Furthermore, you attract a new type of customer the industry hadnt previously supported, thus growing the market. BLUE OCEAN SHIFTS Nantucket Nectars can use following Blue Ocean Strategy (BOS) tools and techniques to overcome the red ocean of cut throat competition in Innovation & Entrepreneurship industry. This involves creating and capturing new demand, breaking the value/cost trade-off, and redefining market boundaries to create a leap in value for buyers. Defying the industry logic, the Japanese company Canon created a blue ocean of new market space by shifting the target customer of the copier industry from corporate purchasers to users. An example of a successful execution of a blue ocean strategy is the iPod. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Your email address will not be published. The software, the CPA, and the pencil are largely substitutes for each other. History reveals that there are no perpetually excellent companies. Learn about Cirque du Soleils blue ocean strategy here. It made the automobile accessible to the mass of the market. With their small, easy-to-use desktop copiers and printers Canon created new market space by focusing on the key competitive factors that the mass of noncustomers the secretaries that used copiers wanted. The video features Cirque du Soleil's blue ocean strategic move that revolutionized the circus industry. It did so by shifting the orientation of its industry from functional to emotional. Cite example is the simultaneous pursuit of dierentiation and low cost to open up a new market space and create new demand is about creating and capturing uncontested market space, thereby making the competition irrelevant. Blue Ocean challenges companies to push the boundaries of their industries and offer consumers something unique of immense value. It eliminated or reduced everything else. Airbnb Airbnb Logo The time from your car to takeoff is measured in minutes instead of hours. At the time, the industry had two strategic groups, one offering telephonic counseling predominantly for severe medical conditions, the other offering generic, digitalized content like you find on WebMD. Its shows combine the circus with adult theater, showing incredible acrobatics and physical feats set to a storyline and original music. By running both frameworks together, youll be able to identify how your organization can grow in the future. In 1924, General Motors introduced variety a car for every purse and purpose. This was a Blue Ocean Strategy example. To sort out their personal finances people can buy and install a financial software package, hire a CPA, or simply use pencil and paper. Coffee shops and baristas have been around much before the rise of Starbucks. In the first week, lots are drawn to see who wins the pot in each of the ten weeks. It is costly to maintain an account that is linked with diverse yet mostly irrelevant financial services. Marvels strategic move saw it not only enter a new field but reconstruct that field to open a blue ocean. The result: Patrimonio Hoy participants build their homes or additions three times faster at a lower cost than the norm in Mexico. Once you know where youre competing, you can add unique goals and measures to track your progress in charting that blue ocean. By looking at the demand side of alternatives of beer, spirits, and ready-to-drink cocktails, which captured three times as many consumer alcohol sales as wine, Casella Wines found that the mass of American adults saw wine as a turnoff. Bloomberg saw that it was traders and analysts, not IT managers, who make or lose millions of dollars for their employers each day. Blue Ocean Strategy enables a fundamental transformation in mindset. The program eliminated the accounting jargon and the sophisticated features traditional financial software offered, offering only the few basic functions that most customers use. The Blue Ocean Strategy is a way for organizations and entrepreneurs to create a new market space that makes the competition irrelevant. Strategy Canvas Example This figure shows an example of a strategy canvas. Further blue ocean moves include online streaming of movies like Netflix. It also scored a home run by making wine shop employees ambassadors of [yellow tail], introducing fun and adventure into the sales process by giving the Australian outback clothing. Lets jump right in, starting with one of the most extraordinary blue ocean turnarounds in corporate history. HealthMedia created a new market space called digital health coaching which combines the far lower cost of digitalized content with a leap in efficacy through interactive online questionnaires that digitally matched peoples self-reported challenges with a health plan that would work best for them. In 1908 the first Model T cost $850, half the price of existing automobiles. Taking a Blue Ocean approach means your goal isnt to outperform the competition. A range of options created new demand as buyers went up or down-market relative to the Model T. With frequent updates to cars, they were replaced more frequently, driving up demand. Stitch Fix is a personal styling company that mails its customers boxes of stylish, carefully selected clothing. Here are a few organizations that successfully captured a blue-ocean market: Netflix:In this David versus Goliath story, Netflix came on the scene when Blockbuster was at the top of the video rental game. Think of the Blue Ocean Strategy as a way to open up opportunities and markets for a new organization, or an existing organization looking to grow. The blue ocean strategy seeks to bring differentiation to organizations and brands like Netflix to create awareness and presence in a new market place and create demand amongst consumers. This led president of DEC to