ahead of the curve and create barriers to entry for competitors. 5. Customer Service: Exceptional customer service can be a powerful differentiator that builds loyalty and word-of-mouth referrals.