This Is How Security Firms Can Develop Their Competitive Advantage

Competitive advantage is a business concept that many people misunderstand — and as a result they are not able to harness it. The owners of many security firms would probably say “our officers” or “our training” make up their competitive advantage. But if you look around, you find that most security firms will say the EXACT same thing — which makes it neither competitive nor an advantage.

Developing a competitive advantage takes some introspection. Here’s how to find yours.

How Are You Better Than Other Security Firms?

The first step in developing your competitive advantage is identifying what your company’s greatest skill or asset is. What do you do better than your competitors? It will probably fall in one of three categories:

  • Comparative advantage: In this case you’re able to serve customers at a lower cost than your competitors can. These savings may come from economies of scale, efficient internal systems or other advantages. It may also mean that you’re able to provide a better value than your competitors — your prices aren’t necessarily the lowest, but you’re able to make a clear case as to why paying you more is worth it.
  • Differential advantage: This is based on providing something that is better than your competitors provide. Your service is the best in the geographic area, your technology is the most advanced, or your brand is the strongest and most recognized.
  • Focus advantage: Some security companies have found a niche to serve and understand it better than anyone. If you’ve cornered the market on serving industrial parks or clients of a certain size, you’ve found a focus advantage that works for your firm.

Tell the World What Makes You Special

Now that you’ve identified your competitive advantage, you need to let everyone know about it. You should not make potential customers dig for that information to learn why they should pick you.

Include your competitive advantage in your brand’s tag line. Make it part of your organizational mission, and ensure everyone in the company understands how their work upholds it. Finally, ensure that any contract bids include your competitive advantage and how you uphold it.

Reassess Your Positioning Regularly

Over time, competitors may find ways to give you a run for your money on your competitive advantage. They may acquire new technology or make inroads into your niche market.

Because security firms can change so quickly, it’s important that you continually reassess your competitive advantage. Company leaders or directors should review the market once a year, at minimum, to ensure you are upholding your brand’s promise.

What’s your company’s competitive advantage, and how did you identify it?

 

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By Courtney Sparkman

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