{"id":1582,"date":"2022-06-25T16:36:57","date_gmt":"2022-06-25T16:36:57","guid":{"rendered":"https:\/\/somethingelsegroup.com\/?p=1582"},"modified":"2022-06-26T18:57:12","modified_gmt":"2022-06-26T18:57:12","slug":"competitive-advantage","status":"publish","type":"post","link":"https:\/\/somethingelsegroup.com\/competitive-advantage\/","title":{"rendered":"5 Ways SMEs and CSOs Can Gain Competitive Advantage"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Do you feel some businesses thrive more than others in our competitive world? Yeah, you probably tagged it as pure luck. But, we call it competitive advantage.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a business owner, one of the most important things to consider is distinguishing your brand in a competitive market.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\" role=\"button\"><label for=\"item-662aec70a884a\" ><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input aria-label=\"Toggle\" aria-label=\"item-662aec70a884a\"  type=\"checkbox\" id=\"item-662aec70a884a\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/somethingelsegroup.com\/competitive-advantage\/#Why_Should_Customers_Choose_your_Brand_Over_Competitors\" title=\"Why Should Customers Choose your Brand Over Competitors?\">Why Should Customers Choose your Brand Over Competitors?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/somethingelsegroup.com\/competitive-advantage\/#What_Is_Your_Competitive_Advantage\" title=\"What Is Your Competitive Advantage?\">What Is Your Competitive Advantage?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/somethingelsegroup.com\/competitive-advantage\/#Principles_of_Competitive_Analysis\" title=\"Principles of Competitive Analysis\">Principles of Competitive Analysis<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/somethingelsegroup.com\/competitive-advantage\/#Tools_for_Analyzing_Competitive_Advantage\" title=\"Tools for Analyzing Competitive Advantage\">Tools for Analyzing Competitive Advantage<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/somethingelsegroup.com\/competitive-advantage\/#PORTERS_FIVE_FORCES\" title=\"PORTER&#8217;S FIVE FORCES\">PORTER&#8217;S FIVE FORCES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/somethingelsegroup.com\/competitive-advantage\/#PEST_ANALYSIS\" title=\"PEST ANALYSIS\">PEST ANALYSIS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/somethingelsegroup.com\/competitive-advantage\/#Political_Factors\" title=\"Political Factors\">Political Factors<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/somethingelsegroup.com\/competitive-advantage\/#Economic_Factors\" title=\"Economic Factors\">Economic Factors<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/somethingelsegroup.com\/competitive-advantage\/#Social_Factor\" title=\"Social Factor\">Social Factor<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/somethingelsegroup.com\/competitive-advantage\/#Technology_Factors\" title=\"Technology Factors\">Technology Factors<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/somethingelsegroup.com\/competitive-advantage\/#SWOT_ANALYSIS\" title=\"SWOT ANALYSIS\">SWOT ANALYSIS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/somethingelsegroup.com\/competitive-advantage\/#GAP_ANALYSIS\" title=\"GAP ANALYSIS\">GAP ANALYSIS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/somethingelsegroup.com\/competitive-advantage\/#VRIO_ANALYSIS\" title=\"VRIO ANALYSIS\">VRIO ANALYSIS<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Why_Should_Customers_Choose_your_Brand_Over_Competitors\"><\/span><b>Why Should Customers Choose your Brand Over Competitors<\/b><span style=\"font-weight: 400;\">?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The answer is far from simple. Sometimes, it can be tricky to develop that edge in a way that makes sense to both you and your customers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Few strategies will help you take advantage of the competitive market. But first, you need to define what it means to have a competitive advantage.<\/span><\/p>\n<h2><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"What_Is_Your_Competitive_Advantage\"><\/span><b>What Is Your Competitive Advantage?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A <a href=\"https:\/\/somethingelsegroup.com\/starting-a-business\/\">competitive advantage<\/a> is an attribute that sets your business apart from others. By conducting research and evaluating the strengths and weaknesses of competitors, your competitive advantage increases revenue for your business.\u00a0<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Marketing includes identifying your target market, understanding growth strategies, and assessing your competition. <\/span><i><span style=\"font-weight: 400;\">Check our previous articles to find out more about target markets and growth strategies.\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Following these steps ensures that your competitive advantage is distinct rather than generic. To make things easier, we compiled a list of tools to help you gain that unique competitive advantage.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, before providing a list of tools, we will tell you about the core principles in competitive strategy analysis.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-1585 size-large\" src=\"https:\/\/somethingelsegroup.com\/wp-content\/uploads\/2022\/06\/07-01-Competitive-advantage_-5-ways-SME-s-and-CSOs-can-excel-2-1024x536.jpg\" alt=\"Competitive advantage\" width=\"1024\" height=\"536\" srcset=\"https:\/\/somethingelsegroup.com\/wp-content\/uploads\/2022\/06\/07-01-Competitive-advantage_-5-ways-SME-s-and-CSOs-can-excel-2-1024x536.jpg 1024w, https:\/\/somethingelsegroup.com\/wp-content\/uploads\/2022\/06\/07-01-Competitive-advantage_-5-ways-SME-s-and-CSOs-can-excel-2-300x157.jpg 300w, https:\/\/somethingelsegroup.com\/wp-content\/uploads\/2022\/06\/07-01-Competitive-advantage_-5-ways-SME-s-and-CSOs-can-excel-2-768x402.jpg 768w, https:\/\/somethingelsegroup.com\/wp-content\/uploads\/2022\/06\/07-01-Competitive-advantage_-5-ways-SME-s-and-CSOs-can-excel-2-1536x804.jpg 1536w, https:\/\/somethingelsegroup.com\/wp-content\/uploads\/2022\/06\/07-01-Competitive-advantage_-5-ways-SME-s-and-CSOs-can-excel-2-2048x1072.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Principles_of_Competitive_Analysis\"><\/span><b>Principles of Competitive Analysis<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><b>Conduct an Internal Analysis<\/b><span style=\"font-weight: 400;\"> to identify the strengths and weaknesses of your internal environment. Select\u00a0 appropriate tools, acquire information, analyzing and convey your findings<\/span><\/li>\n<li><b>Complete an External Analysis<\/b><span style=\"font-weight: 400;\"> by running a background check of the external factors that control the impact of your business<\/span><b>.<\/b><\/li>\n<li><b>Share common findings<\/b><span style=\"font-weight: 400;\"> after analyzing the differences between internal and external factors.