An important thing to remember is that what got you here may not get you there in the future. Quite often, internally perceived advantages that have enabled a company to succeed may have been eroded or have become less relevant over time. One useful question to ask is what are the forces that drive customer value in the future. The answer to that question may help a company understand what are the competencies needed to build long-lasting advantages.

To navigate the gaps between perception and reality when evaluating competitive advantages, begin by conducting thorough market research and gathering feedback from customers, prospects, and internal teams. Compare how your brand is perceived with the actual strengths and weaknesses of your offerings. Identify any discrepancies in communication or understanding, then address them by aligning your marketing messaging with the true value of your products or services. Highlight areas where you excel and work on improving or adjusting the areas where perception and reality don't align. Consistently monitor feedback to ensure your competitive advantage is accurately represented.

Try to have deep dive into the numbers /facts to know the difference between perception and reality . Numbers normaly don't misguide

Talk to customers directly, talk to suppliers, network with peers continuously, engage with scientific village where it makes sense and then analyse without bias and with sheer curiosity the qualitative feedback. Match it with your quantitative market analysis and prioritize.

If possible have someone knowledgeable within your organization actually test the competitors products and services from initial contact to using and assessing the products. Doing this will provide a more realistic and accurate assessment and comparison. There is a lot to be said about real 'hands on' experience versus speculation!