3 Competitive Advantages you Can Implement for your Business (Plus FREE Prospecting Examples!)

How do you stand out from the competition? In tight markets where it’s hard to tell the difference between products and services, your business needs a competitive advantage to make clear distinctions between you and your competitors.

Common competitive advantages look at beating your competitors at price, focus areas, or differentiation. But how do you actually apply that in a practical way to increase your market share? And how do you do that when the economy is projected to be in a downturn?

Here are three ways to better serve your customers and increase sales despite workforce and capital constraints.

1. Differentiate with a personalized customer experience

We tend to think first of investing in the products we will put out into the market. But when products and features can be similar in a competitive market, your customer service and experience can make the difference.

Consumers are in the driver’s seat in the current market. They are particular about how and what they will buy. They are actively basing their decisions with self-education about products and services.

When budgets and economic conditions are uneasy, buyers take extra caution in understanding where they spend their money.

Forbes recently displayed ways to future proof CX strategy:

• Brands must stay connected to customers’ changing demands
• Personalization and convenience will be more important than ever
• Customers want transparency and authenticity

As customer’s are able to make more informed decisions about their purchases, they will require special attention that is genuine. Marketing and sales pitches will be easier to spot and gimmicks may not go as far as they did in the past.

Real relationships from trusted sources will drive prospects to be customers—and more importantly, loyal customers who return and act as brand ambassadors for your company.

2. Implement cost effective strategies with niche marketing

If budgets are tight during an uncertain economy, you may not be able to invest in snazzy marketing campaigns and efforts. In order to build your brand and stand out from the competition, you need to rely on your core customer base to increase sales and market share.

The good news is that we see that consumers don’t want the click bait content anymore since they are making more informed decisions about their purchases and looking for real relationships. If you focus on building products and delivering to a smaller segment instead of trying to build something for everyone, you will find a more dedicated consumer base —something that goes far during economic downturns —and will have consumers turning to you over your competitors.

“Build something 100 people love, not something 1 million people kind of like.” – Airbnb co-founder Brian Chesky

Hubspot’s advice for niche marketing strategy is to go where your audience is. This means that you should share content— whether it be marketing or sales — where your audience is most likely to see it and engage with it.

For paid marketing initiatives, this is even more important since you are spending dollars to market. If your competitors are spending money on all social media platforms, but you have a niche market that is mostly on LinkedIn, spend your money there.

3. Focus on innovation and quality with business texting

The advantages of text messaging for business include two of the other competitive advantages: cost-effective marketing and personalized customer experience.

Text message prospecting will allow your sales and CX teams to provide convenient communications when it’s a good time for both of you. You can communicate and personalize your messages without sacrificing speed and efficiency.

One of the biggest roadblocks to sales is getting a prospect on the phone or scheduling a meeting. Text message for meeting requests lets prospects schedule a time that is convenient for them. If you intentionally send business texts and place scheduling links in your communication, a prospect is more likely to schedule that meeting or demo.

Text message marketing benefits include being able to get in front of your audience in a way that makes sense to them—and inspires them to take action.

SMS is the preferred communication method for many people since they are so familiar with it! With 98% average read rates and 48.5% average response rates, you’ll be meeting your customers where they want and where they are — so your ROI will increase.

The benefits of SMS marketing also include market segmentation to reach contacts faster. You can create customized journeys for each of your niche customers by creating SMS marketing campaigns that are just for them. You can also track your progress with analytics so you are making smart decisions about your future messages.

Text message prospecting lets you communicate faster and cut through the clutter and information overload of competitors. If your competitors are still relying on email and phone calls only—you will have a higher advantage including prospecting text messages into your strategy.

Prospecting with text message examples

Why wait to get ahead on your competitive advantage? Try customizing prospecting text messages like this:

Hi, Sam! My name is Chris with LeadsLLC. We’ve found that 89% of reps struggle with ignored calls and emails. If you have experienced the same, I’d love to chat with you about how text messaging can help! Click the link to schedule time to talk more- thanks!

Lucy, thanks for downloading our benchmarking report! Are you available for 5 mins today to discuss the results? — Mindy from Acme

Kelly: We surveyed 100 IT directors like you and here is the full report on the state of AI. Give it a read and let me know your thoughts on where you see AI fitting into your budget! {insert PDF or link to report}

Mary: Following up to the email I sent you yesterday. Do you still want to schedule time to talk about how Acme can improve your workflow gaps? Schedule time with this link! Thanks, Olivia {insert scheduling link}

Hi Sarah! Your free trial with WriteBetter is set to expire on 2/15 – log in to your account to subscribe and continue the service. Text me with any questions you have! -Ashley

State of SMS Engagement 2024

Looking to increase engagement with your candidates, prospects, and customers in 2024? Look no further! We conducted a survey paired with usage data to figure out which communication channels are most effective for which industry and size. Discover all of the tips about business communication and download our free report today!

Download Now