Competitive advantage is a distinctive feature that makes your product or service more desirable to your target market.
It’s what gives you a competitive edge over your rivals and makes you better than any of them. As a result, it also allows you to generate more sales and win a higher market share compared to your market rivals.
The traditional areas where businesses can get an advantage are:
- cost (lower pricing)
- product (higher quality)
- focus (narrow niche)
- innovation (better tech)