<\/span><\/li>\n<\/ul>\n<h2><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Tools_for_Analyzing_Competitive_Advantage\"><\/span><b>Tools for Analyzing Competitive Advantage<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Here are some tools for analyzing your competitive advantage.<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Porter&#8217;s Five Forces<\/span><span style=\"font-weight: 400;\">Pest Analysis<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Swot Analysis<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Gap Analysis<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Vrio Analysis<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"PORTERS_FIVE_FORCES\"><\/span><b>PORTER&#8217;S FIVE FORCES<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Porter 5 forces provide a bird-eye view of the <a href=\"https:\/\/somethingelsegroup.com\/brand-development\/\">current market<\/a> in which your business competes. By asking questions like, would it be difficult for new entrants to appeal to customers? Who are your major suppliers in the market? Is there a profitable market for your product in the area? What differentiates your products from others? Is the market shrinking or growing?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once you answer the above questions,\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Create a strategy to ensure your business finds profit in the market.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, we recommend not to rely solely on Porter 5 Forces as it is a one-dimensional framework disregarding complex situations.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">For a hands-on analysis of your market report, visit somethingelsegroup.com. We provide comprehensive brand strategy services that simplify complicated problems.<\/span><\/i><\/p>\n<h2><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"PEST_ANALYSIS\"><\/span><b>PEST ANALYSIS<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">PEST is an external strategic framework for evaluating the environment which influences the success of your business. It consists of Political, economic, social, and technological factors essential for the framework used in corporate strategy. Below we break down each factor to understand their current position and how they may affect your sector and business.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Political_Factors\"><\/span><b>Political Factors<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">PEST Analysis considers the political factors, such as government policy, taxation affecting the economy and the industry.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Economic_Factors\"><\/span><b>Economic Factors<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Economic Factors focus on the various parts of the economy and how their performance may impact your business.<\/span><b>\u00a0<\/b><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Social_Factor\"><\/span><b>Social Factor<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Social factors consider society&#8217;s cultural and demographic trends.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Technology_Factors\"><\/span><b>Technology Factors<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Technology is linked with modern innovations in the industry as well as the growth and innovation within the economy.<\/span><\/p>\n<h2><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"SWOT_ANALYSIS\"><\/span><b>SWOT ANALYSIS<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It is a simple strategic tool for leveling your brands&#8217; competitive edge. It addresses both the internal and external aspects of your business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When conducting a SWOT analysis, it is critical to present detailed and reliable data; otherwise, you may depend on unreliable information.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">SWOT analysis provides quick insights, yet it barely offers a thorough analysis outside its four primary functions.<\/span><\/p>\n<h2><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"GAP_ANALYSIS\"><\/span><b>GAP ANALYSIS<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">GAP is an internal analysis tool for identifying the shortcomings in your business preventing you from meeting your objectives and goals. The analysis compares your brands&#8217; current state to its planned future state. It identifies gaps which can subsequently create a series of actions that will bridge the irregularities.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, this is one of the most effective strategies that help coordinate your goals. More still, it lacks focus on analyzing\u00a0 competitor&#8217;s gaps, government involvement, and seasonal changes.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"VRIO_ANALYSIS\"><\/span><b>VRIO ANALYSIS<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The Vrio analysis framework identifies organizational resources that create a long-term competitive advantage. It identifies and categorizes your resources based on whether they possess certain traits outlined in the framework.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The framework encourages you to take those resources to the next level, eventually developing a competitive advantage. Since the Vrio framework focuses mainly on internal analysis, it can be time-consuming and needs other frameworks.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In a complex market environment, your business needs a competitive advantage. With these simple analytical tools, you stay a step ahead of the competition.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Do you feel some businesses thrive more than others in our competitive world? Yeah, you probably tagged it as pure luck. But, [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":1584,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34,29,30,26],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/somethingelsegroup.com\/wp-json\/wp\/v2\/posts\/1582"}],"collection":[{"href":"https:\/\/somethingelsegroup.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/somethingelsegroup.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/somethingelsegroup.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/somethingelsegroup.com\/wp-json\/wp\/v2\/comments?post=1582"}],"version-history":[{"count":1,"href":"https:\/\/somethingelsegroup.com\/wp-json\/wp\/v2\/posts\/1582\/revisions"}],"predecessor-version":[{"id":1586,"href":"https:\/\/somethingelsegroup.com\/wp-json\/wp\/v2\/posts\/1582\/revisions\/1586"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/somethingelsegroup.com\/wp-json\/wp\/v2\/media\/1584"}],"wp:attachment":[{"href":"https:\/\/somethingelsegroup.com\/wp-json\/wp\/v2\/media?parent=1582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/somethingelsegroup.com\/wp-json\/wp\/v2\/categories?post=1582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/somethingelsegroup.com\/wp-json\/wp\/v2\/tags?post=1582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}