A competitive advantage can be explained as simply as:
'a condition or circumstance that puts a company in a favourable or superior business position.'
This definition is a useful way to start thinking about competitive advantage, however, it is certainly true that there are degrees of superiority that those conditions or circumstances can offer. At its most magnificent, competitive advantage is sustainable. It can be protected and perpetuated through things like copyright law or by being something that is otherwise difficult to replicate. In this case, the individual or business can enjoy the advantage for a long, profitable time. At the other end of the scale, there are temporary competitive advantages.
These are good to have, but competitors will soon copy your ideas requiring you to come up with something new to stay ahead. In the clip below, our industry experts discuss competitive advantage in their industries.