How can the Blue Ocean Strategy help a business stand out in a saturated marketplace?

A business can avoid becoming complacent after identifying its unique factors by continuously innovating and improving. It should not rest on its laurels but instead, constantly reassess its strategy canvas, looking for new opportunities and threats. It should also regularly apply the Blue Ocean Strategy framework to identify new areas of uniqueness and differentiation. Furthermore, it should allocate resources not just to maintain its unique factors, but also to develop new ones.

A business can ensure it's accurately identifying its competitors when using a Strategy Canvas by carefully analyzing the market and understanding the key factors that drive their business. They should identify the factors that are important to their customers and plot these against their competitors. This will help them see where they stand in comparison to their competitors and identify any gaps or opportunities. They can then use this information to formulate a competitive strategy and differentiate themselves in the market.