“Innovation distinguishes between a leader and a follower.” – Steve Jobs
Staying ahead in today’s competitive marketplace requires more than just doing the same things better. It needs a fresh perspective, a departure from the norm, and yes, innovation. But not just any innovation, I’m talking about Value Innovation.
Value Innovation is about breaking free from the accepted boundaries of competition. It’s about not just focusing on beating the competition, but making them irrelevant. How? By creating a leap in value for your customers and your company. This approach allows you to open up new and uncontested market space.
Cirque du Soleil is a great example of this. They reinvented the circus industry by eliminating animal shows and aisle concessions, reduced the importance of star performers and moved away from multiple show arenas. Instead, they introduced a unique blend of theatre and circus, with a storyline, original music, and professional performers. By doing so, they created a unique, high-quality entertainment experience that was entirely new and untouched by competition, allowing them to charge several times the price of a traditional circus ticket. That’s the power of value innovation.
But how do you achieve value innovation? It starts by thinking differently about your product or service. Ask yourself: What could we eliminate or reduce? What could we improve or create that would drive up value for our customers? The answers to these questions will guide you towards creating products or services that are not only unique but also highly valued by your customers.
Value innovation is not just about creating something new. It’s about creating something that adds significant value to your customers. It’s about doing things differently, questioning the status quo, and continuously seeking ways to improve. As Thomas Edison put it, “There’s a way to do it better – find it.”
Remember, as a business, you are not merely competing with others in your industry. You are vying for the attention, interest, and loyalty of your customers. The best way to win this competition is not by doing what everyone else is doing, but by doing something that nobody else is – by providing superior value in a way that nobody else can.
Dare to be different. Dare to innovate. Because innovation is the key to creating a remarkable value proposition that sets your business apart.
To find more inspiration and tools to create your own value innovation, check out my book of the week “Blue Ocean Strategy” by W. Chan Kim and Renée Mauborgne.
Stay tuned for tomorrow’s email where we’ll explore the magic of creating an uncontested market space.