{"id":5639,"date":"2022-07-27T00:28:26","date_gmt":"2022-07-27T05:28:26","guid":{"rendered":"http:\/\/mariusbill.com\/?p=5639"},"modified":"2025-02-06T05:17:58","modified_gmt":"2025-02-06T05:17:58","slug":"business-mastery-for-entrepreneurs-part-29-what-is-the-best-strategy-for-your-business-tool-xxii-blue-ocean-strategy-part-2","status":"publish","type":"post","link":"https:\/\/mariusbill.com\/de\/business-mastery-for-entrepreneurs-part-29-what-is-the-best-strategy-for-your-business-tool-xxii-blue-ocean-strategy-part-2\/","title":{"rendered":"Business Mastery for Entrepreneurs \u2013 Part 29: What is the Best Strategy for Your Business? \u2013 Tool XXII \u2013 Blue Ocean Strategy &#8211; Part 2"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-5640 alignleft\" src=\"http:\/\/mariusbill.com\/wp-content\/uploads\/2022\/07\/Blog-Post-36-Tool-XXII-final-scaled-1-300x169.jpeg\" alt=\"\" width=\"541\" height=\"305\" srcset=\"https:\/\/mariusbill.com\/wp-content\/uploads\/2022\/07\/Blog-Post-36-Tool-XXII-final-scaled-1-300x169.jpeg 300w, https:\/\/mariusbill.com\/wp-content\/uploads\/2022\/07\/Blog-Post-36-Tool-XXII-final-scaled-1-1024x575.jpeg 1024w, https:\/\/mariusbill.com\/wp-content\/uploads\/2022\/07\/Blog-Post-36-Tool-XXII-final-scaled-1-768x431.jpeg 768w, https:\/\/mariusbill.com\/wp-content\/uploads\/2022\/07\/Blog-Post-36-Tool-XXII-final-scaled-1-1536x863.jpeg 1536w, https:\/\/mariusbill.com\/wp-content\/uploads\/2022\/07\/Blog-Post-36-Tool-XXII-final-scaled-1-2048x1150.jpeg 2048w\" sizes=\"auto, (max-width: 541px) 100vw, 541px\" \/><\/span><\/span><\/strong><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">In today\u00b4s blog post, I\u2019ll explain the<strong> 5 steps to create new ideas<\/strong> that help you lead your business out of the red competitive ocean into a new space where the competition is irrelevant \u2013 your own blue ocean.<\/span><\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>Overview<\/b><\/strong><\/span><\/p>\n<ul>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\"><b><\/b><strong><b>\u21d2 What are the 5 \u00a0steps to create your own blue ocean?<\/b><\/strong><\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\"><b><\/b><strong><b>\u21d2 Summary<\/b><\/strong><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">What are the 5 steps to create your own blue ocean?<\/span><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">Step 1: Create A Strategy\u00a0Canvas<\/span><\/strong><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">A <strong>strategy canvas<\/strong> 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 <strong>list the products<\/strong> or services you want to compare.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">Now list the attributes, or factors of competition, that those products compete on. The list of attributes should have all the major <strong>value drivers<\/strong> in a product or service.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">The next step in creating the strategy canvas is to <strong>rate each product<\/strong> 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.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">All we need to do now is create the canvas by combining this table data into a graph.\u00a0<\/span><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">And now you have a <strong>brand new strategy\u00a0canvas!<\/strong><\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">What we\u2019ve created is a simple comparison of what\u00a0is.\u00a0But what if you want to create a comparison of what\u00a0could be?\u00a0To do that, we need to manipulate the strategy\u00a0canvas.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">According to <strong>Kim and Mauborgne<\/strong> lies the pathway to <strong>successful innovation<\/strong> in doing a unique combination\u00a0of one to four things to the attributes of your product,\u00a0namely:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><strong><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">Raise<\/span><\/strong><\/li>\n<li><strong><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">Reduce<\/span><\/strong><\/li>\n<li><strong><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">Eliminate<\/span><\/strong><\/li>\n<li><strong><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">Create<\/span><\/strong><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">Let\u2019s break these down as the next four steps in the <strong>process of innovation<\/strong>:<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">Step 2: Raise An Attribute<\/span><\/strong><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">In some cases raising\u00a0a particular attribute is the right strategy.\u00a0<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">Step 3: Reduce An Attribute<\/span><\/strong><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">In some cases, especially with regard to disruptive situations, reducing the performance level of a particular attribute is the better strategy.\u00a0<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">Step 4: Eliminate An Attribute<\/span><\/strong><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">Sometimes the best thing to do with an existing idea is eliminate elements and think through what could emerge. <\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\">Step 5: Create An Attribute<\/span><\/strong><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">Another tool in the Blue Ocean strategy framework is the idea of creating a new value driver for the product.\u00a0<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">Summary<\/span><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong>Key Point #1:<\/strong><\/span><strong><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\"> Use these 5 steps to create your own blue ocean.<\/span><\/strong><\/li>\n<li><strong><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">Key Point #2: <\/span><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">With this strategy, innovators are able to systematically think through ways to create value for their target customers versus the competition and create <span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">new space where the competition is irrelevant \u2013 your own blue ocean.<\/span><\/span><\/strong><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">Supporting you<\/span><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">I\u00b4m available to support you by re-imagine your business and propel it to the next level. The\u00a0<strong>blue ocean\u00a0strategy<\/strong>\u00a0will help your company to create new\u00a0ideas, services and\u00a0products that create new uncontested markets so your long-term success is ensured.<\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">Contact me for a complimentary 30-minute strategy session:<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/nextlevelcoach.as.me\/schedule.php\">https:\/\/nextlevelcoach.as.me\/schedule.php<\/a><\/span><\/p>\n<p style=\"text-align: justify;\">1. Chan Kim, Ren\u00e9e Mauborgne, Blue Ocean Strategy, 2015<\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">#blog #blogpost\u00a0#blueoceanstrategy\u00a0#business #businesscoach #businesscoaching #businessowner #businesses #businessmastery #businessmodel #change #challenge #company #companies #coaching #coach #entrepreneur #entrepreneurship #empower #empowering #leadership #leadershipcoaching #leader #leading #mindset #opportunity #potential #solution #strengths #strategy #strategies #strategyforsuccess #system #success #successful #nextlevel #nextlevel-coach #nextlevelscoach #nextlevelcoaching #nextlevelcoach #marius #mariusbill #vision #visionary #visionaryapproach<\/span><\/p>\n<p style=\"text-align: center;\"><strong><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\">Copyright 2019-2022, Next Level Coach. All rights reserved!<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In today\u00b4s blog post, I\u2019ll 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 \u2013 your own blue ocean. 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