which one of the following is not something that can be learned from doing a competitive strength This is a topic that many people are looking for. thetruthaboutdow.org is a channel providing useful information about learning, life, digital marketing and online courses …. it will help you have an overview and solid multi-faceted knowledge . Today, thetruthaboutdow.org would like to introduce to you What Is Your Competitive Advantage? 8 Brand Differentiation Strategies . Following along are instructions in the video below:
“Everybody welcome back what i want to talk about in this video is how do do you determine your competitive advantage. How is it that you stay ahead of your in order to do this you have to have a lot of your brand positioning. Basics done now those are things like knowing what your product or services are who it is that you deliver them to how they re different and how they re better you have to have some of these things established you also have to know your strengths and weaknesses of your brand or your professional practice. And you can look at my videos.
One is called a swot analysis. Sw ot analysis. One is on competitive analysis. You might want to look at those in relation to establishing the strengths of weaknesses of your business.
And in that competitive analysis you want to understand what your competitions. Strengths and weaknesses are as well so let s jump right into it here eight ways to create a competitive advantage. Number. One is cost leadership and that is attracting customers by low cost.
There are a lot of companies that do this walmart is one costco s another but pricing and being competitive on pricing is a race to the bottom. And it s very difficult to be profitable when you compete on price you have to do massive volume like walmart in order to be profitable when competing on price. But many companies do it number two is establishing a competitive advantage by a differentiation strategy and that is finding out whether there s a core attribute of your product or service. That is really different from your competition.
What is the functional benefit the emotional benefit of your product is your communication. Better is your process. Better do you have more products are you specialized do you have a certain amount of innovation. So what is the differentiation from your competition.
Number three is creating a competitive advantage through a quality or a service strategy. This is prioritizing service or the quality of your product as a differentiator between you and your competition. Here s an example hubspot had a lot of customers and the cost of acquiring brand new customers was very high so they realized that if they nurtured their current customers and grew the amount of services their current customers were using it was a much easier way in less expensive way to grow their business than it was getting new customers. And here s an example of a product quality strategy.
Gucci and chanel sell really premium products. And it doesn t always have to be a strategy of beating your competition with a more premium offering. It can be beating your competition through a slightly less premium offering for instance topshop h. M.
Zara offer a really great strong fashion. But at a much lower price now this is competing on price. But what it is is a strategy around quality of product that is differentiating yourself from your competition and giving you a competitive advantage number four is gaining a competitive advantage through an innovation strategy. Now this can be an innovative product.
An actual physical product or it could be a process or methodology. For instance. Walter landor. Who founded landor associates.
The global branding and design agency was the first person to really develop consumer insights. Driven design and product design his methodology was unique and it was different and it got to better solutions. Faster ideo is a similar story they developed product development processes that use design thinking so they used flexible consumer insight driven design and iterative design to get to better results for their clients they used an innovation strategy number five is using an operational effectiveness strategy. Fedex is a great example of this they started with an innovation overnight delivery.
But then became operational experts amazon another great example he started off with selling books. But quickly became operational and logistics specialists and then they use that specialization in logistics and moved into a broader product line and now are moving into private label into fashion into food. So. They ve utilized an operational effectiveness strategy.
Number six is using a technology strategy. So apple. Obviously did this with ease of use and its application to design and creativity. Microsoft did it as well with business utility and also on price tesla has done it in the electric vehicle category so you re not sacrificing design or quality like you might have with a toyota prius or something.
Like that amazon echo. Did it. As well with voice recognition and combined product delivery with voice recognition. So that was a technology strategy.
That s giving them a competitive advantage. Number seven is using an adaptability strategy and that s the ability to change your business. Your services your products to address a changing marketplace. A great example of this is mcdonald s who started off with just hamburgers french fries and shakes and over the decades have added fish.
They added chicken. They added breakfast. They added salads now they re doing coffee. They have addressed and changed with society s wants and needs and the trends in the marketplace.
And they ve been incredibly adaptable in their business. So finally number eight is an informational advantage. So that s gaining a competitive advantage. Through information.
Google is a great example of this they ve gathered so much data on user down on web traffic on advertising. They have an incredible advantage in the marketplace. Because of the amount of information that they have and that they can use and that they can sell facebook similar a giant consumer database of behavior that they use for targeting marketing and advertising and they sell that as a product. They have an informational advantage strategy.
So that s it i hope you enjoyed this video on eight ways you can gain a competitive advantage and if you did like it hit subscribe below. So you can see my videos. When they come out and from their hal brand design. My strategic branding and design agency.
