When it comes to operating and managing a successful business in an increasingly cut throat business world, it’s important for entrepreneurs to understand their company’s competitive advantage and how to best position themselves in heavily saturated markets.
How can businesses in the technology sector ensure their competitive advantage strategies allow them to achieve sustainable growth, not just short-term profitability?
Simply leveraging innovative technology on its own can never be enough to, as improvements in technology are ever-changing and constantly evolve on a day by day basis.
Utilizing technology to bridge the gap between communities
For George Siosi Samuels, founder of Honā, managing director of Faiā, and co-founder of The Pack, community technology is a way to not only uplift his homeland in the Pacific but other communities across the globe.
Samuels is widely known as “The Digital Wayfinder”, a respectable nod to his ancestors who mastered the oceans as “Wayfinders” as he finds himself similarly exploring new territories of the ever-expanding digital ocean to bridge gaps between communities and technology.
The ventures he has created all align with his overall mission in bridging gaps between communities and technology. With Faiā specifically, Samuels helps organizations improve technology adoption through nuanced understanding of culture and community. They also hold deep expertise in blockchain technology (e.g. Bitcoin SV), so that they can translate complex topics into simpler terms.
“I believe there is a wealth of opportunity in the Pacific, and it’s my sincerest hope that I can help connect the pathways that lead Pacific nations to leverage future digital economies for their own benefit, reducing the need for foreign aid or assistance. And even more so, use that prosperity to protect their lands, harness their oceans, and balance power.”
Since Samuels personal fascination is with the intersection of communities and technology, Honā will have a large focus on building a community of productivity-obsessed users who also wish to demonstrate integrity – either personally or professionally.
Even though many challenges come with integrating technology into the community in small island nations like Tuvalu and other developing nations, this remains a strong reason as to why Samuels has made it his mission to explore and integrate.
Leveraging the lucrative e-commerce space with strong business knowledge and robust systems
For Jason Kwan, chairman of Amazon mergers and acquisitions company, Pearl West Group, intimate knowledge of the business and robust systems and strategies are key competitive advantage strategies they utilize to stay at the leading edge of their industry.
Kwan shares that their 3 years of experience and understanding of the challenges and evolution that has taken place in the Amazon space has been their secret weapon. “We know exactly what a third-party Amazon seller is going through because we’ve been through the same journey. We made a bunch of mistakes, learned from them, and have the scars to show it. We felt the same frustrations that every Amazon seller goes through, from account suspensions to black hat listing attacks, and understanding all the nuances with troubleshooting problems.”
The Pearl West Group has launched many products from their brands and are able to relate to other sellers in a direct and meaningful way because they understand the game. Kwan explains “We started as owner-operators of these types of businesses, and we have a strong track record to prove it.”
When it comes to creating robust systems to scale the business further, whenever they acquire a brand, there are checklists they run through to optimize the brand. Kwan and his team look at everything – from optimizing the supply chain, improving PPC performance, new facelifts for the product, keyword ranking, international presence, branding, and optimizing the listing quality. “We essentially build a road map for the brand and rebuild things from scratch if necessary. It’s our secret playbook that we’ve built over time from building our portfolio of brands.” Kwan shares.
Entrepreneurs who are quick to jump on a rising and upwards trend are those who can capitalise on growth at an accelerated rate.
To increase competitive advantage, companies that wish to create success such as Samuels and Kwan, must be clear about their target market, the benefits they provide, and how they differ from the competition.
Not only can they produce goods or services better or more cheaply than its rivals, it also leads to more sales or greater margins when compared with these rivals, ultimately experiencing more sustainable growth for the long term.