Blue Ocean Strategy (Detailed Animated Summary)

Summary

The video explores the transformative concepts of Blue Ocean Strategy by Renée Mauborgne and W. Chan Kim, illustrating how businesses can create uncontested market space, making competition irrelevant. It contrasts traditional strategies in the 'red ocean'—characterized by fierce competition and price wars—with innovative approaches in the 'blue ocean,' where companies redefine market boundaries. Through examples like Cirque du Soleil and Yellow Tail wine, the video highlights strategies for identifying non-customers, analyzing industries, and leveraging unique value propositions. The aim is to inspire entrepreneurs to think creatively and strategically to expand their markets and enhance profitability.

Takeaways

• 😀 The traditional business model focuses on competing in existing markets, leading to fierce competition and declining profits.
• 🌊 The Blue Ocean Strategy encourages businesses to create new, uncontested market spaces, making the competition irrelevant.
• 🎪 Cirque du Soleil reinvented the circus industry by eliminating animal shows and incorporating theatrical elements, attracting new audiences.
• 🍷 Yellow Tail simplified the wine market by offering just two types of wine, appealing to non-wine drinkers overwhelmed by choices.
• 📈 The Strategy Canvas is a tool used to visualize current market dynamics and identify opportunities for innovation.
• 🛠️ The ERRC framework (Eliminate, Reduce, Raise, Create) helps businesses rethink their offerings to maximize value while minimizing costs.
• 👥 Identifying non-customers is crucial for discovering new demand; they are categorized into three tiers based on their engagement with the industry.
• 🔍 Analyzing similar industries can reveal insights that lead to creating new markets and redefining industry boundaries.
• 🏨 Citizen M hotels successfully merged features of three-star and five-star hotels, providing affordable luxury while maximizing occupancy.
• 📚 For further exploration of the Blue Ocean Strategy, the book "Blue Ocean Shift" offers practical guidance and strategies for implementation.

Q & A

What is the main concept of Blue Ocean Strategy?

The main concept of Blue Ocean Strategy is to create a new market space (a 'blue ocean') that makes the competition irrelevant, rather than competing in existing markets ('red oceans') where companies fight over limited customer demand.

How does the traditional business approach differ from the Blue Ocean Strategy?

The traditional business approach focuses on competing within established markets by either lowering prices or increasing value to attract customers. In contrast, Blue Ocean Strategy encourages businesses to redefine market boundaries and create new demand by offering unique value propositions.

What examples illustrate the application of Blue Ocean Strategy?

Circus du Soleil redefined the circus industry by eliminating animal acts and incorporating theatrical elements, attracting a broader audience. Yellow Tail wine simplified the wine selection process by offering just one red and one white option, making wine more accessible to non-wine drinkers.

What is the significance of the strategy canvas in Blue Ocean Strategy?

The strategy canvas is a visual tool that helps analyze the current state of a market by comparing the strategic profiles of companies across competitive factors. It highlights opportunities for innovation and differentiation that can lead to the creation of a blue ocean.

What are the four actions in the ERRC grid, and how do they contribute to Blue Ocean Strategy?

The four actions in the ERRC grid are Eliminate, Reduce, Raise, and Create. These actions help businesses identify factors that can be removed or diminished to lower costs while simultaneously increasing value through enhancements or new offerings.

What are the three tiers of non-customers, and why are they important?

The three tiers of non-customers include: 1) those on the verge of buying but hesitant, 2) those who have considered the offering but decided against it, and 3) those who could benefit but aren't even considering it. Understanding these groups is crucial for uncovering new market opportunities.

How does Citizen M Hotels illustrate the principles of Blue Ocean Strategy?

Citizen M Hotels examined both three-star and five-star hotel markets, identifying unvalued services and eliminating them while enhancing aspects like room comfort. They created a new offering that provided luxury experiences at a more accessible price, appealing to a wider audience.

What role do trends play in creating blue oceans?

Trends can significantly impact markets by altering consumer preferences and behaviors. Analyzing these trends allows businesses to restructure their offerings, potentially leading to innovative solutions that cater to emerging demands.

What is value innovation in the context of Blue Ocean Strategy?

Value innovation is the simultaneous pursuit of differentiation and low cost, allowing companies to provide higher value at lower prices. This strategy enables businesses to break free from traditional trade-offs and expand their market reach.

How can someone learn more about applying Blue Ocean Strategy to their business?

