As the Founder and President of Advantcomp Consulting Inc. for over 17 years now, I have seen all kinds of digital business ideas and products. We've been engaged in building products for clients that cover the competitive spectrum from incremental improvements of existing offerings, to products that are so different they create new market space.
We have decided to write a blog series on a strategic framework that focuses on the latter, that is, how to create products (and businesses) that define new market space, and essentially have no competition. While I’ve seen some of these products and businesses in my career, it wasn’t until I decided to re-enter academia as an MBA candidate that I knew what to call them. They “blue ocean” products.
Blue ocean strategy is based on a series of Harvard Business Review articles by W. Chan Kim and Renee Mauborgne dating back to 2005. The book, “Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant” (updated edition 2015) describes a framework on how to create blue ocean companies. Kim and Mauborgne describe a blue ocean as free from competition, where a “red ocean” is comprised of bloody waters from rivals competing for incremental growth and market share.
Why is this relevant to Advantcomp? Simply, we want our clients to succeed. We develop digital products for clients, most often in the form of web and mobile apps. We want our clients to swim in blue oceans, dominate their market space, and retain us as their development partner long-term.
This is an introductory blog post about the upcoming series. My plan right now is to roughly do the following, but it may change. If it does, I’ll return to this outline and update it:
- Advantcomp: your blue ocean development partner
Introduce blue ocean strategy (BOS) and the blog series (this post)
- Blue oceans and zero to one: a brief background
Examine and discuss similar and complementary strategies including Zero to One/The Lean Startup, some relatable examples, and criticism and challenges associated with BOS
- Blue ocean analytical tools Tools and visuals to aid in planning BOS
- Formulating BOS
- Executing BOS
- Reflective thoughts
While I'm eager to jump right in, in the interest of concision, I'll leave this as an outline for now.