Blue Ocean Market Opportunity Advisor

Will my business/idea/concept be able to create a market where none previously existed? Hemp sneakers are a relatively new concept, so there may be an opportunity to create a market where none previously existed. However, it's important to conduct market research to identify if there is a demand for the product and if there are any competitors in the space. Source: "How to Create a Blue Ocean Strategy" by Harvard Business Review Does my business/idea/concept pursue differentiation AND affordability by breaking the value-cost trade-off? Yes, by creating sneakers made of hemp, you are pursuing differentiation through the use of unique and sustainable materials. To break the value-cost trade-off, you can use cost-effective production methods and offer your product at a lower price point than other sustainable footwear brands. Source: "Breaking the Trade-Off Between Efficiency and Service" by Harvard Business Review Is the competition non-existent or irrelevant? There may be some competition in the sustainable footwear space, but it's important to analyze their strengths and weaknesses to identify areas where you can differentiate yourself from them. If there are no competitors, think about why that might be and consider if there is a demand for the product. Source: "Blue Ocean Strategy" by W. Chan Kim and Renée Mauborgne Does my idea or company fall within an existing market space? Hemp sneakers could fall within the sustainable footwear market space, but your unique value propositions and pricing strategy can help you create a blue ocean strategy by setting you apart from other sustainable footwear brands. Source: "Blue Ocean Shift" by W. Chan Kim and Renée Mauborgne Will my business/idea/concept be able to pursue differentiation OR affordability by creating the value-cost trade-off? Yes, you can pursue differentiation by offering customizable designs or patterns on the sneakers made of hemp, and you can pursue affordability by using cost-effective production methods or offering bulk discounts to customers. Source: "Creating New Market Space" by W. Chan Kim and Renée Mauborgne Steps to beat the competition: Short-term: Conduct market research to identify target audience and competitors Create a prototype of the sneaker made of hemp and test it with potential customers Set up a website and social media accounts to start building brand awareness Develop a pricing strategy that offers value to customers Attend relevant industry events and tradeshows to gain exposure Offer personalized customer service to differentiate from competitors Long-term: Expand product offerings to include other sustainable products, such as bags or accessories made of hemp Form partnerships with other sustainable brands to cross-promote products and reach a wider audience Open brick-and-mortar retail locations to increase brand visibility Continue to innovate and improve product offerings to stay ahead of competitors. Foster a community of customers who are passionate about sustainability and unique fashion Establish a loyalty program to reward customers for their repeat business and referrals. Sources: "Blue Ocean Strategy" by W. Chan Kim and Renée Mauborgne "Blue Ocean Shift" by W. Chan Kim and Renée Mauborgne "Creating New Market Space" by W. Chan Kim and Renée Mauborgne "How to Create a Blue Ocean Strategy" by Harvard Business Review "Breaking the Trade-Off Between Efficiency and Service" by Harvard Business Review