The only real competitive advantage is that which cannot be copied and cannot be bought. – Jason Cohen, WP Engine Founder and CTO
Since the market is global, competitors are quick to copy features, ideas and products.
Nowadays, the only competitive advantages that still stand a chance are, as Jason Cohen mentioned, that which cannot be copied and cannot be bought.
This might mean:
- Insider information;
- Deep customer insights;
- Endorsements from market experts or celebrities;
- Personal authority;
- Strong branding;
- The dream team.
Even the most complicated features will eventually get copied. Unfair advantages are not essential to a startup’s success, but if your team has one, you might as well use it.
So, how strong are your business’s competitive advantages?