The “blue ocean strategy” developed by Prof. Renee Mauborgne and W. Chan Kim for existing businesses entails a stern shift from a saturated, intensely competitive, and crowded market to virgin territory.

For startups, the blue ocean strategy involves the creation of a brand-new market and populating it with their product. Startups can leverage this strategy to enjoy a competition-free market.Leading consultancies-offering business transformation advisory services can help devise such a go to market strategy for startups.

This strategy aims to capture untapped markets and is characterized by the following parameters:

• Absence of competition or very little competition
• Introduction of utility involving better value (than already offered in the market)
• Absence of major enterprise or minimal price pressure

When businesses decide to devise and follow a blue ocean strategic move, the objective is to break out of the status quo and create uncontested market space. Essentially, it aims to making the competition irrelevant.

How can businesses build a blue ocean strategy?

Now that you know what is the blue ocean strategy, We’ve laid out the baseline checklist that will help guide your business towards a commercially compelling blue ocean strategy.

• Analyze industries

Begin with an in-depth analysis of the existing industries and their products. Find out if customers are comprehensively contented with their services.

• Define a critical problem that is coming in the way of customer satisfaction

Determine what is driving customer dissatisfaction within existing products or services. Unlock new value by redefining the standard model. Innovation can originate from different fronts. Explore novel feature sets that appeal to a wider customer base, blur the lines between luxury vs economy, address customer pain-points across the user lifecycle and look towards future trends.

• Follow the 4-step framework

The prime movers of this strategy have laid out this four-step framework for strategy execution:

1. Raise – the competitive factors that enhance value for customers
2. Reduce – the factors that erode profits or diminish the competitive advantage
3. Eliminate – the long-competed over features
4. Create – the unique features that would solve consumers’ problems more effectively

By leveraging the steps mentioned above, businesses can create a successful blue ocean strategy. If you are still having questions regarding what is the blue ocean strategy and how you can devise one, get in touch with the best business transformation experts.

Build your go to market strategy for startups or get a blue ocean strategy for your existing business; Hire Millennial Partners:

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and/or would like some focused professional advice, please don’t hesitate to reach out via our e-mail at info@millennial.ae.