Why Every Company Needs to Know Its Core Competencies
A core competencies are a fundamental skill or ability that is essential to the success of your brand. Core competencies can be thought of as the foundation of your brand identity – they are the things that you do better than anyone else and that set you apart from your competitors.
To find your brand’s core competencies, ask yourself what unique skills and abilities you bring to the table. Once you have identified your core competencies, you can use them to create a strong and differentiated brand identity. By emphasizing your core competencies in your marketing and communications, you will be able to attract customers who value those attributes in a brand.
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So, if you’re looking to create a powerful and competitive brand, start by identifying your core competencies.
What are core competencies in business?
Core competencies are the products, services, skills, and capabilities that give businesses an edge over their competitors.Core competencies are often unique products or distinctive brand voices that are difficult to duplicate.
This might make you wonder, “Isn’t that a value proposition?”It is not.Competencies are what you use to help support your value proposition, while both can be used to distinguish you from your competition.
Uber’s value proposition, for instance, is “Always available, always on”What is their core competency?A simple-to-use app that provides reliable access to the services it offers at all times of day.
It is extremely valuable to establish your core competencies early in your career. This will help you plan your marketing strategy.These core competencies can be used in your messaging to appeal to your target audience and make you stand out from your competitors.
It’s easy to identify your core competencies if you are a pioneering company that has a new product for a niche market.
If you are in a saturated market, and your brand is struggling to stand out, it will be important to work on your core competencies.
You can quickly implement these strategies in your marketing and sales campaigns if you find them sooner.
Everyone has core competencies that they can use in their professional lives.If you are looking for a job, list these core competencies on your resume. You can embed them in your LinkedIn bio and mention them during interviews.
You won’t be able to convince any organization if you don’t understand what makes you valuable.Competencies are valuable from both a personal and wider perspective.
Core Competencies Examples
Oatly’s clever marketing strategy
There are many vegan milk options.Oatly’s marketing is what makes it stand out.
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This brand is known for its self-referential marketing campaigns, which make their target audience laugh.The ads are not focused on the products but rather poke fun at them.
Planet Oat, a competitor to Oatly, launched the #WeSolvedMilk campaign in 2021. This ad was released by them.
They focused on the product features, not Oatly. This was a departure from Oatly’s. The commercial was centered around Oatly’s superior creaminess and then it was over.
Companies like Oatly are a standout in a world that focuses on products.
Amazing Value from Canva
People who wanted to create brand assets for many years relied on products such as Adobe InDesign and Sketch.
They were expensive and complicated. This was because they were designed for professionals.Canva was created, which is a platform for graphic design that offers thousands of templates free to the general public.
Their core competency was to offer high-quality design at a low cost. This stemmed from their mission of making graphic design affordable to all.
Google’s innovative user-first approach
Although Google started out as a search engine, it has evolved to be a one-stop shop for all your digital needs.This is just a small portion of the many services Google offers, including cloud storage and password management as well as email service and advertising.
Google’s core value proposition is innovation as demonstrated by its wide range of services.Their core competencies include innovative products and a commitment to a user-first strategy.
How do you identify a core competency?
1.Start with what you already have.
Your value proposition is the first thing to consider when developing your core competencies.This is the overarching idea that will guide your competencies, as we have already mentioned.
Also, it’s worth reviewing your mission statement.What is your company passionate about?What are your company’s core values?You can then ask, ”What does this translate into for our customers?”
2.Take a look at your competition.
It’s helpful to look at the competition when you are having trouble figuring out something within your brand.
They are a wonderful of inspiration and information.In this instance, you’ll want to ask ” What are they lacking that we offer?”
This could be anything, from personalized customer service to unique product features.You’ll be able to see the difference when you have a list.
3.Reach out to your customers.
Your customers are the best people to learn from.
Ask your customers if you aren’t sure what makes you different from your competition.Create a survey to find out why your customers chose you.
Questions such as “What is your first thought when you think about our brand?” and ”What are you most impressed with?will help you find the answers that you need.
Your core competencies are brand differentiations that help you to create a marketing strategy that targets your target audience and sets you apart from the rest.