The lowdown: This Blue Ocean Shift summary will give you a step-by-step process on how to move past your competition in a busy industry.
If you’re working in a typical business, you’re probably operating in what’s called a ‘red ocean’. That is an area of the market that is full of other sharks.
Instead of trying to compete with everyone, Blue Ocean Shift looks at how to find your own piece of the market to make your own.
- Audible Audiobook
- Renee Mauborgne (Author) – Christian Steiner (Narrator)
- English (Publication Language)
- 09/26/2017 (Publication Date) – Grand Central Publishing (Publisher)
The book covers the steps you need to take in order to find your blue ocean.
- Transcend your competition by shifting to a Blue Ocean
- There are specific ways to create a new market
- Challenge assumptions through a series of questions
Lesson One: Transcend your competition by shifting to a Blue Ocean
It is often believed that as a business you can work on one of two things… either you be the best at what you do, or you become the cheapest.
However, there is a third strategy that will make sure your business grows.
That is the Blue Ocean Shift, where you find parts of your market that are untouched and focus on that.
For example, the French company Groupe SEB were stuck in the crowded market of creating appliances. They worked in creating appliances that cooked french fries.
If you’d assume that all friers are pretty much the same, you’re pretty spot on. The industry was full of different businesses doing the same thing.
However, Groupe SEB bucked the trend and created the first air fryers that only use a tablespoon of oil.
Lesson Two: There are specific ways to create a new market
You probably assume that a new market arises when a new and better idea comes. Well, there are actually three more important factors.
The first is a disruption. Think of something which completely outdates the previous competition. Kinda like Kodak who had a monopoly over the photographic film market before digital cameras.
The second is sliding into an established market. Think of the creators of Viagra. They didn’t start a new market but solved a new problem with an existing solution (the drug industry).
The third is somewhere between the two. Think of the air fryer, who solved an old problem by tweaking a product.
Lesson Three: Challenge assumptions through a series of questions
Here are a specific series of questions which will be a massive help for you in creating your own Blue Ocean.
- Which factors does your industry take for granted or can be eliminated?
- How?
Pretty simple, hey… But think about any blue ocean and the process has been similar.
My Personal Takeaway
Finding your Blue Ocean is a great way to become a market of one. However, it is a lot easier said than done.
The full book has a process which I will look to follow in my business going forward.
Put it into action
Start asking those two questions in regards to your industry. What can you replace?
You should consider buying this book if…
Small business owners and entrepreneurs will get a lot from reading the entire book.
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