Identify your strengths and weaknesses
Being optimistic is good but you should never be blind to see your shortcomings. Therefore, it is important that you should evaluate yourself and the business for strengths and weaknesses. Knowing about your weaknesses is very useful, as this gives you the chance to fix your issues which competitors might be using to exploit your business.
Learn the strengths and weaknesses of your competitor
Now, you should learn the strengths and weaknesses of your competitor. Remember, this can be relatively tough but you must put in adequate efforts to identify these details. This will not only help you in finding the weak spot to help outsmart your competitor but you will also be able to maximise your market share.
Gain competitive edge
After you have gained the necessary knowledge, it is important that you should try to gain a competitive edge. For this, you will have to choose what is most appropriate to you in the available options. For example, you can gain a competitive edge by offering the same quality product at a relatively lower price than your competitor, through the increased availability of the product or by adding an extra feature. It depends on you and the level of research that you have undertaken to make the best of any strategy that can give you a competitive edge.
Sustain the competitive edge
Once you have gained the competitive edge, it is strongly advised that you should undertake necessary actions to sustain it otherwise all your efforts and hard work will go in vain. For this, you will have to continue your efforts with a greater commitment as you try to stay one step ahead of the competition.