Deep Dive into Your Blue Ocean Strategy®

In the world of business strategy, diving into new markets is often seen as the hallmark of innovation. If you are thinking about re-thinking your business strategy, and a Blue Ocean Strategy® seems appealing, we should talk about what that means for you and your business.

Before you cast your net into uncharted waters, it’s essential to fully understand your markets today. When was the last time you fully reassessed your current markets. This introspection can solidify your foundation but also uncovers opportunities to refine and elevate your existing offerings. Here’s how you can critically evaluate your current playing field before embarking on your next strategic move.

From a Blue Ocean Strategy® Perspective Where Do You Stand?

The first step in reassessing your current market is to take an honest look at your positioning. Ask yourself: Where do you stand? This question isn’t just about market share—it’s about understanding the nuances of your competitive advantage and the areas where you may be falling short.

Examine your performance in different segments. Are you a market leader in some areas, perhaps due to a strong brand reputation or a robust distribution network, but lagging in others? Identifying these zones of strength and weakness provides clarity on where you should concentrate your efforts. It might be that your current products or services resonate exceptionally well with one segment, while other segments remain under-served or overlooked. This introspection is the groundwork for further innovation and improvement.

Identify Unmet Needs

Once you’ve established where you stand, the next step is to dig deeper into your current market to uncover unmet needs. Ask yourself: What key customer needs remain unaddressed? In every market, there are gaps waiting to be filled—whether these gaps exist in the form of product features, customer service enhancements, or complementary solutions that support your core offerings.

Consider the case of one of our clients in the healthcare space, who had hit a growth plateau. Their traditional referral source was the Emergency Department (ED), which had long been their core base for in-patient referrals. However, with an aging market and a dwindling number of referral sources as doctors retired, growth stalled. On further investigation, it was discovered that their efforts were overly focused on women, moms and babies, and the elderly—leaving a significant gap in care for men. Less than half of the male population had primary care physicians, and many did not seek routine care for chronic conditions such as high cholesterol and high blood pressure. Instead, they often ended up in the hospital following an accident rather than for preventive or chronic care. Additionally, most physician offices operated on traditional schedules—9-to-5 or 9-to-6—clashing with typical work hours for many men. This untapped segment was a blue ocean waiting to be explored with a new, targeted business strategy.

By addressing these gaps—reallocating resources to meet the needs of an underserved demographic—businesses can not only improve customer satisfaction but also capture new revenue streams. This example shows that sometimes, the insights gained from addressing current unmet needs can serve as a springboard into new market territories with a more refined offering.

Analyze the Competitive Landscape

In today’s fast-evolving business environment, knowing your competitors is crucial, but understanding who isn’t playing in the market can be just as enlightening. Beyond the obvious players, take time to analyze the competitive landscape to see who might be missing from the conversation. Ask: Who isn’t in the game yet, and why?

Sometimes, the areas where you haven’t made a mark can be as telling as those where you lead. Look for segments that your competitors have neglected. Their absence might be due to high entry barriers, low initial demand, or even a misperception about customer needs. By scrutinizing these neglected areas, you may uncover hidden opportunities that not only help you solidify your current market position but also pave the way for a disruptive entry into a new space.

For instance, in the healthcare example above, by identifying the overlooked male demographic, our client was able to strategize a targeted approach to meet the needs of men, who had previously been underserved by conventional scheduling and service models. This insight created an opportunity to redefine their service offerings and explore a market segment that was ripe for innovation.

The Strategic Payoff

Reassessing your current markets is not merely a defensive strategy; it is a proactive approach that builds a stronger foundation for future growth. By critically evaluating your positioning, identifying unmet needs, and analyzing the competitive landscape, you can transform your existing business environment into a launchpad for innovation.

This thorough understanding empowers you to refine your offerings, improve customer satisfaction, and ultimately, create new value. Whether you choose to deepen your hold on your current market or use these insights as a springboard into new territories, the key is to start by looking inward. Remember, a clear and honest understanding of where you stand today is the best predictor of where you can go tomorrow.