This video explains how a strong competitive advantage is crucial for separating a startup from competitors and attracting investors. It covers various types of competitive advantages such as speed to market, price, technology, and customer service, all of which are essential elements to highlight in a pitch deck.
What this video covers
Your competitive advantage is critical. It is, at the end of the day, what is going to separate you from the rest, and what may get your customers excited, your investors excited, or potential investors excited. So, with that being said, let’s get into it.
There are many types of competitive advantages, but at the end of the day, the competitive advantage is what separates you from the others and what creates that blue ocean strategy for you – a place in which you’re separated from all the noise, from all the competitors that are either direct or indirect, and that clearly puts you in a very good light toward the market.
In terms of the types of competitive advantages that you may look into or that you may have, it’s important to mention the following: 1) Speed of delivery, 2) Speed to market, 3) Price, 4) Technology, 5) Design, 6) Scale, 7) Customer service, 8) Personalization, 9) Intellectual property and trademarks, and lastly, 10) Experience.
The next thing here is how do you identify your competitive advantage? One of the best ways to identify your competitive advantage is either by surveying your potential customers, and then also your existing customers. You need to understand why, in first place, they came to you. What are they missing? What are they hoping to see?
You can also ask them like, “What are they seeing on other people that is working or that is not working. I think ultimately, by really having those types of surveys and that kind of qualitative and quantitative data, you’re going to have a better understanding of what’s going to be your own competitive advantage. This is, again, by listening to your customers.
Lastly is how you’re going to be showcasing it to the world. I think that the best way here is once you’ve gotten very clear with what is your competitive advantage, either by your research, by customers telling you, you then need to package it and make sure that you’re putting that as part of your marketing distribution channels – whether that is on your own website, whether that is speaking with customers, social media, but you need to make sure that is very properly conveyed so that is coming across and people understand why they should be using you over using any of your competitors.
