What Are the Benefits of Knowing Your Core Competencies?
A talents section appears on every CV.
It’s a chance to highlight your best professional qualities to attract companies.
Brands and their customers both benefit from core skills.
Let’s look at what a core competencies is, why you need one, and where you may locate one in your brand.
What are corporate core competencies?
The resources, products, skills, and capabilities that provide a company an edge over its competitors are referred to as core competencies.
A core competency is usually something difficult to duplicate, such as a one-of-a-kind product or a distinct brand voice.
“Isn’t this a value proposition?” you might think.
Not precisely.
Competencies are what you use to support your value offer, while both are utilized to differentiate you from your competition.
“Always on, always available,” for example, is Uber’s value proposition.
What is their main strength?
An intuitive app with consistent access to its services at all hours of the day.
Establishing your core capabilities early on is quite beneficial because it can inform your future marketing strategy.
You may include them in your messaging to draw in your target audience and set yourself out from the competition.
Finding your core expertise will be simple if you’re a trailblazing firm with a novel product in an underserved market.
Working on your core competencies, on the other hand, will be critical to your success if you’re in a crowded market and struggle to differentiate your brand.
The sooner you figure out what they are, the sooner you can include them in your marketing and sales plans.
Individually, everyone possesses key talents that they apply in their professional lives.
You describe those qualities as talents in your résumé, incorporate them in your LinkedIn bio, and mention them during interviews when you’re looking for a new job.
You’ll have a hard time convincing a company that you’re a valuable asset if you don’t know what makes you such.
With this in mind, competencies are valuable from both a personal and a professional standpoint.
Examples of Core Competencies
Oatly’s clever marketing
There are numerous vegan milk options available.
Oatly’s marketing is what sets it apart.
The company is known for self-referential marketing strategies that make people laugh.
Their commercials rarely feature products and instead make fun of the commercials themselves.
Planet Oat, on the other hand, started a #WeSolvedMilk campaign in 2021 and produced this advertisement.
Unlike Oatly, they concentrated on product qualities, notably the greater creaminess of their oat milk, and then built an ad around it.
Companies like Oatly stand out in a world where most advertisements are product-focused.
Canva offers incredible value.
Those of us who wanted to create brand materials had to rely on Adobe InDesign and Sketch for a long time.
They were not just expensive, but also notoriously sophisticated, as they were designed for advanced specialists.
Then there was Canva, a visual design platform with thousands of free layouts aimed at the average person.
Because of their objective to make graphic design accessible to everyone, offering high-quality designs at low or no cost is one of their main capabilities.
Google’s Innovative User-First Approach
Google began as a search engine, but it has since grown into a one-stop-shop for all your digital requirements — for both individuals and businesses.
This is just a slice of everything Google has to offer, from cloud storage and password management to email and advertising.
As proven by its wide range of services, Google’s value proposition is innovation.
Innovative goods and a commitment to a user-first approach are two of their major skills.
How do you figure out what a core competency is?
1. Begin with your existing knowledge.
When determining your key competencies, the first place to look is at your value proposition.
That is, as previously stated, the overarching concept from which your competencies will arise.
It’s also a good idea to rethink your mission statement.
What is important to your company?
What are the company’s core values?
“How does it transfer into what we provide our customers?” you can ask yourself.
2. Examine your competitors.
It’s often beneficial to look across the aisle and see what your competitors are doing when you’re having trouble figuring anything out within your brand.
They’re a wealth of knowledge and inspiration.
In this instance, you should inquire, “What do they lack that we provide?”
It might be anything from a unique product feature to a personalized consumer experience.
You’ll have a better idea of what you’re up against once you’ve made a list of differentiators.
2. Examine your competitors.
It’s often beneficial to look across the aisle and see what your competitors are doing when you’re having trouble figuring anything out within your brand.
They’re a wealth of knowledge and inspiration.
In this instance, you should inquire, “What do they lack that we provide?”
Conclusion
It might be anything from a unique product feature to a personalized consumer experience.
You’ll have a better idea of what you’re up against once you’ve made a list of differentiators.
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