Thank you so much for watching. And if i can help you with your brand strategy your brand design or your career reach out to me at phillip van. Dusen comm and let s talk about what i can do to help you with your business or your professional goals and with that thanks again for watching and bye for now you ” ..
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“Knowing and leveraging your competitive advantage is the cornerstone of any successful business. Here are 8 key strategies to use to differentiate your business from the pack. Whether it s technology, product quality, or data, you have to know what you are going to focus on owning to win in your category. nn nPhilip VanDusen is the founder of Verhaal Brand Design, a strategic design and branding consultancy in the New York City metro area. He is an accomplished creative executive and expert in strategic branding, graphic design and creative management. Philip gives design, branding, marketing and business advice to creative professionals and entrepreneurs on building successful creative practices and brands.n nnMY WEBSITE:n http://www.philipvandusen.comnnJOIN THE BRAND MUSE NEWSLETTER:nhttp://www.philipvandusen.com/musennFREE MINI-EBOOK DOWNLOAD:n 9 Design Elements Your Brand Absolutely, Positively Needs n http://www.philipvandusen.com/direct-optinnnFOLLOW ME ON TWITTER:n https://twitter.com/philipvandusennnSUBSCRIBE TO MY YOUTUBE CHANNEL:nhttp://www.youtube.com/c/PhilipVanDusennnFOLLOW ME ON PINTEREST:n https://www.pinterest.com/philipvandusen/nnLIKE ME ON FACEBOOK:n https://www.facebook.com/Verhaal-Brand-Design-115957185470571/nnGET TUBEBUDDY – THE BEST TOOL FOR YOUTUBERS:nhttps://www.tubebuddy.com/philipvandusennnRECOMMENDED BOOKS TO HELP YOU BUILD YOUR BRAND AND CREATIVE PRACTICE:n”Imagine: How Creativity Works”, Jonah Lehrer http://amzn.to/2mJpQe9n Free Agent Nation by Daniel Pink http://amzn.to/2mWlbpRn Orbiting the Giant Hairball by Gordon MacKenzie http://amzn.to/2noTnILn Rules of the Red Rubber Ball: Find and Sustain Your Life s Work by Kevin Carroll http://amzn.to/2moisCun Change By Design , by Tim Brown http://amzn.to/2uaXYjXn Good Design Is A Tough Job by Kirsten Dietz, Jochen R deker http://amzn.to/2CAIH0rn The Art of Innovation by Tom Kelley http://amzn.to/2wtAevLn The Edge: 50 Tips from Brands That Lead by Allen Adamson http://amzn.to/2Ef6fsen Art + Design by Rex Ray http://amzn.to/2yLMRRTn Crush It by Gary Vayerchuk http://amzn.to/2eYdfPOn Expert Secrets by Russel Brunson http://amzn.to/2zEDOBTn See You at the Top by Zig Ziglar http://amzn.to/2hBcdhwn Flow: The Psychology of Optimal Experience by Mihaly Csikszentmihalyi http://amzn.to/2BhBEKnnnMY EQUIPMENT + TOOLS:nCanon EOS 80D DLSR Camera: http://amzn.to/2nn4y4qnCanon EOS 80D 18-55mm kit lens: http://amzn.to/2mnAAwsnCanon EOS 80D Yongnuo 35mm lens: http://amzn.to/2nniEThnRODE NT2000 Condenser Mic: http://amzn.to/2mFoNvGnART Tube MP: Tube Mic PreAmp: http://amzn.to/2mFoVeEnMackie HR824 Studio Monitors: http://amzn.to/2nxQNz3nSony MDR 7506 Headphones: http://amzn.to/2mFpsxanScreenflow: video editing software: http://amzn.to/2nxFLK3nNeewer 2 Packs Dimmable Bi-color 480 LED Video Light http://amzn.to/2Cz8INKnLogitech HD Pro Webcam C920: http://amzn.to/2nmX4hZnRode smartLav+ Lavalier Microphone: http://amzn.to/2n2xL7BnOWC ThunderBay 4 0GB 4-Bay HD Enclosure: http://amzn.to/2npj7VanToshiba 3.5-Inch 2TB 7200 RPM HD (x4): http://amzn.to/2mnWZtmnHP 27er 27-in IPS LED Backlit Monitor http://amzn.to/2w29u1SnAnker 2.4G Wireless Vertical Ergonomic Optical Mouse http://amzn.to/2iZHKtsnTubeBuddy: https://www.tubebuddy.com/philipvandusennAdobe Creative Suite (2017 CC)nNative Instruments Komplete Audio 6: USB Audio Interface nn*We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites.”,
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