From Exceptional Utility to Getting Your Price Right

From Exceptional Utility to Getting Your Price Right

Blue Ocean Articles, Strategic Planning
Revenue streams are a function of transactions. In most cases, more transactions lead to more revenue. Today, we are going to move from exceptional utility to getting your price right. Getting your price right is a process in blue ocean thinking. We have discussed the sequences around product design in blue ocean terms. We have covered the importance of developing the AS-IS Strategy canvas and distinguishing your offering from that of your competition's. Review these topics if desired here. Reconstructing Boundaries with the Six Paths Framework Focus on the Big Picture and Not the Numbers Finding Markets from Non Customers Implementation of Blue Ocean Strategy  Most companies think that an analysis of competitor pricing is the determining factor in pricing their offering. They fall for the red ocean trap of…
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Starting Something New in 2021? Get the Sequence Right.

Starting Something New in 2021? Get the Sequence Right.

Blue Ocean Articles, BOS for Solopreneurs, Buyer Utility Maps, Strategic Planning
If you're starting something new in 2021, you need to get the sequence right. You may ask, without the benefit of reading our previous posts, the sequence of what? What we mean is the use of blue ocean tools and frameworks to confirm the validity of your idea or offering in blue ocean terms. Of course, if capturing uncontested market space and new customers is not a priority, blue ocean thinking will not be a fit. In this post, we'll cover the first step. Buyer Utility. If you are content to compete head-on with others in your industry on the basis of price, these frameworks won't be very valuable to you. Let's start with the graphic below. The high points of the Buyer Utility step. Buyer Utility. In blue ocean…
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Blue Ocean Strategy for Sole Proprietors: Finding Growth from Non-Customers

Blue Ocean Strategy for Sole Proprietors: Finding Growth from Non-Customers

Blue Ocean Articles, Blue Ocean Strategy for SoleProprietors, Strategic Planning, Three Tiers of NonCustomers
Blue Ocean Strategy for Sole Proprietors: Finding Growth from Non-Customers. This is where blue ocean frameworks and tools begin to pay off and deliver revenue. "We should not listen to customers and most people, when we’re designing a breakthrough because most people can’t see it. Now, when you’re doing incremental things, customer feedback is awesome. But in general, most people cannot see a breakthrough, whether they’re customers, partners, potential employees, or even potential investors." Christopher Lochhead This quote is congruent with the Blue Ocean Strategist's view toward noncustomers. Blue oceans of uncontested market space do NOT come from current customers. It sounds contrarian for sure. Reaching beyond existing demand is a process and requires discipline and courage. Most companies simply compete on their industry's key factors of competition and don't go…
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Blue Ocean Strategy for Solopreneurs: Big Picture Thinking Implementation

Blue Ocean Strategy for Solopreneurs: Big Picture Thinking Implementation

As-Is Strategy, Blue Ocean Articles, ERRC Grid, To-Be Strategy Canvas
Today we cover Blue Ocean for Strategy for Solopreneurs: Big Picture Thinking Implementation. In this series, we're breaking down the business bestseller Blue Ocean Strategy: How to Create Uncontested Marketspace and Make the Competition Irrelevant. Today, in Blue Ocean Strategy for Solopreneurs: Big Picture Thinking Implementation, we wrap up our last post on big picture thinking and discuss how to use the As-Is and To-Be Strategy Canvas as well as the ERRC Grid. In review, the As-Is strategy canvas is a visual depiction of your industry and the company's state of play. It lays out the key factors of competition along a horizontal axis. It cannot be overstated how important the discoveries will be when you start to honestly assess your company's key factors of competition. Most businesses find that…
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Blue Ocean Strategy for Solopreneurs: Focus on the Big Picture, Not the Numbers

Blue Ocean Strategy for Solopreneurs: Focus on the Big Picture, Not the Numbers

As-Is Strategy, Blue Ocean Articles, Six Paths Framework, Strategic Planning, To-Be Strategy Canvas
You may recall, the first principle of Blue Ocean Strategy is the reconstruction of market boundaries. Without permission internally, and a process to break your industry boundaries, it will be impossible to move into blue oceans of uncontested market space. In today's post, we learn how important the second principle is in blue ocean strategy for solopreneurs. Focus on the big picture, not the numbers. The temptation when planning is to launch into a business plan or strategic plan and use templates that one finds online or using some process read about when researching a business, marketing, or strategic plan. I have been guilty of the same thing. Before I know it, I've played office and have spent a week mocking up fabulous charts, graphs, marketing and sales projections, and…
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Blue Ocean for Solopreneurs. Reconstruct Boundaries with Path 6 of Six

