Today I answered your question:
“What are the most dominant competitive advantages of any business generally speaking?”
From a contemporary technology and innovation perspective, there are several areas within any business that can be used as dominant dynamic competitive advantages. However, firstly, the business needs to develop the capability of adapting to change and managing uncertainty effectively. A business that learns from customers and the business environment it functions in, then adapts quickly, is a necessity today for creating a competitive advantage. A business that effectively manages uncertainty can adapt quickly.
Here are 4 key areas of a business that can be adapted once the above capabilities have been developed:
Continuous learning about changes often provide insights into changes to be made and new opportunities. For example, changes in new technologies, legislation, economic conditions, customer changing habits provide early insights to changes that need to be made. A current example is the need for masks and sanitisers because of COVID 19.
Identify which aspects of your business model can be adapted or innovated to provide a significant competitive advantage is contemporary. Consider Uber versus traditional taxi services as an example.
New technologies open doors to creating new products, delivering services in different ways, streamlining or changing processes to create more value for clients than your competitors, that is, a competitive advantage. For example, e-commerce convenience with speedy delivery and no-fuss returns, or free knowledge for learning available online from universities and only pay when you need an official certificate.
Very popular today, backed up by scientific evidence, is using a clearly communicated titillating culture ‘statement’ for customers and quality staff with the same mindset to ‘buy into’. The statement defines, explains, and clearly expresses the ‘character’ of the company. The statement not only positions the company in the market, but also expresses the unique value offered to customers. This unique value often highlights what customers and potential staff want and can’t get from competitors (the competitive advantage).
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