In light of saturated markets and nothing-to-lose strategies, it is important to stay aware and be proactive about your business' competitive edge. Whether you are in the planning phase of your project or in the midst of the competition arena, it is wise to envision your goals as one of the following: the first of your kind, the best in your league, or the only in your sector.
If your business fails to fall into one of these three categories above, your should try and align your strategies to follow a path which leads to one. If you happen to be one of the very few businesses who have achieved one of the three statuses already, then be sure to continue your efforts in protecting your established title. Such efforts would need constant monitoring and updating with room for improvisation and improvement.
At times, these titles may seem impossible or irrelevant, but you must keep brainstorming to pinpoint what it is that you can excel at - for example if you are a burger shop, you obviously cannot be 'the only' in your industry. However, you can be 'the only' one who offers veggie burgers, or even more distinct, veggie burgers using only organic vegetable, etc. The point is that your competitive edge can basically be anything you want it to be - a concept, menu item, or even your ambiance and decor.
Whatever your current business status is, be sure to keep these three categories in mind in order to help you reach your optimal success.