How do you define your startup's competitive advantage?

Tatiana Vdovychenko
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Since the choice of competitive advantages for technology startups is limited, many companies follow similar paths and choose popular advantages. Let’s break them down in detail. 1) Being the First at Something Being the first is attractive, but this advantage is highly unstable unless the primacy is historical. For example, if you are the first to invent a fundamentally new device, then being first is a decent option. But if you are first in sales volume in the U.S., your competitor, who holds the number two position in the market, will constantly nip at your heels, and if they ever overtake you, all your previous marketing will be undermined. 2) Low Prices This is a universal option because who likes overpaying? However, a low price as a competitive advantage also has low stability, as your competitors will always have the chance to make their products cheaper. 3) High Quality High product quality by itself is an excellent competitive advantage, but the nuance lies in what exactly you mean by this concept. For customers, “high quality” often sets unrealistic expectations. For example, buyers might assume that a high-quality device will work for 20 years without repairs or maintenance. If you choose the path of quality, you need to specify your promises; otherwise, you risk damaging your reputation. 4) New Experiences This is a path either for geniuses or the desperate. Many companies struggle to clearly frame their competitive advantage because they don’t have one, and they aren’t willing to invest in its development, so they talk about some kind of unique user experience. But experience is a very individual thing, and if your product cannot back up this promise with convenience, quality, and innovation that truly provide a new experience for most users, your competitive advantage will quickly lose its weight. Here is a very good article by JetSoftPro, a software development service, that helps you make a choice and avoid common startup mistakes. https://jetsoftpro.com/blog/how-to-find-a-competitive-advantage-for-your-technology-startup/
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