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How can you apply the Blue Ocean Strategy framework to analyze your competition?

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How can you apply the Blue Ocean Strategy framework to analyze your competition? If you are looking for a way to create a unique value proposition and stand out from the crowd, this framework can help you. The Blue Ocean Strategy is a concept that suggests that instead of competing in a saturated market (red ocean), you should create a new market space (blue ocean) where you can offer something different and innovative to your customers. In this article, you will learn how to use the four steps of the Blue Ocean Strategy framework to identify and evaluate your competitive landscape and find new opportunities for growth.

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Latif Mammadli
Rithesh Monnappa

Branding | Marketing Communications | Digital Marketing |

1 Analyze the value curve

The value curve is a graphical representation of how your product or service delivers value to your customers across various factors or attributes. For example, some factors could be price, quality, features, convenience, or customer service. To analyze the value curve, you need to plot your own value curve and compare it with your competitors'. This will help you see how you are differentiating yourself from them and where you can improve or eliminate some factors.

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Rithesh Monnappa

Branding | Marketing Communications | Digital Marketing |
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Research and strategy canvases help us read competitive landscapes better while steering clear of clutter and finding opportunities. The application of the Blue Ocean Strategy framework in competition analysis is a dynamic and innovative approach that can transform businesses by discovering uncontested markets, identifying industry gaps and creating innovative market spaces. A few activities that I would consider: ? Competitor Identification ? Competitive Landscape Analysis ? Strategy Canvas ? Red Ocean Analysis ? Blue Ocean Opportunities ? Value Innovation ? Apply the ERRC Grid ? Testing and Implementation ? Continuous Monitoring

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Latif Mammadli
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Blue Ocean Strategy is the one that I have started to implement in my early career and got successful: 400% YoY increase in start-up. Starting from first part, analyzing the value curve, I will try to briefly point out the essentials: Analyze the Value Curve: 1. Identify key industry factors. 2. Assess competitors' performance on these factors. 3. Identify overemphasized and underemphasized elements. 4. Consider non-linear value improvements.

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2 Apply the four actions framework

The four actions framework is a tool that helps you modify your value curve and create a new value proposition. It consists of four questions: eliminate, reduce, raise, and create. Eliminate means to remove the factors that are no longer relevant or valuable to your customers. Reduce means to lower the level of the factors that are over-delivered or too costly. Raise means to increase the level of the factors that are under-delivered or expected by your customers. Create means to introduce new factors that are unique and desirable to your customers.

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Latif Mammadli
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Apply the Four Actions Framework: 1. Eliminate non-essential elements: Identify features that can be removed without sacrificing overall value. Streamline the product or service offering. 2. Reduce overemphasized factors: Target areas where the industry places excessive emphasis. Simplify or streamline elements to reduce complexity. 3. Raise aspects to differentiate positively: Elevate factors to stand out positively. Provide superior quality, unique features, or enhanced service. 4. Create entirely new value propositions: Innovate by introducing completely new factors. Offer something novel that disrupts the existing market

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3 Visualize the strategy canvas

The strategy canvas is a visual tool that helps you compare your current value curve with your new value curve and your competitors' value curves. It shows you how you can create a blue ocean by diverging from the competition and offering a new combination of value to your customers. To visualize the strategy canvas, you need to draw a horizontal axis with the factors that affect your industry and a vertical axis with the level of value offered. Then, you need to plot the value curves of your current state, your desired state, and your competitors.

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Latif Mammadli
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Visualize the Strategy Canvas: 1. Plot the current competitive landscape: Map out the existing state of industry competition. Visualize where competitors currently differentiate. 2. Identify Blue Ocean opportunities: Seek areas where your strategy deviates significantly. Aim to make competition irrelevant in certain dimensions. 3. Develop a new canvas highlighting differentiation: Create a visual representation of your unique strategy. Ensure it showcases elements that set you apart.

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4 Test the commercial viability

The final step of the Blue Ocean Strategy framework is to test the commercial viability of your new value proposition. You need to make sure that your new offering is not only different and innovative, but also profitable and sustainable. To test the commercial viability, you need to assess three criteria: utility, price, and cost. Utility means to evaluate whether your new offering solves a real problem or meets a latent need for your customers. Price means to set a price that reflects the value of your new offering and attracts your target market. Cost means to estimate the cost of producing and delivering your new offering and ensure that you can achieve a sufficient margin.

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Latif Mammadli
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Test the Commercial Viability: 1. Conduct market research and financial analysis: Understand market acceptance and financial implications. Analyze potential revenue streams and costs. 2. Pilot new strategies in a controlled environment: Test the new strategy in a limited setting. Gather feedback and assess performance. 3.Iterate based on feedback and performance: Be prepared to make adjustments based on results. Adapt to market dynamics and customer responses

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Latif Mammadli
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In my example, finding out Blue ocean opened up the vision and introduced countless opportunites to work with. I highly recommend reading "Blue ocen Strategy" book published in 2004 written by W. Chan Kim and Renée Mauborgne, professors at INSEAD to enhance the knowledgeof the topic more

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How can you apply the Blue Ocean Strategy framework to analyze your competition?

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1 Analyze the value curve

2 Apply the four actions framework

3 Visualize the strategy canvas

4 Test the commercial viability

5 Here’s what else to consider

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