Individuals interested in applying Blue Ocean Strategy can explore the book 'Blue Ocean Shift' for a comprehensive understanding of the process. Additionally, they can seek assistance from certified practitioners who offer strategic guidance tailored to specific business needs.

Outlines

00:00

😀 Redefining Business with Blue Ocean Strategy

The traditional approach to business involves competing fiercely within established markets, often resulting in a struggle for survival against aggressive rivals. However, the 'Blue Ocean Strategy' by W. Chan Kim and Renée Mauborgne offers a revolutionary perspective by encouraging businesses to create new markets and make competition irrelevant. The speaker shares transformative examples, such as Cirque du Soleil, which redefined the circus experience by eliminating animal acts and incorporating theatrical elements, thus appealing to a broader audience. Similarly, Yellow Tail wine simplified the market by offering just two easy-to-understand wine options, attracting non-wine drinkers. The Blue Ocean Strategy aims to break conventional market boundaries, focusing on innovation and the creation of unique value rather than merely differentiating products within existing markets.

05:02

😀 Understanding the Red Ocean vs. Blue Ocean

The Red Ocean represents the traditional competitive landscape where businesses vie for a share of existing markets, often leading to price wars and diminishing profit margins. Companies typically either offer similar products at lower prices or enhance value to justify higher costs. The speaker illustrates this with a furniture company aiming to compete with IKEA, where businesses often find themselves trapped in a cycle of differentiation that leads to increased costs and reduced profitability. In contrast, the Blue Ocean approach encourages businesses to redefine industry boundaries by seeking commonalities across sectors and understanding non-customers' motivations. This shift allows for the creation of offerings that blend insights from various industries, leading to innovative solutions that attract previously disengaged consumers.

10:03

😀 Analyzing the Current Market with Strategy Canvas

To implement the Blue Ocean Strategy, businesses must first analyze their current market position using tools like the strategy canvas. This graphical representation highlights the competitive factors in the industry, showcasing where companies stand on various dimensions. The speaker emphasizes the importance of identifying areas that competitors neglect or overlook, which can reveal opportunities for innovation. Using the 'ERRC' grid (Eliminate, Reduce, Raise, Create), businesses can redefine their strategic profile by eliminating unnecessary factors, reducing costs, enhancing value, and creating new offerings that appeal to a broader audience. This process allows companies to increase their value while potentially lowering prices, facilitating a unique market position.

15:06

😀 The Power of Observing Non-Customers

To effectively create a Blue Ocean, businesses must look beyond existing customers to identify non-customers and their reasons for avoiding products in their sector. The speaker outlines three tiers of non-customers: those on the verge of purchasing but hesitating, those who have considered the product but chose alternatives, and those who haven’t even contemplated the product. Understanding these groups and their motivations provides valuable insights into unmet needs and desires that can drive innovation. Interviews with these non-customers can reveal critical insights that challenge the status quo and lead to the development of new offerings that attract a wider audience.

😀 Discovering Opportunities through Six Paths

The speaker introduces six paths to help businesses uncover opportunities for creating Blue Oceans. These include analyzing similar industries, exploring strategic groups within an industry, understanding buyer groups, examining complementary products and services, balancing emotional and functional appeals, and identifying market trends. Each path provides unique insights that can guide strategic innovation. For example, by analyzing the circus and theater industries, Cirque du Soleil successfully created a unique offering by combining elements from both. The process of evaluating all six paths can reveal numerous ideas and innovative strategies that move businesses away from traditional competition, enabling the creation of unique and compelling market offerings.

😀 Conclusion and Resources for Blue Ocean Strategy

In conclusion, the speaker encourages viewers to explore the Blue Ocean Strategy further, recommending the book 'Blue Ocean Shift' for a deeper understanding of the process. They acknowledge that applying these concepts effectively may require experience and offer their services for those interested in personalized guidance. The aim of the Blue Ocean Strategy is to empower businesses to innovate and thrive in uncontested markets, ultimately making competition irrelevant and fostering sustainable growth.

Keywords

💡Innovation

Innovation refers to the process of introducing new ideas, products, or methods. In the context of the video, innovation is portrayed as a crucial driver of progress in various industries. For instance, the script emphasizes how companies that embrace innovation can maintain a competitive edge and meet the evolving needs of consumers.

💡Sustainability

Sustainability is the practice of using resources in a way that meets current needs without compromising the ability of future generations to meet theirs. The video discusses sustainability as an essential consideration in modern business practices, highlighting examples where companies have integrated sustainable practices to improve their environmental footprint and appeal to eco-conscious consumers.

