A competitive advantage is the thing that differentiates a business from its competitors. It is what separates you from everyone else. And, it's usually the reason you are in business. It answers the question "Why should I buy from you?" or "How are you better than my current supplier?"
A firm possesses a sustainable competitive advantage when it has value-creating products, processes and services for their customers that cannot be duplicated or imitated by its competitors.
Having a competitive advantage, even a sustainable one, does not necessarily mean that you or your customers are aware of it. So there is a need to create an offer or positioning in the market that clearly states your competitive advantage. We call this a unrefuseable market offer or a "Mafia Offer". As you probably know, a mafia offer is an offer so good that 1) your customers can't refuse it and 2) that your competition can't or won't match.
Listen to this example of a true sustainable competitive advanatage , a Mafia Offer. This video also covers Creating a Mafia Offer:
For more information on Mafia Offers and the Mafia Offer Boot Camp, click here.
If you want to read more on the subject of the traditional Competitive Advantage, start with these 3 books (I like the first one best), but watch the Mafia Offer video first: