Look around you at any successful business. The common
denominator is that they found a way to make a profit on a
solution to someone's problem or need. Quite simply, a
successful information product is a result of a person
confronting an obstacle, finding a way to overcome it, then
showing others how they did it.
As we look at the factors of creating and maintaining an
Extreme Competitive Advantage, let's look at those three
essentials of a business: A Star, A Story, and a Solution.
You are The Star. You bring to your business what you have
created, accomplished, or overcome. You are the reason your
business exists, whether you are selling a service,
information, or a gadget. If you aren't in the equation,
your business won't exist.
Your brand is Your Story. Years ago, just out of college in
my first writing job, a colleague was lamenting that she
would never be able to write a book because all of the good
ideas had already been written about. While there is some
truth to that, everybody's story is different, and how you
present it will be different, too. Your story, your brand
will be unique because you are unique. So when you start
thinking about your brand, look at your story. What makes
it different? What makes you different? Bring that to your
business and you will see your brand develop.
Your product or service is The Solution. Creating and
maintaining extreme competitive advantage involves weaving
the star and the story together to support the solution; it
requires looking at several levels of your business, from
branding and marketing to product development and R&D,
budgeting your resources and staying nimble in your
decision-making---in short, developing your Extreme
Competitive Advantage. Here are six things to consider as
you bring your Star, Story, and Solution to life:
1. Have a profound reason for your business. The fact is,
like a book theme, there aren't a lot of segments in
business that need more offerings. As a result, you will
need to look for either a trend-related reason to be in
business or for a service advantage that you can provide.
What do you know that someone might need or desire that
they can't find anywhere else? What service do you provide
that sets you apart from anything that is currently
available? How can you position yourself to be distinct in
your market?
2. Create Strong Positioning. Stand out from your
competitors. Be clear and dramatic, dynamic and different.
What sets you apart? What do you offer that makes people
take notice of you and your business? How do you present
this to the world? Everything you do establishes your
brand. Look at companies with strong brand appeal. You
notice them because they offer something different, or they
say it in a way that the market notices.
3. Develop and Continue to Create Unique Assets. We're all
very familiar with the iPod. It's revolutionized how we
listen to music, added another tool to share information,
and changed how people view Apple as an innovative
technology company. For a short time, Apple relied heavily
on this unique asset to give them a competitive advantage.
However, within months, many mp3 players became available
from other companies. So, they came out with other models
to cover more of the market; they added new features; they
continued to develop new products. Now they've developed
the iPhone. What Apple knows is that although they have a
unique asset, their competitive advantage will go away over
time. They need to continually develop new ones to maintain
their competitive advantage.
4. Maintain an Economic Advantage. This is a key area that
too many businesses lack. You must be able to outspend your
competitors and still maintain profitability. Pricing is
important, as is perceived value to the customer. The more
unique your offering, whether it is service or a product,
the more ability you'll have to offer products for premium
prices and bigger margins, ultimately attracting customers
for whom price is not a factor.
5. Build Complex Business Systems. Systems are very
important for the flow of your business. Another way they
are important is that the more complicated they are, the
less likely it is that your competition will copy them,
allowing you to maintain your competitive advantage.
6. Use Speed and Agility. You must be mentally, physically,
emotionally, and financially agile to maintain your
competitive advantage. Staying a step ahead of your
competition requires you to be at your best in all areas.
As you build your business, support The Star, Story, and
Solution with these six aspects of creating and maintaining
a competitive advantage and you will move ever closer to
the Success Phenomenon.
Copyright 2007 © Marilyn Schwader
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Getting your information from concept to marketplace? Visit
author/coach Marilyn Schwader at
http://www.clarityofvision.com . Looking for an accelerated
information products education in an affordable,
easy-to-use format? Go to
http://www.jumpstartyourwealth.com .
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