Competition is the one thing on everyone’s minds when it comes to business. No matter which industry you venture into, there is going to be some degree of competition - even if it’s not a company that does exactly what yours does. Every company and product is fighting for a customer’s dollar and attention. For example, if your product is a protein shake, your competition isn’t just the other protein shake companies. It’s every other option that a customer might want post workout or for breakfast in lieu of your protein shake.

This element means businesses need to be on their toes and constantly be thinking about how to claim market advantage. The businesses that move the fastest and anticipate customer needs will always be the ones that win, but it’s a delicate balance of all of these moving pieces at any given time. If you’ve been worried about claiming market advantage within your industry up against the competition, consider these tips on how to soar ahead.

1. Make your enemies your friends.

You always have two options when it comes to those competitors: you can beat them, or you can join them. Entrepreneurs have differing mindsets on how exactly to defeat the competition, but turning these ‘enemies’ into friends has its perks. And, yes, it’s been done before. Take Microsoft and Apple, for example. Typically considered to be two headstrong competitors, they did the unlikely and teamed up for the purposes of inventing a mobile operating system. Then, Samsung and Sony put their competitive bad blood to the side to work together and split research and development costs on flat screen TV’s… that they sold separately.

This is a clear win-win on the resources front for each business, but it also requires a certain level of confidence. In each of these cases, the businesses knew that they had die-hard customers who would choose them over the customers any day. Once you’ve served enough customers well for a long period of time, this approach can be helpful - and help you take massive leaps forward in your respective industry while also saving on costs.

2. Consider patents and copyrights. 

Then, there’s the opportunity to create clear lines in the sand and strict boundaries with your competition. Nothing does this better than a patent or a copyright, which also creates that first mover advantage (the advantage that’s awarded when one company moves first and most quickly). This way, you can focus on actually creating and selling the best possible product, keeping your head down on your business rather than looking side to side at the competition and what they’re up to.

For example, a designated orphan drug. Dr. Amol Soin is the founder of Soin Neuroscience, and with a robust history in building patented products in health tech, he is currently working on a medication to treat pain that’s in the running to receive an orphan designation from the FDA. “Once you get this designation, you’re given market exclusivity for seven years by law,” Dr. Soin explained. “This type of designation offers market exclusivity that’s critical to thrive as a new innovation or product when trying to treat rare diseases.”

The orphan designation is particularly used for new drugs seeking FDA approval. Dr Soin is developing a pill formulation of Naltrexone to treat complex regional pain syndrome (a rare disease), but your own line in the sand of exclusivity can be created via filing a patent or copyright for aspects about your business or product.

3. Make it a no-brainer for a customer with options.

If all else fails, think like a customer would. Customers are given a number of choices when they’re considering buying your product or service. Put yourself in their shoes and survey these options objectively. List out the features and benefits of every single option at their disposal. Then, up your ante. How can you make your business a no-brainer option?

That doesn’t necessarily mean cutting costs (although, many businesses take this route, which is certainly helpful for savings-minded customers). This does, however, mean understanding who your customers are and what they value most. Maybe your product is more expensive than the competitions’, but the convenience you offer is unparalleled and you know your target audience will sacrifice a few extra dollars for this convenience. Maybe your service simply has the best testimonials and case studies, and you’ve been loud and proud in marketing these. Get other opinions and do market research. What makes your ideal customer choose to open their wallets - or choose you over something else?

4. Go for virality & name recognition.

Finally,  it can’t be understated just how much virality and name recognition can change the game in your market advantage. Having your product go viral on a platform like TikTok or Instagram Reels is a true ‘game over’ for your competition. Take, for example, the Maybelline Lash Sensational Sky High mascara, which went truly TikTok viral, resulting in four total sell-outs on Ulta’s website. While Maybelline is a drugstore brand product and there are countless mascara options available as competition, this level of virality made Maybelline soar. While it was only this product that sold out, Maybelline now has a special asterisk for makeup-loving customers who remember how the mascara went viral, and now associate that level of quality with the brand.

The more you can market your product organically, the better. Try short-form video content on platforms that can gain virality, like TikTok. These short-form videos both capture attention and provide a visual, which are powerful persuasive means for customers who have plenty of options. Because it’s not an ad, customers take the time to watch. And, because it’s a visual representation of how a product works, it really helps the customer imagine what the product can do for them.”

However you choose to outsmart or outrace the competition, remember that the market leader is always the one who thinks bigger. Seek not only to one-up your competitors, but to think so far in a new ballpark that they can’t possibly catch up. This may require being heads down about your work and product, rather than obsessing about what the competition is doing. A good product is a good product, and that customer loyalty creates the greatest market advantage of all.