Why compete in a crowded market when you can carve out a bigger economic path for all? In their book published in 2005, Professors W. Chan Kim and Renée Mauborgne birthed a new idea of making the competition irrelevant by creating Uncontested Market Space. The Blue Ocean strategy talks about a shift from the Red Ocean of crowded competition to a Blue Ocean of serenity filled with possibilities.
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In other words, the Blue Ocean Strategy gears towards creating market innovation and pointing the universe towards the ocean of possibilities. The book tries to make
business owners aware of the issue of the status quo, how to break through, and attain higher dimensions.
The Blue Ocean strategy starts with a changed mindset. This strategy provides a guide for individuals and organizations with the right mindset to key into the Blue Ocean Initiative where a well of possibilities and opportunities remain untapped. This
strategy continues with adequate tools needed to make the shift, be it research tools, design tools, or whatever resources would help you chart the course of your business. The strategy caps it off with a touch of Human-ness. Leadership with a Blue Ocean Strategy has a feature of Human-ness which spurs confidence in people to achieve success.
This strategy offers a Five-Step process for reproducing and launching the Blue Ocean Initiative which overrides a bloody Red Ocean.
The Blue Ocean strategy is not one for procrastination. To avoid being too ambitious, you have to decide which business, product, or service you’ll handle. The strategy suggests introducing a pioneer-migrator-settler map that helps you target specific areas where you stand to gain more. To achieve this, you have to put up a team and inspire confidence in them to record success.
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Get Acquainted With Where You Are Now
In getting to where you want to be, you need to know where you currently stand amidst market demands and competition. Knowing where you are is a wake-up call to both management and teammates and ensures realignment to the current competitive landscape.
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Envisage Where You Could Be
Having realized where you are, let your mind drift into envisaging where you could be. This provides valuable insights into potential blue oceans and opportunities. Using the buyer utility map of the strategy, you would be able to understand what your pain points are, bearing in mind that they are not limitations but are hidden opportunities that would help you provide novel solutions to existing problems. This stage also helps you to realize why some of your target markets are not buying into your industry.
Now we are done visualizing and imagining. It’s time to get to work by making strategic plans which will open up a new market space. At this stage, your team will be confident enough to achieve differentiation at a low cost.
This final stage is where you get to decide which Blue Ocean Strategy to implement, test it in the market through a Blue Ocean Fair, and fine-tune it to maximize potential. Through the Blue Ocean fair, you will be able to depoliticize the decision-making process, receive earnest feedback, and fuse people’s commitment towards the move.
Featured Image Source: Launch Marketing
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