Refresher on Competitive Advantages
Before we jump into the competitive advantage examples, let’s take a quick refresher on the basics of competitive advantages.
From our overview article, a competitive advantage is a strength that allows your organization to meet a customer need better than your competition. They’re organizational strengths that are at your core and are difficult for your competitors to duplicate. Check out this post for an overview on competitive advantages.
Competitive advantages help us understand what we’re best at in the market, what unique strengths we possess, and what our customers value.
We also recommend conducting a competitive analysis as you identify your competitive advantages. Understanding your competitive environment allows you to consider strategic moves to make.
Competitive Advantage Examples
We’ve pulled together some of our favorite examples of competitive advantages to reference as your organization conducts a competitive analysis and analyzes your strengths to identify where in the market you should play. Check out this exercise to help identify your competitive advantages.
NOTE: These Example Advantages Are More Powerful TOGETHER
As we pulled together these competitive advantage examples, we were struck by an important take away you should consider. These example advantages are more powerful when they work together.
Pulling apart each bullet point as an example yielded advantages that weren’t interesting or powerful on their own. But, when they are paired with the other advantages of the organization, it creates a much clearer picture of what the organization is best at.
Use your competitive advantages together. As you examine your core strengths, think about how you can best answer the question, “what are we best at, and why do customers choose us.” A set of advantages answers that question better than a single advantage.
Examples for Software Development
- Speed to deployment. We build quality apps in about half the time as similarly equipped application development companies.
- Custom data reporting abilities tuned to the customer’s needs. We build better data reporting and user reporting that is customized to the client’s needs.
- Progressive iOS and Android apps. Our apps are consistently identified by 3rd party review sites and industry coverage as code-based leaders.
- Deployment capabilities globally. A globally distributed team means we can serve clients with fidelity worldwide.
- Deep understanding of the ionic and react frameworks. We deeply understand coding languages, and we can use those languages better than anyone in our competitive space.
- Diversity of product. We build apps for a diverse client set, giving us revenue stability.
Examples for Healthcare
We create the best, high-quality holistic medical treatments for a range of ailments that prohibit people from living their lives to the fullest. We exist to heal people, and our key differentiators are:
- Evidence-based product formulas. We create evidence-based procedures, and that makes an incredibly high-quality product. We use research to build better products that work for patients.
- In-house production capabilities. Our in-house product production capability allows us to create high-quality medical products for less than anyone in the market. We make a better product for less money and pass those savings on to the consumer.
- Support and service. We support our doctors and field clinicians with unmatched support in our industry.
- Experience and industry leadership. We are the go-to for industry trends, research, and new products to help doctors better serve their patients.
- Empathy, purpose, and passion. Our passion is to serve, innovate, and grow.
Examples for Insurance
We are a national insurance organization that is well established and trusted in the United States. Customers choose to use our insurance because:
- Trusted brand and excellent reputation. We are one of the most trusted brands in the United States. Our reputation is exceptional for safety, security, and service.
- Retention and renewal rates. Insurance has strong retention rates and membership renewals.
- Financial strength. We have built a solid financial foundation through decades of sound financial management. We are well-resourced to expand current markets while investing in innovation for the future.
- Competitive products in multiple business lines. We offer competitive products across a range of industries to extend customer relationships.
Examples for Construction/Architecture
We are experts in high-end architecture services. In addition, we have unique relationships with other local contractors, government agencies, and partnerships in the construction field that create growth opportunities. Our key differentiators are:
- Track record for excellent work. We have a brand reputation for excellent work that finishes on time and within budget.
- Expert, adaptable teams. We have a team of experts that adapt to the needs of each job. Low ego, flexible units allow us to get work done fast.
- We rarely have rework. Our focus on quality means we rarely have to rework, which creates client satisfaction.
- Responsiveness. We respond fast when faced with adversity, roadblocks, or challenges in construction.
- Employee longevity. We keep employees long-term, which helps create a quality product instead of constantly onboarding and offboarding.
Examples for Manufacturing
As a chip and semiconductor manufacturing organization, customers choose our organization as a supplier because:
- Extended range of solutions. We have an extensive range of technology and manufacturing segments, allowing for pricing flexibility. Additionally, with a comprehensive range of solutions, we can increase our depth of relationships with leading partners.
- Disruptive product. Offerings represent the reliability and technological advancement and solidify our position as the semiconductor solutions market leader hyper-focused on customer experience.
- Best-in-class logistics and operations. We maintain a culture of continuous improvement with a mature process, best-in-class project execution, and logistics that grant our organization the position to ensure the right technology solutions are easily accessible and delivered to our clients with high efficiency. Best-in-class project and logistics execution.
- Full participation in the government’s privatization efforts means the company aligns its partners with its primary customers. The team will strengthen this through key account management and CRM institutionalization.