Why is it essential to make your business stand out online? This is a question that I've asked myself many times, yet I feel that I finally have the answer to that question. And that answer is the Blue Ocean strategy.
The reasoning… Because of the theory behind the Blue Ocean strategy, according to W. Change Kim,
“Value innovation is the cornerstone of blue ocean strategy. We call it value innovation because instead of focusing on beating the competition, you focus on making the competition irrelevant by creating a leap in value for buyers and your company, thereby opening up new and uncontested market space.”
Let’s take a look at what value means and the clarification of what is considered innovation.
What is value and how can it make your business stand out
According to Merriam-Webster.com, the word “value” means “to rate or scale in usefulness, importance, or general worth” or primarily to evaluate. When it comes to your business, what is that one thing that is valuable and special to your business?
This one thing is what you can use to make yourself stand out in a crowded space of your peers or “competitors.” However, keep in mind the Blue Ocean strategy encourages “...instead of focusing on beating the competition, you focus on making the competition irrelevant by creating a leap in value for buyers and your company…”.
As you concentrate on determining your “value,” remember that it’s not about what others are doing. It should be about what you can do for your target customers that will make them feel special.
Case Study: Pamper My Business Training Hub
I created a training hub for entrepreneurs called Pamper My Business (PMB). The purpose of this training hub is to teach entrepreneurs how to brand their business online. The “value” that PMB brings is that it will be beneficial to entrepreneurs who don’t know how to brand themselves online to easily learn how to start branding themselves.
What makes us stand out in a crowded space of training for entrepreneurs, is that it’s personalized for each person. The “value” of personalization is that the users can focus on learning how to brand online without stressing over what their competitors are doing.
What is Innovation and how can it make your business stand out
Now let’s take a look at what “innovation” means and according to Merriam-Webster.com, it refers to which is, “a new idea, method, or device.” In regard to the Blue Ocean strategy, we will take it to mean a “new idea.”
When a business can devise a “new idea” and produce a service or product that their customers are looking for, then they are being innovative. This innovation will benefit the customers especially if the “new idea” is actually a service or product that the customers are looking for.
Case Study: Pamper My Business Podcast
When I started researching the type of podcast that I wanted to start, I wanted to make sure that it met the needs of my target customers for my training hub. I tried to be innovative as well as meet the needs of my target listener.
So I made the podcast focus be a way for industry leaders to share tips and techniques that would help entrepreneurs to brand their business online. This “new idea” podcast incorporates having a conversation with an industry leader and asking them questions that will help me find the PMB Nuggets they have to share.
To bring everything together, I want to finally share that when you create “value innovation” in your business, your purpose should be about creating a special treasure for your customers. This special treasure should be a “new idea” that can be beneficial to your customers.