Authors W. Chan Kim and Renee Mauborgne wrote the book Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant.
Unlike a ‘red ocean strategy’ where competitors bludgeon each other in the waters of the marketplace to take business from each other, a blue ocean strategy looks for new (i.e., blue, open white spaces) waters to grow their business.
Using The Four Actions Framework (FAF) in order to craft a new set of value elements that will allow companies to differentiate themselves and pursue new markets.
Using the FAF, you’ll be able to create an actionable list of things your company needs to do to be able to find new opportunities to serve a new set of customers.
It’s an exercise worth doing with your team on a quarterly basis as resources and budgets get tighter.
I use a similar model, but I’ve changed the words to make it easier to work with a group or a team.
Step 1: Pick an issue (e.g., more lead gen)
Step 2: Ask yourself the 4 questions above and for each one, write 2-3 suggestions or actions.
Step 3: Once complete, prioritize the actions for each of the 4 questions.
Step 4: Choose one of the 4 questions and implement the action items in a given month if possible.
Step 5: Measure and move to the next question and priorities.
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