"“Value innovation is about making the competition irrelevant by creating uncontested market space. We argue that beating the competition within the confines of the existing industry is not the way to create profitable growth." --Chan Kim & Renée Mauborgne, from Blue Ocean Strategy To create uncontested market space may seem like its an outrageous proposition, but I think it's much easier than we might expect. The key hallmarks of great market space: - People are standing or sitting around waiting to do what they need to do. (Browsing your product breaks the boredom.)
- Competitors aren't there in that space because it's not large enough, perhaps.
- Your product and marketing appeals very much to the demographic in that market space.
In marketing my forthcoming greeting cards, people might expect that I would like to get my cards in grocery stores and into Wal-mart and big chain stores like that.Nope. Not where I want to be. I want to go where they aren't, which makes my competition irrelevant. |