Question

What are the New sources of competitive advantage?

Answer 1

A couple of new sources of competitive advantage:

Data Analytics

Companies can now get real-time insights into finance and sales, marketing and product development, operations and logistics by using data analytics. This data enables each team within the business to collaborate better, make better decisions, achieve better results and outsell rival companies. This is turn helps companies save thousands of dollars, improve their procurement efficiency, develop their marketing strategies, support business growth and critically differentiate themselves from competitors.

Social Media Marketing

Having a dedicated social media marketing campaign can greatly create brand awareness and sales if relevant, unique and compelling content is being produced and posted on the social media handles. Engaging customers by creating a buzz, providing real-time response to queries/concerns, enhancing customer service and public relations all have become vital cogs for a company to address. These days battles are won and lost on social media and hence more and more companies are looking to follow a novel approach as far as their social media campaigns are concerned. Social media has become a modern day tool of getting that edge or competitive advantage over the rivals.

Example: Brands like OnePlus have followed an only online sales approach and their marketing campaigns have been successful in creating the necessary buzz which has translated into substantial sales.