How to create uncontested market space and make the competition irrelevant competition will be irrelevant
Businesses are looking for new ways to stay ahead of the curve in an increasingly competitive world.
In a world that is becoming increasingly more competitive, businesses are looking for new ways to stay ahead of the curve. One way they are doing this is by turning to blue ocean strategy. Blue ocean strategy is based on the idea of creating uncontested market space, or open waters, in order to make competition irrelevant. This approach allows businesses to not only survive but thrive in today’s economy.
If we go in search of a summary, you can find it in a new way of thinking when you discuss the target groups and the market as a whole with the team. Instead of everyone competing around the same target group, maybe we could go in the direction of Blue ocean strategy, where we would design a new market space where you will be the leaders.
In this sense, we recommend the book “Blue ocean strategy” by W. Chan Kim and Renée Mauborgne – you will not make mistake: Blue ocean strategy
Here is a small part from the book, which will surely tickle your imagination and make you think: “Another compelling aspect of Cirque du Soleil’s success is that it did not win by taking customers from the already shrinking circus industry, which historically catered to children. Cirque du Soleil did not compete with Ringling Bros. and Barnum & Bailey. Instead it created uncontested new market space that made the competition irrelevant. It appealed to a whole new group of customers: adults and corporate clients prepared to pay a price several times as great as traditional circuses for an unprecedented entertainment experience. Significantly, one of the first Cirque productions was titled “We Reinvent the Circus.”
Significantly, one of the first Cirque productions was called “Rediscovering the Circus”.
The blue ocean strategy is all about creating new opportunities and growth rather than trying to compete in existing markets. This approach allows businesses not only to survive but thrive in today’s economy. By looking for untapped markets and areas of opportunity, businesses can stay ahead of the competition and keep growing. The key is to always be innovating and looking for ways to improve your products or services. With the right mindset, any business can succeed with a blue ocean strategy.