say theres no reason for any individual to have a computer in their own home.. Nickelodeons were widespread, but were considered low-brow. In short, you create a blue ocean by focusing on the factors that customers really care about, while discarding factors they dont. Blue Ocean Strategy. With Quickens user-friendly interface resembling the familiar checkbook, it was faster and more accurate than the pencil, yet almost as simple to use. Achieved via the delivery of features that have a highest marginal benefit to customer needs . When searching for blue ocean vs. red ocean strategy examples, you're likely to come across the same few cases over and over again. In 2006, the company took a blue ocean approach. Cirques productions have been seen by more than 150 million spectators in more than 300 cities around the world. Up until 2000, the United States had the third-largest aggregate consumption of wine worldwide with an estimated $20 billion in sales. In this perennial bestseller, embraced by organizations and industries worldwide, globally preeminent management thinkers W. Chan Kim and Renee Mauborgne challenge everything you thought you knew about the requirements for strategic success. Recognized as one of the most iconic and impactful strategy books ever written, _BLUE OCEAN STRATEGY_ , now updated with fresh content from the authors . The Nintendo Wii launched in 2006 and at its heart is the concept of value innovation. The Australian winery redefined the problem of the wine industry as how to make a fun and non-traditional wine thats easy to drink. He has a passion for non-fiction books (having read 200+ and counting) and is on a mission to make the world's best ideas more accessible to everyone. This creates a new product offering that doesnt currently exist. Microsoft tried for years to dislodge Intuits value innovation, but after nearly thirty years of efforts and investment, it finally threw in the towel and ceased operations of its contender, Microsoft Money, in 2009. The winner however, did not receive the total sum in pesos but rather received the equivalent building materials to complete an entire new room. In July 2001, Australias Casella Winery introduced [yellow tail] into this highly competitive US market. By continuing, you agree to our use of cookies to optimize and personalize your experience on our site. What is blue ocean strategy? Moreover, simplifying the software cut costs. But Ford and Chrysler followed this strategy, and they began a red ocean period of competition and imitation. But no other company offers all of the necessary features for strategy reporting in one place. ; In a red ocean, companies vie for market share, exploit existing demand, and try to beat the shit out of the competition. Market share increased from 9% in 1908 to 61% in 1921. Value curves depicted for three competing companies and what an innovative company can do to create value innovation. The result is that buyers get the convenience of a private jet at the price of a commercial airline travel. Today, NetJets is a multibillion-dollar business with the largest private jet fleet in the world over seven hundred aircraft, flying over one hundred seventy countries IBM also unbundled hardware, services, and software, selling individually and creating the new software and services industries. These three characteristics serve as an initial litmus test of the commercial viability of blue ocean ideas Zara Overspends Needs to Avoid these Six Red Ocean Strategy Traps Trap 1 - Making Existing Customers Happier Trap 2 - Equating Creative Destruction with Market Creation Trap 3 - Treating Market-Creating Strategies as Niche Strategies Or a motivational barrier, since individuals are focused on getting by but feel driven, enthusiastic, and desire to make a significant impact. dan bam. The wine industry criticized the sweet fruitiness of [yellow tail] but consumers loved the wine. To customers, they were largely all different from box wines in the same way. So was buyer power. This was a Blue Ocean Strategy example. A strategic move is the set of managerial actions and decisions involved in making a major market-creating business offering. It solved one of the major problems of the consumers while booking cabs which was, denial of services, meter issues, and unwanted arguments. By combining the decisive factors of both groups and eliminating or reducing everything else, Polo Ralph Lauren not only captured share from both strategic groups, but also drew many new customers into the market. It allowed for easy and affordable access to millions of songs and artists. It has now sold more than 25 billion songs, with users downloading on average fifteen thousand songs per minute. What makes this rapid growth all the more remarkable is that it was not achieved in a declining industry in which traditional strategic analysis pointed to limited potential for growth. By offering the best of commercial travel and private jets and eliminating and reducing everything else, NetJets opened up a multibillion-dollar blue ocean wherein customers get the convenience and speed of a private jet with a low fixed cost and the lower variable cost of first- and business-class commercial airline travel. A 1909 sales brochure proclaimed, Watch the Ford Go By, High Priced Quality in a Low Priced Car.. So he created Compte-Nickel, a simple and convenient banking service at low cost that looked beyond current bank customers and reached low-income earners and other people excluded by legacy banks. Partially as a result, the industry was suffering from steadily decreasing audiences and, in turn, declining revenue and profits. The Blue Ocean Team shares case studies, stories and practical insights related to the blue ocean tools and principles developed by Chan Kim and Rene Mauborgne. 