How can you use the Blue Ocean Strategy to create new market spaces?

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If you want to stand out from the competition and create new opportunities for growth, you must think beyond the existing market boundaries and find untapped demand. This is the essence of the Blue Ocean Strategy framework, a powerful tool for management consulting that helps you identify and create new market spaces. In this article, you will learn how to use the four steps of the Blue Ocean Strategy to generate innovative ideas and value propositions that can transform your business.

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1 Analyze the current landscape

The first step is to analyze the current landscape of your industry and understand how your competitors are positioning themselves and what factors they are competing on. Use tools like a strategy canvas and value curve to visualize the value proposition of your current and potential customers, and how you compare to your rivals. A strategy canvas plots the key factors of competition on the horizontal axis and the level of offering on the vertical axis, while a value curve shows the shape of your strategy along these factors. By analyzing the current landscape, you can identify the gaps and overlaps in the market, and the potential for differentiation.

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Naksha Erappa
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Watch out for expansion in scope of your offerings. Perhaps club a service with the product you offer, or vice versa. A keen eye to understand customer needs is vital for this.

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Amer B.

PMI-PBA, Top 1% in Business analysis. Hospitality, Services/ Real Estate. Operational Planning, Budgeting. AI. Strategic Partnerships. Tourism Opens Minds SDG's 2030.
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mplementing the Blue Ocean Strategy involves extensive market research to discern existing gaps and innovative opportunities. Through value innovation and the ERRC grid, businesses must craft unique value propositions while minimizing costs and enhancing customer experiences. By targeting non-customers and optimizing strategic pricing, they can penetrate new market spaces. Iterative improvements, coupled with agile marketing and scalable operations, pave the way to establish dominance and uncontested leadership in the freshly created markets. The paramount focus on differentiation, guided by customer-centricity, ensures sustained success in the evolving business landscape.

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M. Ed. | Remote EA & Fractional C.O.S. | Passionate about AI's power to democratize opportunities, enabling everyone to build fulfilling lives
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Well done. However, it’s also important to assess external factors, like technological trends, regulations, and socio-cultural shifts. Understanding these can, also, help identify gaps and, thus, Blue Ocean opportunities in the market.

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2 Eliminate, reduce, raise, and create

Apply the eliminate-reduce-raise-create (ERRC) grid to your value curve and challenge the assumptions and trade-offs that define your industry. The ERRC grid helps you to rethink your value proposition by asking four questions: What factors can you eliminate that the industry takes for granted? What factors can you reduce well below the industry standard? What factors can you raise well above the industry standard? What factors can you create that the industry has never offered? By answering these questions, you can eliminate the factors that do not create value for your customers, reduce the costs and complexity of your offering, raise the benefits of your offering, and create new sources of value and differentiation.

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M. Ed. | Remote EA & Fractional C.O.S. | Passionate about AI's power to democratize opportunities, enabling everyone to build fulfilling lives
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The ERRC grid section offers a strong approach to rethinking a company's value proposition. However, deep customer understanding is essential when applying this tool. Engaging customers in this process: through interviews, surveys, or other forms of research, makes the application of the ERRC grid FAR more effective.

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3 Reach beyond existing demand

Reach beyond existing demand and explore the needs of non-customers and latent customers. Non-customers are those who have not yet adopted your offering or have opted for alternatives, while latent customers are those who have not yet realized their need for your offering or have not yet expressed it. Tools like the buyer utility map and three tiers of non-customers can help you understand how to unlock new demand and create value for these segments. A buyer utility map helps you identify the pain points and opportunities for value creation across the six stages of the buyer's journey: purchase, delivery, use, supplements, maintenance, and disposal. The three tiers of non-customers help you segment the potential market into three groups: soon-to-be customers, refusing customers, and unexplored customers. They also help you tailor your offering to their specific needs and motivations.

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4 Test your blue ocean idea

Test your blue ocean idea and validate its feasibility and viability. Use tools like the blue ocean idea index and the to-be strategy canvas to assess the attractiveness and risk of your idea, and to communicate it to your stakeholders. The blue ocean idea index allows you to measure the degree of differentiation and low cost of your idea, and identify any potential hurdles that might prevent its success. The to-be strategy canvas helps you illustrate the contrast between your current and future value curves, and highlight the key changes and benefits of your blue ocean idea.

By following these four steps, you can use the Blue Ocean Strategy to create new market spaces that offer superior value to your customers and a competitive edge to your business. You can also apply this framework to other domains, such as social innovation, public policy, or personal development, and create positive impact and change.

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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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How can you use the Blue Ocean Strategy to create new market spaces?

1

2

3

4

5

1 Analyze the current landscape

2 Eliminate, reduce, raise, and create

3 Reach beyond existing demand

4 Test your blue ocean idea

5 Here’s what else to consider

Management Consulting

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How can you use the Blue Ocean Strategy to create new market spaces?

1

2

3

4

5

1 Analyze the current landscape

2 Eliminate, reduce, raise, and create

3 Reach beyond existing demand

4 Test your blue ocean idea

5 Here’s what else to consider

Management Consulting

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