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Of course, what Jack Welch meant by this is not that you simply give up, but you go and find a competitive advantage so you can compete effectively.

We often look at competitive advantage too narrowly, at just one or two aspects, with price being the most common one. If you can’t compete on price – and remember that price is never a sustainable competitive advantage as somebody will always come along who can deliver your product or service more cheaply – find other ways.

Look at the leading German car makers. They’re not competing on price with, for example, Chinese brands. Instead, they bring in factors like reliability, style, brand prestige and so on, and can sell their vehicles very effectively at much higher prices.

Think about your ideal customers – what makes them buy from you? Where do they see your competitive advantage?

Have you asked your best customers what it is they particularly like about your product / service / company? Is this the best way to showcase your business, or are there other ways, too?

How can you capture this to show your competitive advantage more effectively to other prospective customers? Perhaps this article from Inc. will help you define your advantage.

So, follow Jack Welch’s advice and find your competitive advantage to compete effectively.

 

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