8 Shortform has the world's best summaries of books you should be reading. Four steps to streamline strategic planning Take the Assessment. In their bestselling book, Blue Ocean Strategy, Professors Chan Kim and Rene Mauborgne write: The strategic move, and not the company or the industry, is the right unit of analysis for explaining the creation of blue oceans and sustained high performance. By 1923, the majority of American households owned an automobile. At the same time, it raised and created factors that appealed to noncustomers such as more approachable games, a focus on fun rather than computing power, and intuitive controls. Blue Ocean EventsBlue Ocean Strategy Q & ABlue Ocean Shift Q & ABlue Ocean Leadership Q & A, TRADEMARKS PRIVACY POLICY TERMS OF USE, How to Shift From Red Oceans to Blue Oceans, Powerful tools to create your business strategy. The traders and analysts wielded their power within their firms to force IT managers to purchase Bloomberg terminals. In the Patrimonio Hoy, the winner is directed toward building room additions with cement. The goal of a Blue Ocean Strategy is for organizations to find and develop blue oceans (uncontested, growing markets) and avoid red oceans (overdeveloped, saturated markets). They didn't get to that level solely because the coffee they had was any better. ), What blue oceans are, and how you create one for your business, Why some businesses succeed in creating blue oceans, and why others fail, The red ocean traps you have to avoid if you want business growth. Consider the big movies of the last decade. It was at this point that three middle-aged men Stan Lee, Jack Kirby, and Steve Ditko decided to build a new type of superhero, one that was human first and superhero second. Standardization reduced costs by employing unskilled laborers instead of car artisans. Stitch Fix combined artificial intelligence and human interaction to create a differentiated and low-cost offering that women have been going crazy for. They operate and compete in the saturated short-haul airline business and focus on providing low-cost services. Learn the essentials of blue ocean strategy and shift. Children cried out for video games rather than a visit to the travelling circus. A French entrepreneur, Hugues Le Bret, saw hidden pain points that customers and noncustomers accepted as given when using banking services. 1. These were used as interludes for live theater. In Blue, competition is irrelevant and a company positions itself as the dominant figurehead. The tagline of [yellow tail]s strategic profile was clear: a fun and simple wine to be enjoyed every day. Wine alternatives like beer and spirits accounted for the majority of sales, so clearly most Americans saw wine as a turn off. To read more in detail about characteristics of good strategy read the strategy vs tactics blog where we describe it in-depth. By questioning conventional definitions of who can and should be the target buyer, companies can often see fundamentally new ways to unlock value. HealthMedia a blue ocean strategy example in healthcare, 5. This is a key principle of blue ocean strategy which sees low cost and differentiation being pursued simultaneously. Even though 1,000+ premium wineries tried to differentiate from each other, they were strategically very similar. This helped meet a wider array of buyer needs while spreading risk and lowering costs. Strategy is a choice. Blue ocean strategy: introduction. Going to the movies also requires finding a babysitter, parking, and possibly a drink afterward. . The Big 3 owned 90% of the US market. For instance, a corporate software vendor often caters to the CTO (who cares about cost reduction) rather than the engineers who will use the product (who care about ease of use). The HealthMedia case study is analyzed in detail in New York Times and #1 Wall Street Journal bestseller Blue Ocean Shift. Where to Look For Your Blue Ocean. Nintendo eliminated or reduced factors that were thought to be vital in the market high-definition graphics and sound, fast chips, controllers with many buttons, and violent lifelike games, and so on. Viewed this way, strategy is seen as making a choice between differentiation and low cost, a value-cost trade-off. Examples of blue ocean strategy The blue ocean strategy might sound new, but businesses have been successfully using it for quite some time - even before Kim and Mauborgne named the approach.. Instead of competing with the expensive and high-end processing power of PlayStation 4 or Xbox One, the Nintendo Switch was a small device that allowed users to play games on a TV and on the go, connecting seamlessly between one device and the other. HealthMedia, a player in the industry with a revenue of US$6 million, was drowning in a red ocean of intense competition. NetJets observed that business travelers, the most lucrative mass of customers in the airline industry, had two principal choices: They could fly business class or first class on a commercial airline or the company could purchase its own aircraft to serve its corporate travel needs. All participants win the 1,000 pesos one time only, but when they do, they receive enough to make a large purchase. [yellow tail] created a unique and exceptional value curve to unlock a blue ocean. So Bloomberg designed a system specifically to offer traders a leap in value, one with easy-to-use terminals and keyboards labeled with familiar financial terms. Start by identifying what your target market needs and doesnt currently have. When markets are active, traders and analysts must make rapid decisions. Now that cars were mass-market, Fords cars were getting boring. What is the Blue Ocean Strategy? With the intuitive Strategy Canvas editor you can draw Strategy