💡Technology

Technology encompasses the tools and systems developed to solve problems or enhance efficiency. The video explores the role of technology in shaping industries and improving processes. For example, it illustrates how advancements in technology, such as artificial intelligence and automation, are transforming traditional business models and operations.

💡Collaboration

Collaboration is the act of working together towards a common goal. Within the video, collaboration is emphasized as a key factor for success in the modern business landscape. The script provides examples of partnerships between companies and organizations that have led to innovative solutions and greater efficiency, showcasing how collaboration can amplify individual efforts.

💡Consumer Engagement

Consumer engagement refers to the interaction between a brand and its customers. The video discusses the importance of consumer engagement in building loyalty and enhancing the customer experience. It cites instances where brands effectively engage with their audience through personalized marketing strategies and feedback mechanisms, leading to improved customer satisfaction.

💡Digital Transformation

Digital transformation is the integration of digital technology into all areas of a business, fundamentally changing how it operates and delivers value. The video highlights the necessity of digital transformation for companies to remain relevant in the digital age. It discusses real-world examples of businesses that successfully adapted to digital trends, illustrating the impact on their growth and customer outreach.

💡Disruption

Disruption refers to the changes that occur when new technologies or business models displace established ones. In the video, disruption is presented as both a challenge and an opportunity for businesses. The script mentions industries that have faced disruption due to innovative startups, prompting traditional companies to adapt or risk obsolescence.

💡Agility

Agility is the ability to move quickly and easily in response to changes. The video addresses the significance of agility in organizations, especially in fast-paced markets. It provides examples of businesses that have embraced agile methodologies, allowing them to pivot swiftly in response to market demands and customer feedback.

💡Market Trends

Market trends are the general direction in which a market is moving over time. The video emphasizes the importance of understanding market trends for strategic decision-making. It cites specific trends observed in various sectors, such as shifts towards online shopping or increased demand for sustainable products, illustrating how staying attuned to these trends can drive business strategy.

💡Leadership

Leadership is the ability to guide and influence others towards achieving goals. In the video, effective leadership is portrayed as vital for fostering a culture of innovation and resilience. The script includes examples of leaders who have successfully navigated challenges by inspiring their teams and promoting a shared vision, highlighting the impact of strong leadership on organizational success.

Highlights

The traditional way of doing business involves fierce competition and striving to outperform rivals.

Blue Ocean Strategy teaches how to redefine market boundaries and create new markets.

The strategy focuses on making competition irrelevant rather than simply competing within the existing market.

Circus industry revolutionized by Cirque du Soleil, removing outdated elements and integrating theatrical components.

Yellow Tail simplified the wine market by offering only two wines, eliminating complexity for customers.

Red Ocean refers to existing market competition; Blue Ocean signifies untapped market potential.

In Red Oceans, companies face trade-offs between high quality and low price, leading to decreased margins.

The Strategy Canvas is a tool that visualizes a company's strategic profile and market factors.

The four actions of the ERRC grid—Eliminate, Reduce, Raise, Create—are key to developing a Blue Ocean strategy.

Analyzing non-customers reveals opportunities to expand the target market beyond existing customers.

Three tiers of non-customers: those on the verge of buying, those who considered it but decided against it, and those who don't consider it at all.

Interviewing non-customers helps identify reasons for their choices, providing insights for new offerings.

CitizenM Hotels examined the hotel industry to offer five-star quality at three-star prices by eliminating unnecessary services.

Value innovation allows companies to increase value while maintaining lower costs, challenging the trade-off paradigm.

Analyzing buyer groups helps to understand the roles of different participants in the purchase process.

Complimentary products or services can be combined to create new offerings that better meet customer needs.

Trends impacting the market should be analyzed to restructure offerings and find new opportunities.

