Blue Ocean Strategy
When Kim and Mauborgne unleashed the Blue Ocean Strategy model, it quickly became part of the business lexicon. The premise that finding your uncontested blue ocean market was the ultimate essence for commercial success. They suggested that most businesses competed in an ocean of red where they are required to exploit existing demand. The business models are either offering something different to a niche market or compete on price. The Value Innovation model suggests that there is a third option – where you can offer great value by doing something that stands out and profit from high demand.
This link takes you to an earlier blog post on the Blue Ocean Strategy
Feel free to request the templates email@example.com. I am happy to share.
1. Understand the principles behind Kim & Mauborgne’s Value Innovation Model
2. Create your own competitor canvas
3. Check Garvin’s 8 Quality Dimensions for inspiration
4. Use the Four Aspects Framework to brainstorm what you can reduce, what you can raise. what you can create and what you might eliminate that is currently the industry norm.
Please do share your experiences with these models in the comments below. I am building a portfolio of small business case studies and would love to include examples of what has worked well for you.
PS – If you need further help then give me a call on 07962 626604 to arrange a Skype session with me.
PPS – This exercise forms part of a series of workshops on Coping with Competition