How to reinvent your business to dominate industry competition for profitable growth

An entrepreneur friend asked me a brain-racking question some weeks ago. She asked, how can she win a larger market share in her industry? I went on a minute of silence and responded, what would you prefer for your business? Winning competition battle or setting pace in your industry? My entrepreneur friend responded, she only wanted a larger market share. If that's the case, I would rather recommend your business set a pace in its industry, I responded.

How do I go about this? She asked. I swiftly answered her, by creating new values yet to found within your industry. Businesses that set the pace in their industries, shift the pillars, and boundaries of values being offered within their industries. They are value innovators not industry competitors. Many businesses have been so engrossed with the industry competition rivalry, to point that they couldn't notice that the market they fiercely compete for is shrinking. Customers are resulting in alternative or substitute industry services or products.

Waoh! My friend exclaimed! That's the fact my friend, I responded. How can my business be a frontier value innovator within the industry? She asked. Any business that wants to be a value innovator, must look beyond existing industry value boundaries and protocols. Such business is more focused on the pressing needs of the people, they fill the needs either Within or outside industry boundaries. Break the industry value rules, baby! I told her.

To practically do this, business directors and owners should ask themselves these four questions according to Kim and Mauborgne in their article, "Blue Ocean Strategy reader”, published by Harvard Business School.

What factors should be reduced well below the industry standard?
What factors should be eliminated that the industry has taken for granted?
What factors should be created that the industry has never offered?
What factors should be raised well beyond the industry standard?

Answers from deep research analysis to the above four questions can be a standard foundation for restructuring and innovating new industry values, which in the long run sets your business apart from other competitors in the industry, to gain a larger market share. Value innovators don't set out for market competition, they set pace regarding values innovation, which other competitors compete for.

On the flip side, as the world keeps fighting one single enemy, the Coronavirus. Please stay safe and strictly adhere to the suggested precautionary measurements.

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