Find Unchallenged MarketSpace with the Blue Ocean Strategy

The innovation strategy process is your key to finding value innovation, which is the synchronous pursuit of differentiation, low cost and is the core of the Blue ocean strategy.

This means you can achieve business results faster, by addressing dramatic changes in the marketplace that will allow your organisation to have no competition.

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Are You In Red Or Blue Oceans?

Blue ocean strategy is the pursuit of differentiation and low cost to open up new markets and create new interest. It is developing and capturing blue oceans of uncontested market space, thereby focusing on noncustomers. It is based on the view of industry dynamics and how industries can be reconstructed by the activities and ideas of industry players.

Red oceans are competitive marketplaces. In red oceans, industry boundaries are set and sustained, and the competition is known.

Organisations try to beat their rivals to grab a greater share of existing interest. As the market space gets squeezed, profits and growth are reduced, with products becoming commodities, leading to ‘bloody’ competition.

Blue oceans signify all the industries not in existence today – the undiscovered market space, untainted by competition. In blue oceans, demand is created rather than fought over. There is sufficient opportunity for growth that is both profitable and achievable within a determined horizon.

In blue oceans, competition is immaterial because the rules of the game are yet to be established. A blue ocean describes the deeper potential found in the unexplored market space. A blue ocean is immense, deep, and powerful in terms of profitable growth.

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What Is Value Innovation?

Value innovation is the synchronous pursuit of differentiation and low cost, creating a jump in value for both buyers and the organisation and is the core of blue ocean strategy. The concept of value innovation is developed by W. Chan Kim and Renée Mauborgne. Value innovation is achieved only when the whole system of utility, price, and cost are aligned.

How To Shift From Red To Blue Oceans?

A blue ocean shift means moving yourself, your team and your organization from cutthroat markets to wide-open new markets in a way that your people own and drive the process. To successfully shift from red oceans of bloody competition to blue oceans of new market space depends on three key components:

  • Having The Right Perspective

  • A Clear Roadmap With Market-Creating Tools

  • Building People’s Confidence At Every Level To Drive And Own The Process

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Why Shift From Red To Blue Oceans

In red oceans, companies fight for a greater share of narrowing demand. In the face of today’s developments, this competition is becoming even fiercer. The following developments show why shifting from red to a Blue ocean strategy is more important now than ever for your innovation strategy.

Dramatic changes in the marketplace are having a profound influence on organizations. Whether you operate in the private, public or non-profit sectors, organizations need to rethink there strategy.

Due to the changing market place, supply has overtaken demand, leading to greater commoditization of products and services. This is leading to margins erosion and a price war.

As the markets become commoditized, organisations need to find creative solutions – driving a key shift in thinking.

Emerging nations continue to develop and this presents a challenge for organisations. To stand apart in these overcrowded markets, you need to be creative through value innovation.