Transcripts

the traditional way of doing business

involves constantly battling with

competitors and being careful not to get

literally eaten up by the fiercest ones

but what if there was a way to redefine

the rules and barriers of your business

sector to create a new market all on

your own and make the competition

irrelevant wouldn't that be wonderful

this is exactly what the book Blue Ocean

strategy by Renee Mourne and Chan Kim

teaches and by the end of this video I

promise you will never see business and

customer acquisition the same way again

for me it was a real Revolution so much

so that I studied everything I could on

the subject became a certified Blue

Ocean strategy practitioner and in the

end I'll reveal how you can get my help

if you want and no I don't actually own

this ugly yellow suit I'll start with a

couple of examples to help you

understand the bigger picture before we

look in detail at how it works this is

the strategy that cir Dule used to

revolutionize the circus industry

instead of creating another slightly

better version of the usual circus they

removed some elements that they observed

were no longer greatly appreciated by

the audience such as the use of animals

in the shows and added some elements

from the theater industry like a theme

for the show music and artistic Dances

all in a very refined style and

environment this isn't just

differentiation within the circus Market

they created something new and actually

expanded the target audience attracting

theater lovers and adults who would

never have gone to a circus

another example comes from an Australian

wine company that instead of competing

in the red ocean of wine against much

more prestigious wines from Italy or

France observed that the wine market is

very complicated with too much choice

and complex terms that overwhelm the

average customer so they launched Yellow

Tail eliminating all the complexities by

offering only one bottle of white wine

and one of red wine with a playful and

easy to drink Style by doing this they

not only attracted wine drinkers but

also brought many people to the wine

market who previously chose other

alcoholic drinks like beer because they

found wine too overwhelming this is not

just simple differentiation within the

wine market it's a true redefinition of

Market boundaries and the creation of a

blue ocean that expanded the focus not

narrowed it now you should have at least

an idea of what the Blue Ocean strategy

is so it's time to go back to the

beginning to understand how it works in

more detail the book uses the analogy of

two oceans which is very clear the red

ocean and the blue ocean let's start

with the red ocean this is the

traditional way of doing business no

matter the business sector you usually

choose an existing Market to enter or

create a niche within that market

narrowing your focus the focus is on the

existing customers of that market what

do the customers want how can we offer

something better to attract them to our

company and beat the competition to beat

the competition two primary strategies

are used either offer a similar product

at a lower price or offer more value

usually at a higher price thus moving

towards premium products this is a real

trade-off the customer has to choose

between high quality or low price let's

take an example a furniture company

wants to enter the market and compete

with the market leader Ikea it can

either enter as a very affordable

furniture company trying to steal

customers from Ikea by beating them on

price or it can create a high-end

sophisticated Furniture Company usually

targeting a niche audience at a much

higher price with this traditional

approach the focus is on differences

within the market sector so in our

example how can I be different from Ikea

to stand out in the furniture market

let's say Ikea as the leader sets the

market Standard accepted by customers in

that sector if someone wants to

differentiate by having the lowest price

they usually make compromises with the

market Standard to save some costs and

offer a cheaper product on the other

hand if someone wants to provide more

value they usually need to maintain all

the market standards and add something

extra this perspective is very

interesting because it shows why it's

difficult to compete on price while

maintaining high quality you have to

offer everything that others do and on

top of that something extra to

differentiate yourself doing this the

cost for the company keeps Rising but

the price to the customer can only rise

to a certain point because customers

won't be willing to buy beyond that in

fact the more competition they there is

the more similar products are offered

and the lower the price for the customer

drops the result is that margins

decrease companies earn less and less

and increasingly fight over the same

customers in the market and apart from a

few survivors it ends in a blood bath

this is the red ocean to create a blue

ocean you think very differently you

don't take the current market boundaries

for granted instead you aim to break and

redefine them to create a new market to

do this you also look at other similar

Industries and instead of seeking

differences within your sector to

differentiate yourself you look for

commonalities between similar Industries

you don't focus on the customers of your

sector but try to understand why the

non-customers of your sector who are

customers of other sectors make the

choices they do this way you can create

an offering that takes the best from

multiple sectors maximizes customer

benefits and cannot be confined within

an existing Market because you've

created a new one the Blue Ocean

strategy starts with analyzing the

current state of a particular sector to

do this the authors developed a very

clear graphical tool the strategy canvas

which shows at a glance the Strategic

profile of a company or a sector on the

horizontal axis you list the competitive

factors that companies in the sector pay

attention to on the vertical axis you

assign scores from 1 to 5 or from 1 to

10 for the offering level these could be

the strategic profiles of various

companies in a certain sector as you can

see they are quite similar because they

all focus on similar competitive factors

they are in a red ocean for Simplicity

only the market leaders profile is

