How can you pursue a Blue Ocean Strategy with less risk?

1 Understand your current position

Before you can create a new market space, you need to understand where you stand in your existing market. You need to analyze your industry, your competitors, your customers, and your value proposition. You can use tools such as the Strategy Canvas, the Four Actions Framework, and the Value Curve to visualize your current position and identify how you differ from others. This will help you spot the gaps and opportunities in your market and avoid copying or imitating your rivals.

2 Research your potential customers

One of the key principles of the Blue Ocean Strategy is to look beyond your existing customers and target the non-customers. These are the people who are either unsatisfied, indifferent, or unaware of your industry's offerings. They may have unmet needs, latent desires, or alternative solutions that you can tap into. You need to research your potential customers and understand their pain points, preferences, and motivations. You can use tools such as the Buyer Utility Map, the Six Paths Framework, and the Three Tiers of Non-Customers to segment and profile your potential customers and discover new ways to create value for them.

4 Build your execution plan

Once you have a clear vision of your Blue Ocean Strategy, you need to translate it into action. You need to build your execution plan and align your resources, processes, and activities with your value proposition. You need to overcome the organizational hurdles and resistance that may arise from pursuing a new strategy. You need to communicate your vision and goals effectively and inspire your team and stakeholders to support your initiative. You can use tools such as the Tipping Point Leadership, the Fair Process, and the Blue Ocean Leadership to mobilize your organization and execute your strategy.

5 Monitor your performance

Finally, you need to monitor your performance and track your progress as you implement your Blue Ocean Strategy. You need to measure your results and compare them with your objectives and expectations. You need to identify the key indicators and metrics that reflect your value creation and capture. You need to collect and analyze data and feedback from your customers and the market. You need to adapt and adjust your strategy as you learn and grow. You can use tools such as the Blue Ocean Dashboard, the Blue Ocean Scorecard, and the Blue Ocean Feedback Loop to monitor your performance and improve your strategy.

6 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?