Is it possible to remain relevant, and competitive, when it feels like the world around you is working to slowly erode your ability to compete? Or to add value to your customers and grow your own business?
The answer is Yes! But only as long as you are able to provide something of value to customers willing to pay for it. Sounds simple, right? Well the execution is slightly more complex than that.
An approach which shares underlying philosophies with my Six Pillar Approach is developing your own Blue Ocean playing field. This is part and parcel of the Preferred Future Strategy approach – you do have a choice in where you end up. Regardless of what is happening around you.
Here are some action steps from the Blue Ocean Strategy approach to help you stay relevant and competitive in your industry:
Fight for differentiation in your marketplace with a short, medium and long-term outlook
- If you want to be noticed, now and in 10 years time, then you have to be a master at understanding the value proposition of your existing and future customers. It will likely evolve dramatically. Even when they are not yet aware it will. Make it your business to see how your customers’ worlds will evolve.
Keep your cost low while pursuing this Blue Ocean
- Carefully consider where the market is moving toward, and may be moving toward in the future, before you commit funds to new facilities, product launches and the next visible opportunity.
Relentlessly focus on building uncontested market space
- With the high level of globalized competition and changes` in technology, you will either dictate your chosen market space, or be dictated to. Only the lucky ones will survive in the middle.
Credits: The Blue Ocean Strategy by W. Chan Kim and Renée Mauborgne, 2005, published by Harvard Business Review Press.