Are you a startup with a limited budget or a large established company with its own network of policies and processes? Either way, we can probably agree that your goal is to have an exceptional product that customers will flock to. To you, not your competitors.
In this article, I will present five simple steps. They will help you get out of a crowded market. They will help you drive your business to growth. To a unique product. To a blue ocean strategy. It's easier for smaller companies. Because at least step one will fly by quickly. Larger firms will take a little longer, after all, to analyze their entire portfolio and make a choice. But let's take it one step at a time.
STEP 1: Identify a suitable product
One product, selected service, convenient package. To move to a blue ocean strategy, you can only specify one product - either you don't have another, or it's hidden somewhere in your portfolio and you need to find it. You then take the selected product through the next steps.
I have written about how to make such a selection successfully before. This portfolio analysis works great for larger companies. It's a kind of map that allows you to identify a product worthy of improvement, worth venturing into the blue ocean with.
STEP 2: Describe the current state of your business
You may feel that you know your competition perfectly. That you have an overview of your industry, sector, type of industry. That you know exactly what's going on in the market. But I wouldn't be so sure.
The second step is to lead to awakening. Re-examine the current competitive landscape in detail using tools such as a value curve or a buyer's utility map. You'll get a picture of where you're ahead and where you're a little behind. The value curve will help you understand the market situation and the competition, while the benefit map will show the weaknesses and strengths of your product.
STEP 3: Imagine where your business could go
Sometimes you have to take the blinders off and look around. I bet even your customers would buy something you don't offer. Something that's hard for them to find. Or they don't quite have it on their wishlist yet, but if you offered it, they'd pull out their wallet.
And for that, there's step three. Explore demand beyond your current understanding of your industry and focus on identifying the issues that are holding you back from innovating or expanding your offering. Look for hidden opportunities, uncover untapped potential.
Again, the buyer's utility map is great for this. It will clearly show you where and why current or potential customers are not satisfied, what is missing or discouraging them from buying. With a benefit map, you can turn any weak points into growth opportunities. And turn a potential prospect into a paying customer.
STEP 4: Figure out how to get to your dream point
This is where the reconstruction of market boundaries comes in. Redefine them and create brand new opportunities through systematic strategic steps. Now it's time for value innovation.
This is the core concept of the Blue Ocean strategy. Its definition states that value innovation seeks to simultaneously drive differentiation and low cost, thereby leapfrogging value for both customers and companies. You simply can't get to blue water without it.
STEP 5: Get started and test
Get on with it. Start the process to ensure sustainability of resources, employee satisfaction and the achievement of milestones. And, of course, test. Test the market and try different options. Change and adapt your strategy based on the results, explore different routes to customers.
Go gradually, step by step. Become innovators and pioneers. And if you don't know what to do, contact me. I'd be happy to guide you through the process of discovering the blue ocean.
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