Redefine the problems in your industry to create a blue ocean
- Analyze the current state of play in the industry.
Determine where the competition is currently investing, the factors the industry currently competes on, and what customers receive from the existing competitive offerings on the market.
- Identify the factors that the industry competes on.
Analyze the factors that the industry competes on, such as price, quality, features, etc.
- Identify the strategic profile of the industry.
Analyze the strategic profile of the industry, such as the cost structure, value proposition, etc.
- Identify the factors that can be eliminated or reduced.
What factors in your industry can be eliminated or reduced to create a blue ocean of uncontested market space?
- Identify the factors that can be raised or created.
What are the factors in your industry that can be raised or created to create a blue ocean of uncontested market space? If you're in the wine industry, for example, you could add the factor "ease of selection."
- Shift your strategic focus from current competition to alternatives and noncustomers.
This will help you gain insight into how to redefine the problem the industry focuses on and thereby reconstruct buyer value elements that reside across industry boundaries.
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