March 3rd, 2010 | Author: admin
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Blue Ocean Strategy for Startups, Finding uncontested market space and make your competition irrelevant
Blue Ocean Strategy allows innovative companies to identify uncontested market space and make competition irrelevant.
The principle behind Blue Ocean Strategy is that all markets can be divided into red oceans and blue oceans.
Red oceans are characterized by consensus - a consensus as to who is the client, the sellers are, and what the product is sold.
Accordingly, in a market, selling to the same customers, buying the same suppliers, what does the same, there is intense competition and thinner and thinner profit margins.
Search uncontested market space
Blue Ocean Strategy seeks to escape it. Blue Ocean Strategy seeks to companies in particular to uncontested market space. Niche businesses which uniquely placed to the competition becomes irrelevant.
But how? How are these niche markets to be acknowledged?
Value Innovation
To do so requires "Value innovation." Value innovation is the recognition of the values and desires behind the spending choices people make, and then restructuring resources companies to provide a superior alternative that is still consistent with those values.
For example, when the circus theater, Cirque Du Soleil started the circus industry was dying. Rather than simply build another circus, the founders of Cirque Du Soleil tried to understand the general value system of people come out at night.
Why do they choose the theater or cinema, compared with the circus?
The founders of Cirque Du Soleil found people see the circus in front of children, including oil. The traditional three-ring circus were a distraction, even annoying.
They are also increasingly uncomfortable with the use of animals - more sensitive to possible abuse behind the entertainment.
Delete items people do not value
So in the preparation of Cirque Du Soleil, the founders eliminated the three rings, presented entertainment in a more sophisticated theatrical narrative, and got rid of the animals.
By combining the most valuable elements of theater and circus, and eliminate aspects both negative, the founders of Cirque Du Soleil were able to create a superior alternative. An alternative or circus or theater can deal directly.
Identify untapped demand
Understanding customers and clients do not often underutilized releases untapped demand. Often, obstacles the purchase can be removed easily.
In Asia, shopping malls and large department stores have recognized that although women constitute a great source income, there is still a huge demand unused.
Women spend a certain portion of their time with men. And men hate shopping.
To solve this problem, many establishments have built "husband rooms" - rooms with video games, TV, and alcohol, where women can leave their husbands and boyfriends while they shop.
Taking into account the need to identify uncontested market space - where competitors are irrelevant - see that, for this, we find value innovation - recognizing the value system of people's choices back market enterprise resource structure in an alternative superior, innovative.
But how? What metrics we use to build these innovations superior?
Ocean Strategy Blue gives us this metric.
This measure allows us to recognize how other companies are registered, and to identify overlooked niches.
Position itself in the emotional-Commodity Axis
For example, products are generally regarded as the antecedent of having a emotional appeal or to be mere commodities. By changing the position of a product over this emotional commodity-measure, we often find the uncontested market space that we seek.
For example, investment counsel has traditionally had a large emotional element, based largely in a personal relationship and trust between client and agent. However, companies like Charles Schwab and Vanguard mutual funds, bringing its offerings towards the end commodity - providing low-cost, no service low cost - has acquired a huge customer base, those interested in the subtleties of traditional business investment management.
Approach buyers, users, or The Influencers
Another indicator is the type of customer. Customers can be divided into buyers, users and influencers. By changing the focus from one type of client to another, competitors can often be completely overwhelmed.
When the server financial reporting, Bloomberg began, most financial information systems provider focused on buyers. These buyers - purchasing agents in IT departments - tended to value low prices and standardized machines easy maintenance.
Bloomberg however, recognized that the users - the merchants - were people with high disposable income but little time.
Added features they enable online shopping during downtime on the floor. He also added features to ease the financial calculations - features of IT purchasing agents were outside a.
Think in terms of product line rather Product
A corollary of the Blue Ocean Strategy is to improve marketing efficiency and dramatically reduce the cost structure for thinking in terms of product line rather than products.
Otherwise, marketing efforts are not lost due to the lack of a particular offer.
For example, when Fred Weiss started his AllMath.com website, a site dedicated to mathematical puzzles and exorcised, met with limited success. Got started AllWords.com, which also had limited success. However, struck it big when he started AllLottery.com, a data provider of the national lottery, in part mark because the word "all."
Another example is the Black and Decker power tool company. Faced with increasing competition and not if the market can anticipate demand electric drills or electric hammers etc. from year to year, instead built a "meta" tool. A platform power tools that could easily spread like an electric drill or electric hammer or any of its line of tools.
This approach meta-product, with standardized parts and flexibility, Black & Decker gave a cost structure far superior to their competitors.
About the Author
Edward Donoghue is the principal of clickTechJobs.com, a cluster of niche job boards for IT people, which includes clickStartUpJobs.com.
He writes frequently on issues such as entrepreneurs, outsourcing, business communication, and changing careers.
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