What is the purpose of a Strategy Canvas in business?

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.

The findings from a Strategy Canvas can be applied to a business's value proposition in several ways. First, identify the factors that set your business apart from competitors. These unique factors are your divergent value propositions. Next, apply these divergent value propositions to the Blue Ocean Strategy framework. This will help you identify areas where you can create unique value in a saturated marketplace. Instead of competing on the same factors as your competitors, focus on these unique areas. Allocate resources to these areas to strengthen your unique value proposition.