Sustainable competitive advantage is a feature, capability or asset that a company might have that makes success difficult to replicate or outdo. This gives the business a long-term or sustainable advantage over its competition.
Building a sustainable competitive advantage is crucial in maintaining a competitive edge in the market since the chances of your company losing its relevance will be much lower. Here are a few ways you can go about as you work on building a sustainable competitive advantage for your company.
1. Strategically Acquired Assets such as patents, copyrights, trademarks, and long-term contracts could help you secure your competitive advantage.
2. Uniqueness of the product/service is another way to secure an advantage. Ensure your product is unique and that it captures a niche market. Having a unique quality product, serving custom orders, or/ and exceptional customer service will help you generate customer loyalty.
3. Invest in skilled labor and management. Skilled visionary management will impact company culture and growth well into the future, and with skilled labor backing, high-quality products/services will give you your competitive advantage.
4. Take advantage of existing barriers to market entry. As an already existing business master your economies of scale so that you can offer better prices than any new company can offer without compromising on quality.
5. Market adaptability will help you sustain and build up your market share. Keep an eye out for product innovation and improvement, changing trends and faced out products. This will help you avoid being pushed out of market due to lost relevance.
6. Build on your brand name and image. Over time customers develop brand loyalty. This will give you a sustainable competitive advantage, as your consumers will likely continue to choose your products despite price fluctuations as long as you maintain product quality.
I hope to see you build a successful enterprise and happy to help should you need more assistance.
