5 Pillars of Every Successful Business
Find your blue ocean strategy and render the competition irrelevant.
The book Blue Ocean Strategy suggests “cut-throat competition results in nothing but a bloody red ocean of competitors battling over a shrinking profit pool.” Businesses should look for un-contested market space and creative means to reinvent their industry.
Evade head-to-head competition and focus on innovation.
The goal of a Blue Ocean Strategy is for organizations to find and develop “blue oceans” (un-contested, markets) and avoid “red oceans” (over-contested markets). A business will have more success, fewer risks, and improved profits in a blue ocean market.
Cirque du Soleil – a Blue Ocean Strategy:
A Canadian entertainment business founded in the 1980s by thought leaders with an original vision of what the modern circus might look like when “hybridized” with elements of theatre. Regular circus performances focused on children as the audience, but Cirque du Soliel offered a more cultured experience with some of the world’s best gymnasts, actors and performers. the performances commanded a much higher ticket price by targetting adults as well as children. Cirque du Soleil’s Blue Ocean Strategy completely reinvented circus.
1. Don’t try to exceed competitors performance.
2. Conceive a unique market space to render the competition irrelevant.
3. Innovation is the solution to generating a blue ocean strategy
4. Differentiaton creates an opportunity to better leverage your marketing dollar.
“Because the purpose of business is to create a customer, the business enterprise has two–and only two–basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business.”
Peter Drucker, The Practice of Management, 1954
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