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Competition is a natural and integral part of doing business. How successful you become at competing depends on how you position your business relative to your competitors. Differentiating your business means defining your company in relationship to the competition. It means that you understand and are able to communicate your point or points of difference and why you're better, or different, than your competitors. It means continuously making improvements to sustain a leadership position.
If you want to differentiate your business, you need to look at your business from your current and your prospective customers' perspective. Then, do a competitive analysis, and determine where your business fits in the mix. Identify and communicate specifically how you meet your customer's needs in a way that no one else can-in a way that is different or better than the competition.
Common points of differentiation include: cost, quality, performance, product availability, technology, leadership, timely delivery, superior service, durability and customer support. Creating a differentiation strategy...