We are in the third industrial revolution, millions of companies creating millions of new products and services. And we are entrepreneurs and we want to create something groundbreaking that makes us succeed. But we don’t know what, because we see that all market niches are busy and there are many competitors, with more experience and much more capital than we are.
But what if we tell you that there is a strategy that makes us see beyond? That will provide us with that gap we are looking for. Well, that hole is called the blue ocean and we will understand how it works and see how to find it.
What does it consist of?
It is very simple, it consists in opening new markets far from the destructive competition that exists in the most exploited business lands. In other words, it is about proposing a winning strategy based on “non-competition”, something that is possible by opening the mind and exploring other territories that are not exploited.
And you may wonder, where is that blue ocean? Well let’s go find it.
In search of the precious blue ocean
Finding new market niches is based on innovating, it is not about adding new features to what is already known, but about adding a totally new value and giving it a 180 degree turn, combining costs, utility and prices.
This is much clearer if we show it in 4 steps that are the bible of the innovator, follow them to the letter if you want to obtain efficient results.
- Remove the traditional
- Create a new environment
- Reduce the usual
- Increase value
How to carry it out?
To carry out this type of strategy, 6 points must be taken into account that will be vital for your product or service to work in the blue ocean:
- Rebuild the borders of the market:
The strategic groups within the alternative industries, the chain of buyers and the complementary products for example.
- Draw a strategic canvas:
It is based on the creative potential of the organization, looking for new business opportunities.
- Explore beyond the existing demand:
You have to explore different sales possibilities and innovate in what we offer.
- Create a strategic sequence:
We must find the consumer’s need for our product, and from there study the price and costs that we are able to assume to meet their need.
- Overcome the obstacles:
It is important to develop an action plan to be able to overcome the problems that may appear and leave them unharmed.
- Execute the innovation strategy:
Being aware of our mistakes and solving them is crucial, so we must implement the business strategy and evaluate the results we obtain.
If this post has been useful to you, you can explore our blog where you will find two more posts about innovation tools.
If you want to continue talking about the blue ocean, contact us here.
