Over the last 4 posts, I went over 4 of the most common reasons why companies are not successful, according to the Small Business Administration of the United States. You will see that there are some common elements to each of the 6. Feel free to look at the original article here.
In the world of corporate strategy, there is one place that all companies, at one time or another, would like to get to. At this place, competition becomes irrelevant. It is not for a lack of effort, but in most cases, it is a place that most companies don’t get to. During that time, you can build your brand and improve your business so you are always the one and only who is on the island.
With a complete Blue Ocean Strategy, a company is able to carve out a market space which is uncontested and establishes a new demand for a product or service where there is no equivalent. The most common company which has developed a Blue Ocean Strategy is Circle de Soleil. There is no alternative to going to an adult show which mixes opera, gymnastics, and the circus together. Overall, building a Blue Ocean Strategy is a means to developing uniqueness to your company which allows it to stand out.
What are the different elements of a unique company? What are different ways your company can stick out?
Business Model: Does your business fulfill a market need in a different manner than established competitors? A very current example would be Uber. The business model is based on saving time for the consumer and allowing the consumer to have greater control or transparency during their experience.
Product: Does your product look, feel, or act the same as your competitors? What level of uniqueness does your product bring to the marketplace? Does your product solve an unknown problem that the consumer is just getting at?
Experience: How is your customer experience different from others? Do you interact with your customer on a basic level in person or on social media? Do you develop an experience for your consumer where they are happy and wanting to deal with you again?
Uniqueness can be something very hard to define and develop. Depending on the industry and how hard it is to start a business in that industry, your uniqueness is constantly being challenged and has to be reinvented.
What makes your business unique? How do you protect that uniqueness?
Have an awesome week.
Kevin MacDonald is a Business Consultant at L6S Business Consulting Inc (www.L6SBC.ca). L6S offers services in management consulting, Controller and CFO contracting, and lean management with either project work or teaching/mentoring of staff. Kevin has his CMA accounting designation along with a Black Belt in Lean Six Sigma.
Kevin is active in the community by volunteering for different groups and donates platelets at the Canadian Blood Services clinic on a bi-weekly basis.
For help with your business, contact Kevin at kevin@L6SBC.ca or 780-868-1867.