Digital MarketingMarketing Book Summary
Blue Ocean strategy is a book that opens up new boundaries, taking you from what people would assume is the only possible profitable approach in an industry, to an innovative one that opens up new options for you. New options can mean that you can succeed in areas and industries where others are failing or not creating much profit. The book give example like the Cirque Du Soleil, which succeeded in making a huge profit and succeeding in the circus business, at the time it opened, would have seemed like a bad idea because others in the industry were struggling and trying to stay afloat in a withering industry. This Blue Ocean Strategy summary tries to present you with the best ideas in the book and make it easy for you to understand.
Blue ocean strategy will give you the point of view that you have been missing to see. It’s useful; for both old industries that have been stuck in a certain market segment for a long time and also new ones that are looking for new ways to make themselves visible in a world where almost any new product or service will most probably have a rival. Blue Ocean Strategy helps bring that new point of view by dissecting the industrial world into two segments, the blue and red ocean. After studying industries from all different sectors over the span of a hundred years, Renee Mauborgne and W.Chan Kim presented their finding and keys to success, using these two oceans, they were able to show readers what they have been missing to be able to stand out more and make a higher amount of profit.
Being able to see through this new perspective and succeeding in industries that can be seen as failing means that your business is not going only after consumers that would be seen as your targets, but also after potential consumers. Therefore, as the book explains, innovation is important because it has the ability to attract new consumers instead of always going after customers other businesses have. Blue ocean strategy opens your eyes to a whole new potential that doesn’t involve the mindset most people are in today’s market. This new way of thinking is how there are opportunities that transcend the market as you know it and are more concerned with the fact that in the midst of fierce competition you tend to forget the importance of doing things differently, setting yourself apart that competing with others is not your primal concern.
This Blue Ocean strategy summary is here to help you to focus on the main point of the book, which values innovation. Value innovation gives businesses the ability to reduce costs while at the same making profit by increasing the value of what they are offering. Though you will need to continuously improve because other businesses will try to compete in this new blue ocean you created. Blue ocean strategy involves creating new market boundaries and that is why competition is not as relevant. This means that the strategy you build has to be different from the rest of your competitors because the people you are targeting will most probably have different needs. That is because this new blue ocean, as well as being an extension of a current red ocean, can also be a whole new business or industry that has not been explored before.
While this book emphasizes the importance of innovation, the target audience has to realize the value of your product, it can’t be too technologically complicated that your consumers don’t realize its value or how it is used. Therefore, value innovation has to have a combination of both innovation and value, so that the idea is new, but people know how to use it and realize its value straight away. This will help you avoid your competitors stealing your idea and using it.
Your business or industry is therefore not concerned with competition as much as it is concerned with eliminating any factors that it doesn’t need. This way it saves up on resources giving it the ability to be at the edge and profitable, while at the same time it uses differentiation and different factors than that of its competitors to succeed.
While some important points are mentioned when it comes to creating a blue ocean, one of the most important factors is communicating this new idea to the people who work within the organization. New ideas can make people confused and scared because you are heading into unchartered waters, therefore it is important that they have a clear idea of what you are working on so that they are on the same line and confident of the steps they are taking. Red oceans are named by the authors of the blue ocean strategy because of their characteristics. People within companies usually know the boundaries of the market and have a certain fighter mentality where they try to defeat the competition. Opportunities to them do not value innovation, but how they are going to cut down the competition and take their customers. All this cutthroat competition brought down the name of the red ocean to this field of competition and business.
Many people have worked within red oceans their whole lives, and it is the only thing that matters to them because they have acquired enough skill with time to compete and mostly survive. This also means that as the market becomes saturated with products that look much like each other, profits become lower. Blue oceans take them to new prospects of growth, where they are not competing, but new ideas and communicating them to the people working within the organization is what makes this important.
By overcoming internal problems and hurdles you open your company up for new prospects of growth because once this blue ocean is created, you will probably start seeing more opportunities for more blue oceans. By having a dynamic business that is ready to carry out new different strategies that can seem risky to people who are only willing to work in red oceans, you build yourself a company that is profitable with a higher value, at the same time not ignoring what the people around you are feeling and thinking. One cannot leave this point out of any Blue Ocean strategy summary because a lot of people can become excited about a new idea that they forget how others around them will perceive it.
Once you start creating blue oceans you will understand that they were always hidden in plain sight but at the same time, it’s hard to look elsewhere and see them when you are always fighting in red oceans. The competition in red oceans can you make short-sighted about what opportunities are around you. By taking time out and learning to look for new opportunities by value innovation, you can make your company create new demand, and create new boundaries where competition is irrelevant.
Creating blue oceans with time can sometimes not only start a new industry but can make you relevant even after people start competing in these blue oceans. That is why putting value innovation at the core of your business is of vital importance, because a leading business in a new blue ocean can fail tomorrow just because it didn’t value innovation. Being able to see opportunities for blue oceans should be what employees are looking after.
This Blue Ocean strategy summary is here to help you understand a study that was used to see how successful you can get your business to be, without focusing on your competitors. Blue ocean strategy is a new way of thinking that many people in the business world are looking for. To understand that you have to be innovative and at the same time be able to make people understand the need for this or new innovation and how important it is for them.
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