We recently completed our 300th workshop on “Change Matters: How to Find New Market Space.” These workshops are essentially about how to craft the right growth strategy for your organization at a particular time in its development. One of the major themes we discuss is Blue Ocean Strategy® (BOS), a revolutionary approach to business growth that offers a fresh way to open new market space.
We are Blue Ocean Strategists and have found that while other strategies can be very useful ways to tackle stable markets, BOS is invaluable for the rapidly changing business environments facing companies today. By using the proven methods of Blue Ocean Strategy, we help companies achieve three major strategic goals:
- Open new market space—to capture nonusers and unmet needs
- Become a value innovator—no longer just an incrementalist
- Make the competition irrelevant—rather than trying to out-do it
In previous blogs I described the first two steps in crafting your own Blue Ocean Strategy:
- How To Find Your Blue Ocean Strategy®: Step 1 where I discuss visual awakening and how you need to step back and see your current strategy as it is today.
- How To Find Your Blue Ocean Strategy®: Step 2 where I explain where and how to go visually exploring to better see, feel and think about potential new market space that might be all around you.
Next step: Be the solution your customers are looking for
Today I want to discuss Step 3, namely, how to put your nonusers and their unmet needs together into a potentially powerful new market strategy—Blue Ocean-style.
The goal: For you to learn how to open a new market space, adapt to changing times and add value in innovative ways. For example, the situation that is causing you to tell customers "We don't do that" may be exactly what you need to start doing! When you push into new markets, often those new opportunities are right there waiting for you.