Differentiate Yourself To Get To The Top

I am so guilty of this. I have commonly thought that the only way to crush a market is to be the most competitively priced person in the market. From a pure economic standpoint, this will drive sales. But there are other ways to compete for market share in any given business or industry. Competitive advantages can take the form of price or convenience or other unique features that a product or service offers in order to attract potential customers or clients. If you automatically think you need to be the cheapest person in the market and that is the only way to make money, think again. Major Brands like Louis Vuitton, Gucci, Mercedes, and others definitely do not care that they are not the lowest price in the market. In fact, many position themselves to be the highest priced product in the market. Another way to differentiate yourself. In the words of Peter Thiel, famed entrepreneur, competition is for losers. A business or entrepreneur wants to position himself to have absolutely no competition. A Monopoly.

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