What is Value Innovation?
Value Innovation is a comprehensive set of frameworks that is revolutionizing business strategy and innovation. At the heart of Value Innovation is the value curve and strategy canvas, a powerful way to visualize business strategies.
While traditional approaches to strategy formulation focus on staying ahead of the competition, Value Innovation puts the customer at the center of your strategy. It strives to make the competition irrelevant by challenging the conventional assumptions that operate within an industry.
Value Innovation helps you to create new market space by:
- Looking beyond the established boundaries and conditions within your industry to invent new strategic growth options.
- Understanding your competitors but not letting them set your strategic agenda.
- Discovering common underlying needs that unite customers rather than overly focusing on their unique differences.
- Understanding non-customers and discovering how to turn them into customers.
- Not letting your existing capabilities limit your pursuit of value creation.
- Breaking the low cost vs. differentiation trade-off that traditional strategy methods stipulate.
By making strategy easier to visualize, Value Innovation gets to the essence of strategic thinking quickly. It enables more people within your organization to contribute to meaningful discussions about your business strategy.