EPISODE 2 - What is Competitive Advantage?

Executive Summary

Welcome to CEO Brain Food, a show that provides key insights, fresh perspectives, and proven tools that CEOs can apply to build enterprise value, generate higher profits and develop the talent needed to succeed in their businesses. In this episode, host Michael Langhout stresses the importance of hiring high-quality employees that align with sound company culture. Michael provides specific methodologies he utilizes for talent assessment as well as strategies to improve employee education. Finally, Michael provides three key resources for listeners to gain a deeper understanding of the ever-evolving war for talent.

Episode Highlights

01:05 – Introducing today’s topic, Competitive Advantage

04:09 – How to differentiate from competitors

06:03 – Identifying your core customer

08:43 – The Southwest Airlines example

11:06 – Attribution Framework Analysis

14:59 – Why companies struggle to implement this framework

17:39 – A common mistake many mid-market companies make

18:20 – The importance of the emotional experience

21:00 – Questions companies can consider as they begin the process of identifying their core competency

22:28 – Michael teases the topic of the next episode of CEO Brain Food

Tweetable Quotes

“He defines strategy as the creation of a unique and valuable position involving a different set of activities from your competitors.” (04:37)

“Understanding your core competencies and understanding who it is that you really want to do business with and what it is you’re delivering to them, your uncommon offering, allows you to invest in those strengths and leverage them, which are differentiators.” (08:05)

“What you’re looking for are those attributes that are not well represented by any competitor. Those are the opportunity areas for you to move in and differentiate and be unique.” (13:06)

“This is like turning a ship, a big ocean liner out in the ocean. You can’t turn it on a dime, right? It takes a couple of miles to really change course and it takes a lot of effort.” (15:37)

“Start thinking about your transactions as satisfying an emotional experience.” (18:20)

“When you have something that’s uncommon and unique in the marketplace, you’re really the king of the mountain. I mean you can control your destiny a lot better.” (20:43)

Links Mentioned

Michael’s LinkedIn 

Michael’s Website 

Books Mentioned

Competitive Advantage: Creating and Sustaining Superior Performance

The Inside Advantage: The Strategy that Unlocks the Hidden Growth in Your Business

3HAG WAY: The Strategic Execution System that ensures your strategy is not a Wild-Ass-Guess!