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The Blue Ocean Strategy framework is based on the idea that instead of competing in crowded and highly competitive "red oceans" where businesses fight for the same customers, companies can create new market space and find uncontested market space in "blue oceans". This involves exploring new customer needs and creating innovative products or services that meet those needs in ways that have not been done before.
The framework involves four key steps:
1. Eliminate: This step involves identifying which factors that the industry takes for granted, and that can be eliminated without reducing the value that customers receive.
2. Reduce: In this step, companies identify which factors should be reduced well below the industry's standard.
4. Raise: This step involves identifying which factors should be raised above the industry's standard.
5. Create: Finally, companies must identify which factors should be created that the industry has never offered before.
The goal of the Blue Ocean Strategy is to create new market space where the company can operate uncontested and make the competition irrelevant. By creating a unique value proposition, businesses can attract new customers and create new demand, leading to sustained growth and profitability.
Cirque du Soleil is a live entertainment company that has revolutionized the circus industry. Before Cirque du Soleil, the circus industry was seen as outdated and struggling to attract new audiences. Traditional circuses were known for their animal acts, clown shows, and start performers, but many people found them to be repetitive and lacking in originality.
Using the Blue Ocean Strategy framework, Cirque du Soleil identified several key factors to eliminate, reduce, raise, and create to come up with a unique value proposition that set them apart from the competition.
1. Eliminate: They eliminated several factors that were taken for granted in the circus industry, including animal acts, star performers, and the use of a ringmaster.
2. Reduce: They reduced several factors well below the circus industry's standard, including the use of traditional circus tents and costumes, and the focus on danger and risk-taking in performances.
3. Raise: They raised several factors above the circus industry's standard, including the quality of performances, the sophistication of music and lighting, and the integration of various performing arts.
4. Create: Finally, they created several factors that the circus industry had never offered before, including a storyline and narrative structure for each performance, a focus on artistic expression, and a sense of theater and drama.
By following the Blue Ocean Strategy framework, Cirque du Soleil was able to create a new market space for live entertainment that combined elements of theater, dance, music, and acrobatics. Today, Cirque du Soleil is one of the most popular and innovative live entertainment companies in the world, with millions of fans and annual revenue exceeding $1 billion.
