download the new for android Blue Ocean Strategy

The authors propose that identifying pain points that the industry currently imposes on buyers can provide valuable insights into new opportunities and potential blue oceans. Existing companies in well-established industries struggle to see beyond the commonly-accepted boundaries of their markets. Similar to a SWOT analysis (strengths, weaknesses, opportunities, threats), the strategy canvas serves a vital role in getting everyone on the same page before taking the creative step of building a blue ocean. Creating a blue ocean may be a positive step, but you need to understand why it’s your best option. Knowing that you’re in a red ocean is a logical starting point, but the authors advocate the creation of a strategy canvas to fully understand the current state of play.

Building the right team to lead the move requires a delicate balance between representation from functional departments and the right mix of openness and engagement of all team members. The authors provide a tool called the pioneer-migrator-settler map to help with this.

Existing companies with multiple offerings must decide which product line or division within their portfolio to move. A single product/service company or a startup has no difficulty here. The five steps to create that blue ocean for your business are:

By following five systematic steps, you can identify the right opportunity, build the right team to get you there, and make the move with minimal risk. To successfully create and capture a blue ocean, you don’t need a desperate leap of faith, no matter how red your current ocean may be.

Download the new for android Blue Ocean Strategy