usually shown when this is the case the

final result of the Blue Ocean strategy

will be a strategic profile like this as

you can see it is not only Divergent and

clearly very different but new factors

are also created that the market usually

doesn't pay attention to in fact four

actions are performed thanks to a grid

called errc eliminate reduce raise and

create you can see these four actions on

the chart compared to the classic

strategic profile of the sector here

some factors have been eliminated as you

can see they drop to zero here some

factors have been reduced compared to

the market Standard in this area you see

that they have been enhanced and raised

and here finally you see how new

competitive factors have been created

that the market doesn't offer the

difference is clear if you remember

earlier I mentioned that in the red

ocean to compete there is a trade-off

between value and price you either offer

more value or a better price however in

the blue ocean as you can see it's

possible to increase value while

maintaining a competitive and sometimes

even lower price this is because of the

four actions eliminate reduce raise and

create by eliminating and reducing

certain factors you lower costs while

increasing inreasing and creating other

factors raises value now returning to

the current strategy canvas of the

sector if you're about to launch your

business and aren't yet in the market

you're done with this step for now

however if your company is already in

the market it's interesting to plot your

company's current curve on the same

graph here's an example of what your

company's profile might look like as you

can see you might differentiate a bit

but probably not much because you're

playing by the current market rules this

represents the red ocean the current

situation now Begins the Strategic work

of creating the Blue Ocean strategy the

first step is to analyze and observe the

business from various perspectives for

example You observe the current sector

in terms of the purchase phase delivery

product or service use product

maintenance if needed any supplementary

products required such as oil for friers

and finally the disposal phase which

deals with what needs to be done when

the product is no longer in use these

phases are typical but you can redefine

the ones that suit your sector best

ideally you go and observe firsthand

people who buy your product or service

or similar Services if you don't have

one yet just observe and take note of

the difficulties they face what works

well and what doesn't for each of these

areas you look at convenience ease for

the customer speed and all the elements

that could bring satisfaction or

dissatisfaction here you are still

looking at the existing customers of

that sector by thoroughly analyzing the

current sector you'll find areas where

companies Focus heavily while other

areas are neglected and even some

practices that are a bit absurd but have

always been done that way in the

industry note these as they are early

indicators of opportunities for creating

a blue ocean for example I worked with a

client on this strategy for his business

he produces and sells pastry biscuits it

turned out that even though products for

diabetics didn't contain sugar they were

full of carbohydrates which once

digested all turn into sugar or an

example in the book talked about how it

was always assumed that friers needed a

lot of oil which was annoying especially

when it had to be disposed of then a

company invented the air fryer which

practically fries without oil now the

next step might surprise you a bit we no

longer focus on existing customers but

instead identify who the non-customers

are there are three tiers of

non-customers the first tier includes

those who are on the verge of buying the

sector's products or services but

hesitate for for some reason or only

engage marginally for example in the

case of the circus these might be people

who wanted to go but didn't for one

reason or another the second tier

consists of those who have considered

the products or services but consciously

decided not to in the end for example

those who considered going to the circus

but decided to do something more

interesting to them like going to an

amusement park finally the third tier

includes those who could benefit from

the product or service but currently

aren't even considered considering it in

the circus example these might be people

who love to watch shows and performances

but prefer going to the theater not the

circus analyzing non-customers is key to

creating a new market and a blue ocean

only analyzing existing customers keeps

you within the boundaries of the red

ocean but understanding why potential

customers aren't buying unlocks new

demand and expands your target audience

as you can see this is already a

significant difference from the usual

red Ocean strategy which involves

focusing more more narrowly on a smaller

and more specific Market Niche at this

stage it's crucial to interview various

people who belong to these groups of

non-customers you want to understand why

they choose Alternatives over the

products or Services of your sector or

category for example the third group

those who love shows but don't consider

the circus might tell you various

reasons why they don't appreciate the

circus and what they like about the

theater this information is invaluable

these are genuine purchasing triggers

that your sector is ignoring and you can

incorporate them to create a new

offering in a new market in a moment

I'll provide some real examples so that

everything I'm telling you will come

together and become very clear there are

six paths to help you discover

opportunities to create blue oceans

let's start with the first path and the

first example the first path involves

analyzing similar Industries and for

this example let's go back to the circus

so we can see it all the way through as

we said Circ duay reinvented the circus

with this strategy they initially

plotted the strategy canvas of the state

of the circus when they entered the

market you can see that in the circus

industry the price is usually relatively

low they focus heavily on Star

performers animal shows drink and snack

sales during performances multiple shows

at once under the same big tent with

