Blockchain strategies  167

Recommendation to maintain Cost leadership:

• Continuously review your business model and find new ways to reduce

the cost to stay ahead of the competition

• Have access to capital investment to invest in technology to automate

workflows

• Review and update your end-to-end supply chain to deliver cost

savings

• Find ways to lower cost base through cheap labour, raw materials and

facilities (physical building space)

Differentiation strategy

Unlike cost leadership, differentiation strategy involves making products

and services different from products offered by your competitors. Under

differentiation strategy, a company tries to differentiate their products

through unique features, functionality, quality, support, services and

establishing a brand image. Companies with a successful differentia-

tion strategy can be rewarded for its unquestioned uniqueness with a

premium price.

Recommendations to achieve Differentiation strategy:

• Continuously invest in research and devolvement to innovate

• Invest in high-quality human resources with an innovative mindset

• Effective sales and marketing resources to continuously work on

improving the brand name

• Innovate simple and effective but different products and services

• Deliver high-quality products and customer services

• Provide seamless, transparent and effective end-to-end workflow to

provide a product or services to the customer.

Focus strategy

Focus strategy is selected when companies have a narrow competitive

scope with an industry. These companies have targeted and niche markets

where competition is low. They tailor their strategy to stay competitive

within a niche market segment. The success of the focus strategy highly

depends on the correct selection of the market segments or a group of

market segments where the targeted segment buyers have unusual needs,

or the production and delivery systems are different from other industry

segments.