Business Mastery for Entrepreneurs – Part 29: What is the Best Strategy for Your Business? – Tool XXII – Blue Ocean Strategy

In today´s blog post, I’ll explain the 5 steps to create new ideas that help you lead your business out of the red competitive ocean into a new space where the competition is irrelevant – your own blue ocean.

Overview

⇒ What are the 5 steps to create your own blue ocean?
⇒ Summary

What are the 5 steps to create your own blue ocean?

Step 1: Create A Strategy Canvas

A strategy canvas is the most fundamental tool used in the Blue Ocean Strategy framework. It is designed to give you an immediate snapshot of how your business/product/service is doing against the competition. To get started, first list the products or services you want to compare.
Now list the attributes, or factors of competition, that those products compete on. The list of attributes should have all the major value drivers in a product or service.
The next step in creating the strategy canvas is to rate each product from 1-10 according to each attribute. Ideally you would have customer survey data to back up these ratings and ensure the ratings were not heavily influenced by your own biases.
All we need to do now is create the canvas by combining this table data into a graph. And now you have a brand new strategy canvas!
What we’ve created is a simple comparison of what is. But what if you want to create a comparison of what could be? To do that, we need to manipulate the strategy canvas.

According to Kim and Mauborgne lies the pathway to successful innovation in doing a unique combination of one to four things to the attributes of your product, namely:

Raise
Reduce
Eliminate
Create

Let’s break these down as the next four steps in the process of innovation:

Step 2: Raise An Attribute

In some cases raising a particular attribute is the right strategy.

Step 3: Reduce An Attribute

In some cases, especially with regard to disruptive situations, reducing the performance level of a particular attribute is the better strategy.

Step 4: Eliminate An Attribute

Sometimes the best thing to do with an existing idea is eliminate elements and think through what could emerge.

Step 5: Create An Attribute

Another tool in the Blue Ocean strategy framework is the idea of creating a new value driver for the product.

Summary

Key Point #1: The Blue Ocean Strategy provides a fast and analytical approach to ideation and innovation.
Key Point #2: With this strategy, innovators are able to systematically think through ways to create value for their target customers versus the competition.
Key Point #3: Lasting success comes not from battling competitors but from creating “blue oceans” – untapped new market spaces ripe for growth.

Supporting you

I´m available to support you by re-imagine your business and propel it to the next level. The blue ocean strategy will help your company to create new ideas, services and products that create new uncontested markets so your long-term success is ensured.

Contact me for a complimentary 30-minute strategy session:

https://nextlevelcoach.as.me/schedule.php

1. Chan Kim, Renée Mauborgne, Blue Ocean Strategy, 2015

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