VALUE INNOVATION: HOW TO WIN IN CROWDED MARKETS BY IGNORING COMPETITORS

Summary from the TLDR Marketing newsletter

Value innovation allows companies to chase differentiation and low cost at the same time. Rolls-Royce innovated its pricing model in the airline engine industry, which went against the grain but ultimately solved a huge problem for customers. To find opportunities for value innovation, identify and question the assumptions in your industry, find the factors that increase costs for no gain, raise the factors that truly matter for customers, and consider creating new factors that no one else offers.