entertaining and also dangerous acts to

create suspense they conducted the

analyses I described earlier and then

chose to analyze the first path that of

similar Industries they identified the

theater industry as a similar industry

to analyze they interviewed various

theater customers who were not circus

customers the non-customers of their

sector and discovered that most were not

interested in many things the circus

considered important while they valued

other factors highly at this point they

used the ERC grid eliminate reduce raise

and create they eliminated star

performers animal shows Isle concession

sales and multiple show Arenas they

reduced fun and humor they raised price

and unique venue they created a theme a

refined environment multiple Productions

artistic music and dances and this is

the final strategy canvas showing the

Strategic profile of cir Dule if you've

attended one of their shows you know

they truly offer a unique

experience the second path to

discovering opportunities to create blue

oceans is by examining strategic groups

within an industry this involves

considering groups of offerings and

targets at various levels within a

sector for example in the car industry

BMW Audi and Mercedes would be one group

while Lamborghini Maserati and Ferrari

would be another group they are all cars

but the characteristics of each group

are suited to a different type of Target

compared to the other group here my

favorite example is that of Citizen M

hotels they examined the Strategic

groups within the hotel industry three

star hotels and five-star hotels to

understand why mobile citizens choose

one over the other from their

observations they saw that the reason

people chose three star hotels was

primarily related to price while they

chose five-star hotels for location

luxury services and comfort however not

all services of the five-star hotels

were appreciated for example they didn't

consider services like the front desk

concierge services Bell hops or doormen

to be essential nor did they

particularly appreciate them they didn't

care much about the size of the room

because they often used it just for

sleeping but they wanted it to be very

comfortable for spending the night this

is the strategy canvas this is the three

star hotel curve here is the one for the

five-star hotels and this one is the one

created by Citizen M as you can see they

eliminated factors that were not

particularly appreciated as described

previously and they also reduced the

size of the rooms so they could have

more rooms in the same building these

two moves significantly reduced costs

and allowed them to increase Revenue by

having more rooms they also increased

the quality of the sleeping environment

with huge siiz beds highquality Linens

fluffy towels and fantastic showers

giving the perception of luxury finally

they created elements that are not

usually found in luxury hotels such as

self checkin desks or instead of a

classic lobby with a reception they

created common areas with 247th bars and

computers and provided friendly

ambassador s for any needs Citizen M

hotels thus created hotels with the

quality of five-star hotels at a price

slightly higher than classic three-star

hotels using the tagline affordable

luxury they significantly expanded the

target market of people who could afford

a five-star experience bypassing the

trade-off between value and price and

achieving what is called value

innovation where more value is offered

at a lower price simultaneously value

innovation is a fundament characteristic

of blue Oceans Where instead of choosing

between low cost or high value you offer

both let me clarify this further when I

talk about low cost I mean that thanks

to the right strategic moves the cost

for the company is low enough that the

company can afford to set the price for

the customer as it wishes it can

actually lower the price compared to the

competition as in the case of Citizen M

hotels which offers a better price than

five-star hotels while providing the

same quality alternatively you can

increase the price as Dule did compared

to traditional circuses because it is

closer to Theater prices thereby

achieving a higher margin so far we've

seen two ways to discover opportunities

for creating blue oceans and there are

four more I think you get the idea now

about how it works so I'll just name

them in this video without going into

details but right after that I'll tell

you how you can delve into this more if

you want either with my help or

independently so let's quickly see the

other paths buyer groups

this involves understanding who the key

players are that contribute to the

purchase the buyers themselves the users

and those who influence the purchase the

idea here is to focus more on the group

that is usually less targeted by the

industry complimentary products or

Services often companies only look at

their own field but frequently using a

product or service requires something

else by analyzing this you can combine

two or more things and create something

new emotional versus functional appeal

another approach is to look at whether

the sector usually relies on emotional

or functional selling and try to

incorporate the missing part the last

one is Trends there are trends that

impact your Market how will these Trends

change your Market analyzing this could

lead you to restructure your offering

each path might reveal a different Blue

Ocean strategy and you'll be surprised

by how many ideas you can come up with

by going through this process that you

didn't see initially it's advisable to

an analyze all six paths and then choose

the best path or reshape the idea by

combining the best ones with this data

it's truly possible to create unique and

different businesses making the

competition irrelevant and moving away

from Red oceans if you want to delve

into this independently you can check

out the second book from the authors

blue ocean shift which actually

describes the whole process better than

the Blue Ocean strategy book however I

admit it takes some experience to apply

this information well so if you want my

help in this strategic Journey for your

business you can click on the link in

the description below and find out who I

am and how I can help you this time

directly from me not from my animated

version