Reconstructing Market Boundaries to Create a Blue Ocean Strategy

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If you want to make your business competition irrelevant you will need to pursue a Blue Ocean Strategy. Creating something innovative in a market is not the easiest thing to do. If it were someone in your space would already be doing it. As Dharmesh Shah of HubSpot pointed out when he commented on a previous post, sometimes Red Oceans seem more attractive because there are established markets, pricing, etc. If you want to go Blue it’s going to take some real effort.

The authors of Blue Ocean Strategy (BOS) elaborate on six paths to reconstruct market boundaries and break out of red oceans. The first is to “look across alternative industries.” There is a difference between substitutes and  alternatives. Read the rest of this entry »