I read this article on LinkedIn the other day and found it encapsulates many of the principles of integrating marketing to business strategy to create competitive advantage and sustainable profitability. I will be covering each of these areas in more detail in the coming weeks. In the meantime go ahead and read the article for an overview of how to achieve a long-term competitive advantage!
The 8 strategies for sustainable competitive advantage are:
- Be in an attractive industry.
- Coherence is the key.
- Establish a unique value proposition.
- Know your customer.
- Justify higher prices with better
- Make it difficult for your competition to mimic you/ copy you/ replicate you.
- Get rid of extra baggage.
- Know when to call it quits and when to re-invent yourself.