Blue Ocean for Solopreneurs. Reconstruct Boundaries with Path 6 of Six

Blue Ocean Articles, Six Paths Framework, Strategic Planning
In today's post, Blue Ocean for Solopreneurs. Reconstruct Boundaries with Path 6 of Six, we discuss looking across time. No, we're not learning how to forecast the future. We are, however, learning a framework around assessing trends. When a company or individual learns to assess trends, serve the culture, and then get in front of those trends using all the other frameworks, magic begins to take place. What special qualities of looking across time work in the context of blue ocean strategy? You have to look at the trends for blue ocean for solopreneurs and reconstruct boundaries with path 6 of six with these questions in mind. What trends have a high probability of impacting or are decisive to your industry? What trends are irreversible and what trends have a…
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Blue Ocean for Solopreneurs. Reconstruct Boundaries with Path 5 of Six

Blue Ocean for Solopreneurs. Reconstruct Boundaries with Path 5 of Six

Blue Ocean Articles, Six Paths Framework, Strategic Planning
Blue ocean for solopreneurs is a series written to provide a translation of the business best-seller Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant into language more useful for the solopreneur or small business owner. Today in Blue Ocean for Solopreneurs we Reconstruct Boundaries with Path 5 of Six. Path 5: Look Across Functional or Emotional Appeal to Buyers. Companies of all sizes generally default to doing what the competition does. There is generally little thought given to strategic planning that leads to true differentiation of one company's product over another. In most cases, companies will compete on functional price-oriented factors or emotional feeling-oriented factors. These two competitive defaults end up training the entire customer base of entire industries. The cycles of function or…
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Blue Ocean for Solopreneurs. Reconstruct Boundaries with Path 4 of Six

Blue Ocean for Solopreneurs. Reconstruct Boundaries with Path 4 of Six

Blue Ocean Articles, Six Paths Framework, Strategic Planning
It's time to share another post dealing with blue ocean for solopreneurs. Reconstruct boundaries with path 4 of six. There are six pathways in this particular part of the blue ocean strategy implementation sequence. As a reminder, the first principle of blue ocean strategy is to reconstruct market boundaries. It is this willingness to question industry established boundaries and slaughter the sacred cows that is so exciting about the blue ocean shift process. Anytime some newcomer is nipping at the heels of an industry player, oftentimes without their knowledge and other times in plain sight, it is very exciting. Think Innovator's Dilemma. A study or implementation of blue ocean strategy includes the understanding and implementation of tools and frameworks that have been studied and proven to work in company after…
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Firewood Plus Blue Ocean Strategy Equals Value Innovation

Firewood Plus Blue Ocean Strategy Equals Value Innovation

Blue Ocean Articles, ERRC Grid, The Value Innovators
Firewood plus blue ocean strategy equals value innovation. In the Fall of 2020, my wife and I went to a local Lowes store to secure a small bundle of wood for a fire pit that evening. The weather had turned cool and the experience of burning a few logs on our back patio for the first time in two years was exciting to us. For years, in a single-family detached home, we were easily doing a firepit on average, twice a week. Over the last couple of years, the condo restrictions had us a little gun shy about whether or not to do a fire pit on our back patio. I decided to find a bucket big enough to hold two or three logs and have a fire pit. Having…
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Blue Ocean for Solopreneurs. Reconstruct Boundaries with Path 3 of Six.

Blue Ocean for Solopreneurs. Reconstruct Boundaries with Path 3 of Six.

Blue Ocean Articles, Six Paths Framework
In this article, Blue Ocean for Solopreneurs. Reconstruct Boundaries with Path 3 of Six, we break down path 3 of the six paths framework. Path 3: Look Across the Chain of Buyers In most marketing and sales training, you are prompted to develop a buyer persona. The buyer persona will be focused on your opinion or history of who purchases your offering. In the absence of other processes, this a great exercise. Some businesses resist strategic thought about buyer personas. Blue Ocean Strategy invites the participant to broaden the definition of the buyer. As a sole proprietor, small business owner, or division leader, there are more possible definitions of buyer than you may realize. When Joann K, a distiller with a growing spirits brand seeks to sell her products to…
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