One thing that is often overlooked in business strategies

Value Innovation from the ‘Blue Ocean Strategy’

Introduction:

Greetings, everyone! I’m here to shed light on a crucial aspect of business strategy known as “value innovation”, a concept often overlooked in traditional business strategies.

Why the fancy term “value innovation”?

Well, imagine stepping away from the wild battlefield of competition.

We dub it “value innovation”
because, instead of duking it out with rivals (competing), you steer your ship towards increasing value for your buyers.

It’s like setting sail into uncharted waters (opening up new market space ), making the whole competition scene about as relevant as last year’s tax return.

The Dynamic Duo: Value and Innovation in Harmony:

Value innovation is a dynamic duo; think Batman and Robin,
but in the business world. It’s about giving equal love to value and innovation.

You don’t want innovation flying solo, though.

Without the anchor of value, it becomes this far-out futuristic concept that’s cool but a bit too much for folks to digest. It’s like having a crystal ball that shows you the future, but nobody’s quite ready for the ride.

Flipping the Script: Value Innovation vs the Pay-More-Get-More Myth:

And here’s the real game-changer: value innovation kicks a massive myth to the curb.

We’ve all heard the old saying, “the more you pay, the more you get,” right? Well, value innovation flips that script. It declares that charging less doesn’t mean offering scraps.

It’s a rebel yell against the notion that affordability should come with a tag saying,

“Sorry, no excellence included.”

Value Innovation:

In the business realm, value innovation is a revolutionary strategy, where a company defies norms,

slashes costs by eliminating or reducing things that buyers do not value but is normally competed on (by the industry),

and enhances buyer satisfaction by introducing unique elements that are not competed on the industry that buyers value.

It’s a rebel move against traditional competitive factors, rewriting the playbook and orchestrating economic success through soaring sales volumes which will further lower costs through scale economy.

value innovation is more than a concept; it’s a game-changing crescendo, setting the stage for unparalleled success. Ready to join the orchestra?

Example: Cirque Du Soleil

In the circus showdown, everyone was scrambling for lion tamers and clowns — classic chaos, high cost, low value.

But hold on, enter Cirque du Soleil, the renegade of the big top. They didn’t play the same game. No lion tamers, no clowns. Instead, they went for a different act, literally. Unrelated acts? Not their style.

Cirque du Soleil threw in a storyline, a theme — think circus meets theater.

And the genius move? They didn’t just stop at ditching the costly fluff. They upgraded the seats, turned uncomfortable into comfy. Added a dash of dance for good measure.

Cut what buyers don’t value, amp up (increase) what they do. Break free from the competition, focus on what buyers crave,

So, there you have it — value innovation in a nutshell. It’s not just a strategy; it’s a mindset shift.

Get ready to rewrite the rules and venture into the wide-open blue ocean where value reigns supreme, and innovation is the compass pointing you to success.

Happy sailing, folks!