What makes you different? (Competitive Advantage)

Know what sets you apart. Before you release any products or think of presenting yourself to potential consumers be ready to answer the question “What makes you different?”. There are a lot of markets that are oversaturated right now. In other words, there are a lot of people selling the same exact items. This does not mean that you too can not be successful selling those same items. It means that you now must come up with something that sets your business apart. 

Even in markets where there is not an overflow of the same products having a competitive advantage will increase your sales. With the surplus of options consumers have when spending their hard-earned money, he or she wants to know that they are receiving something unique before they swipe their card. 

List a few things that make your business unique. Include not only product uniqueness but the packaging and customer service as well. Anything you can do to set yourself apart will contribute to your brand image and the consumer's view of your business. 

Do your research! Acting like you are the only brand in the world is not going to make you stand out to the consumer. You should be researching your competitors. Big companies like Walmart, Sprint, and McDonalds have teams of people that are responsible solely for researching the competition. Knowing what your competitors are doing will help you stay relevant. Keep a running list of your biggest competitors.

Check their social media and websites daily. These competitors should have a similar niche and target audience. This is called market research and will help you when you begin to develop more products as time goes on. Watch how the target audience interacts with different businesses on different posts and learn from their trial and error. Even influencers have social media profiles they look up to and lean on for inspiration from time to time.