You have to identify the USP (unique selling proposition) of your product or service. Keeping in mind that USP, you can have the competitive advantage over other ventures.The basic idea of this is not to totally imitate the core concept from other sources without adding anything new to your own venture, you must have somethng unique or ‘undisovered yet’ in your venture which can very well help you outgrow your competitiors.
It really depends on your company’s size as for small companies there can be advantages like they don’t have much employees so they if they charge for their service same or just below their competitor they can easly get large revenue but there is a disadvantage also as big companies can do way better marketing than a startup and can become brand.
A business could focus on reducing overhead and production costs to offer a market-quality product at a below-market price. Being able to offer this product at the price that they do would then be their competitive advantage.
I don’t believe that we need to have something unique or"undiscovered yet" to build a great business. Instead it takes the right decisions, analysis, and techniques to build one. Identifying the right target market and marketing techniques for your product, will help you to grow your startup, no matter how much competition you have.
If it had been like "unique" idea as you’re saying, we won’t be having companies like OLA, Pepsico, Flipkart, and Swiggy giving competition to their international rivals like Uber, Coca-cola, Amazon, and Zomato respectively.
by trying to create your own usp(unique selling proposition) or seeking and then doing what your competitor is lacking at i recommend you a book for that it us red ocean Nd blue ocean strategy you can easily found an ebook for free on the internet ✌️
Dear S K,
For gaining Competitive advantage who have to add value to your product so that it induce buyers to purchase your product. For this, you need to analyse and check what existing players are providig and think how can we change the product. For instance, a year ago there were many cell phones companies such as samsung, mi etc. but When Mi bring xaiomi note 7 pro it’s camera which is of 64 mp is differenciiating becuase non of the exisitng sellers provide such a camera. this is how you can add value