As a Blue Ocean Strategist, my role is to help my companies, clients, or projects increase value by asking the right questions. You can start today. Create new value by answering these questions.
Aside from price, what are six key factors of competition your company’s offering or product faces in the marketplace?
Imagine your answer being organized the following way.
On a simple table, the left vertical axis would start at the bottom with the word low. The axis would have the word high at the top.
This axis represents the perceived value. Low at the bottom, high at the top.
The horizontal axis from left to right starts with price.
To the right of (price), your answers to the question above are added.
It looks like the image to the left.
So why not play along and answer the first question?
What are your industry’s key factors of competition?
In addition to price, name six more.
Here are some ideas? Think in terms of convenience, quality, selection, durability, speed, ease of use, etc.
I’ll make a deal with you.
If you’ll share your key factors of competition in the form below and answer the text question, I’ll put together a Blue Ocean Strategy Canvas for you.
[contact-form-7 id=”1600″ title=”key factors of competition”]
Why would I do this? To build a relationship with you. I’m interested in your business.
My commitment to you is this. There won’t be a hard sell. I’ll do little in the way of follow up. Look, I’m busy. My philosophy is about adding value and drilling wells prior to needing water.
If you’re in building, survival, or growth mode, this exercise may help.
If you’re interested in seeing how far away your offering is from where you’d like it to be, share your answers. We’ll have a fun and useful discussion.
Sherman G. Mohr is an Insead Blue Ocean Strategy Institute certified Blue Ocean Strategist. He also serves as CEO of Shared Spirits Marketing and on the ownership team of other cool projects.