No I am not asking about your politics! I am referring to the Blue Ocean Strategy that presents a theory, tools, and frameworks to allow your company to break away from the competition and create a new market space.
As part of our Innovation Team session last week participating CEOs collaborated on how to create value by simultaneously pursue differentiation and low costs. We used the Four Actions Framework + Eliminate/Reduce/Raise/Create Grid. Answer these four key questions to challenge your industry’s strategic logic and business model:
1. Which of the factors that the industry takes for granted should be eliminated?
2. Which factors should be reduced well below the industry’s standard?
3. Which factors should be raised well above the industry’s standard?
4. Which factors should be created that the industry has never offered?
One CEO in the group realized by reducing manpower with a new technology his company is now able to pursue a brand new customer base. Another business owner realized they could eliminate a documentation report that required valuable time to produce.
Your answers to these questions will provide new insight on how you can differentiate your value proposition in a way that will benefit you and your customers.