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Create a Product that Stands out of the Crowd with The Strategy Canvas

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The Strategy Canvas: A Tool for Assessing Product Competitiveness

In the fast-paced world of business, it’s essential to stay ahead of the competition. When launching a new product or service, you may believe it’s groundbreaking, but how can you be sure it stands out in a crowded market? This is where The Strategy Canvas comes into play, helping you assess your product’s unique value proposition and competitiveness.

Understanding The Strategy Canvas

The Strategy Canvas was developed by Kim and Mauborgne, the minds behind Blue Ocean Theory, as a tool to navigate new markets. However, its framework is equally effective for analyzing individual products. By comparing key factors that influence purchasing decisions on a graph, such as design, ease of use, and performance, you can determine where your product excels compared to competitors.

For example, when comparing the original iPhone to other smartphones like the BlackBerry Curve and Nokia N9, the iPhone’s touchscreen, handling, and connectivity features stood out, making it the preferred choice for consumers.

Applying The Strategy Canvas

Before creating a Strategy Canvas graph, define your product’s value proposition, identify key features, and understand your target market and competitors. Focus on market standards rather than just product-centric attributes, and evaluate your product’s offering against these benchmarks.

Rank your product’s features on a scale of not at all, somewhat, almost, or fully present. Plot these values on the graph and connect them to gain a clear overview of your product’s strengths and weaknesses compared to competitors. If your graph aligns too closely with a competitor’s, identify areas where you can differentiate and innovate to stand out in the market.

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Regularly using The Strategy Canvas can help you stay ahead of the competition by identifying gaps in the market and adapting your product offerings accordingly. By focusing on unique value propositions and addressing market demands, you can ensure your products remain competitive and relevant.

Whether launching a new product or assessing existing ones, The Strategy Canvas is a valuable tool for understanding your product’s position in the market and making strategic decisions to drive success.

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