Market Created Core Competencies

Core Competencies refer to the resources, products, skills and abilities that give a business an edge over its competitors. A Core Competency is usually something difficult to replicate, such as a unique product or a big brand voice

(1) How do you identify a Core Competency?
1. Start with what you already know.

The first thing to look at when building your core competency is your value proposition. As we mentioned before, this is the general idea that your skills will flow.

It's also worth checking your mission statement. What does your business care about? What is its core value? From there, you may ask yourself, "How does this translate into the service we provide to our customers?"

2. Check your competitors.

When trying to understand something about your brand, it's always helpful to look across the aisle and see what your competition is doing.

They are a great source of information and inspiration. In this case, the question you want to ask is "What are we offering that they are missing?"

This can range from a personalized customer experience to unique product functionality. Once you list the differentiating factors, you will have a clearer idea of ​​what

3 is. Contact your customers.

Who better to learn from than your customers?

If you're not sure what sets you apart from your competitors, ask your customers. You can create a poll and ask questions to understand why they chose you.

Core competencies are the resources and capabilities that constitute a company's strategic advantage. Modern management theory holds that a business must define, cultivate, and exploit its core competencies in order to succeed in competition.