Do you know how to escape your red ocean?
Last week, we hosted our inaugural Blue Ocean Explorer workshop in New York. It was a full success with leaders from around the USA attending to learn how to escape the “red” ocean of competition to create strategies for their current noncustomers.
However, for us one key takeaway wasn’t just teaching the Blue Ocean Shift framework to these C-level executives but also seeing how their strategic questions got better with every session.
Equipping leaders like you with the right strategic questions to innovate is our mission every day!
To give you an example, there was a leader from a B2B industrial company participating last week who initially struggled to see beyond his typical customer base. His initial questions were about how to win market share and how to beat his century-old competitors…
But then after session 3, his eyes opened and he asked:
- “How alternative strategic groups are satisfying my noncustomers?”
- “Which are the biggest barriers to utility of the industry noncustomers?”
- “What is best way to unblock Tier 2 of my noncustomers?”
We then showed him in the case study how the hotel chain CitizenM innovated across industry’ strategic groups by developing a whole new offering for business travellers.
Until then, the industry competed for well heeled business travelers on the 4 or 5-star segments with such services like reception, concierge, full restaurants and large room sizes… when all the business traveler wanted was actually: central location, good bed, silent room, lively bar and fast check-in/out.
So CitizenM created a new hotel chain by offering some of the 4 and 5-star services while eliminating others and creating new ones. All at the price of a 3-star hotel.
CitizenM decided to escape the head-to-head competition of standard industry’s strategic groups with impressive occupancy rates, revenue growth and better margins vs industry’s best performers.
Interested to hear more?
Contact us today and hear our take on how you can escape your red ocean