Canvas in seconds. The strategy canvas of [yellow tail] shows how its strategic profile breaks from the competitors in the US wine industry. Think of it as a wedding registry, except that instead of giving silverware, for example, Cemex positioned cement as a loving gift. Eventually, Americans moved into suburbs, and Palace Theaters were too expensive to service a large geographical area. In their classic book, Blue Ocean Strategy, Chan Kim & Rene Mauborgne coined the terms 'red ocean' and 'blue ocean' to describe the market universe. Free Blue Ocean Strategy Examples to Download The following blue ocean strategy examples all highlight strategic moves that delivered products and services in a way that opened and captured new market space, with a significant leap in demand. Blue Ocean Strategy found in: Blue Ocean Strategy For Buyer Value Ppt Powerpoint Presentation File Example File PDF, Strategic Business Plan Effective Tools And Templates Set 1 Blue Ocean Strategy Business Model Mockup PDF, Blue.. The Blue Ocean Strategy authors propose a graphical framework for helping readers understand the book and for helping businesses create blue oceans of their own. Casella Winerys Yellow Tail or [yellow tail] as its written is often cited as a classic example of blue ocean strategy. How to Shift From Red Oceans to Blue Oceans, Powerful tools to create your business strategy, a blue ocean example in the fashion retail industry, Stitch Fix: A Blue Ocean Strategy in Retail, Viagra created a blue ocean in lifestyle drugs, Fintech: Compte-Nickel, Creating New Demand In The Retail Banking Sector, Blue Ocean Practical Introduction Online Course, How to Be a Blue Ocean Strategist in a Post-pandemic World, A Blue Ocean Compass for Your Post-Covid Strategy, Which factors that the industry takes for granted should be, Which factors that the industry has never offered should be. Supplier power on the part of star performers was strong. Before Shortform, he co-founded PrepScholar, an online education company. Why? The Apple II combined existing technology into an easy-to-use solution with compelling software for the home (like word processors and games). The Blue Ocean strategy is built upon the idea that instead of remaining in an overpopulated market and fighting over market demand and consumer favoritism, a company should harness its energy in a new market. It is based on the view that market boundaries and industry structure are not a given . The Australian firm Casella Wines examined the wine industry from a different perspective: how do you make wine thats easy to drink and fun? By running both frameworks together, you can find uncontested markets (blue oceans) and chart the course to get there. The result was the new market space of fractional jet ownership. - four great examples that have used the blue ocean strategy are Cirque du Soleil, Apple, Nintendo and Netflix - in all four examples there was features customers desperately wanted that was added and other features that were standard in the industry but not important to a large population that were removed They created a blue ocean by avoiding the highly saturated market of standard circuses. Of the many strategic planning models that exist, the Blue Ocean Strategy could be considered the pacifist of the group. Required fields are marked *. Marvel saw its comics business thrive. It became Chryslers bestselling car. This catered primarily to the educated upper class, out of reach of working-class people. Polo Ralph Laurens blue ocean strategic move illustrates the potential to create new market space by looking across strategic groups in an industry, path two in blue ocean strategys six paths framework six paths framework. In the 1970s, Japanese manufacturers created a blue ocean of small, efficient, high-quality cars. Its as if customers had their own personal stylists. (Shortform example: Corporate software-as-a-service (SaaS) products traditionally target the buyer in corporations, like the Chief Information Officer or senior management. Many in the business world hold to the conventional belief that companies can either create greater value to customers at a higher cost or create reasonable value at a lower cost. The phlegmatic British typically took a teaspoon and went fishing to capture the off-putting limescale before drinking home-brewed tea. It introduced interoperable software and equipment. This article is an excerpt from the Shortform summary of "Blue Ocean Strategy" by W. Chan Kim and Renee Mauborgne. By thinking in terms of solving the major pain points in customers total solution, Philips saw the water problem as its opportunity. Created by TopTalent Communications. They explain how companies can gain an advantage over their competitors by creating blue . Diabetics needing insulin had to deal with vials, syringes, and needles several times a day. Visual Paradigm Online (VP Online), an online Strategy Canvas drawing editor that supports Strategy Canvas and other diagram types such as ERD, Organization Chart and more. Blue Ocean Shift. In the mid-1990s, computer manufacturers competed on performance, offering more features and software, and sold through distributors. Eventually, the business went bankrupt. Products are rarely used in isolation theyre part of the total experience. blue ocean strategy experts Our consultants Our consultants are qualified blue ocean strategy practitioners and have deep experience applying this approach for a large number of companies across various industries. Kodak invented the first digital camera. Based on an eponymously titled book, this strategy argues that cutthroat competition results in nothing but a bloody red ocean of rivals fighting over a shrinking profit pool. 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