Blue Ocean Strategy is a business strategy developed by W. Chan Kim and Renée Mauborgne that focuses on creating uncontested market space by making the competition irrelevant. It describes how to create and capture new demand, where supply is largely created by the company itself and competitors are pushed aside.
The strategy revolves around focusing on value innovation rather than competing head-on with other companies in an existing market. Instead of fighting for the same customers, this approach suggests looking for new ones who have yet to be served.
Furthermore, Blue Ocean Strategy emphasizes “fair process” – fair processes ensure that everyone affected has a chance to voice their opinions during decision-making processes, leading ultimately in innovative results which benefit all involved parties.
Key Takeaways:
1. Focus on creating uncontested market space by making the competition irrelevant.
This means looking for opportunities that your competitors have not identified, and developing products or services to cater to customers who have yet to be served.
For example, Uber focused on ride sharing instead of competing with traditional taxi companies. This move allowed them access to a larger customer base and ultimately made their competitors irrelevant.
2. Look for new customers who have yet to be served.
Companies should strive to find new customer groups which are currently underserved or not being serviced at all.
By tapping into these lucrative untapped markets, companies can gain an advantage over their competitors while providing a valuable service.
For example, the cosmetic company Glossier found success by targeting millennials when most other cosmetics companies were still focusing on older generations.
3. Employ a “fair process” system of decision-making which allows all parties involved in the process to voice their opinions.
Developing innovative solutions requires input from everyone affected.
Rather than relying solely on top management decisions, allowing employees lower down in the organization as well as external partners to contribute ideas is essential for ensuring value innovation through fair processes.
An example of this would be Microsoft’s use of its “Gemba” project where employees from different divisions came together in order to brainstorm ideas that benefit everyone involved.
4. Value innovation over competing head-on with other companies in an existing market.
Rather than trying focus resources into fighting against direct competition in an already established market place, it is more beneficial for businesses look outside of existing categories and create something completely unique which cannot easily be copied by competitor firms.
This approach encourages creativity and leads towards high potential returns due lack of competition within the newly created category.
A great example here would be Apple launching iTunes back in 2001 – this opened up a whole new area for digital music downloads thus eliminating any need for physical CDs/records.
How To Apply The Principles For Freelance Designers:
1. Focus on creating uncontested market space by making the competition irrelevant.
As a freelancer, you should look for opportunities to differentiate yourself and stand out from other web and graphic designers.
For example, specialize in a certain niche such as 3D design or e-commerce branding could make you more visible and attractive to potential clients who are looking for someone with specialized skills.
2. Look for new customers who have yet to be served.
Proactively research new customer segments that may be interested in your services. This could include businesses in underdeveloped countries or startups which don’t have the budget yet to hire full-time staff members.
Utilizing social media platforms like Instagram can help establish your presence among potential clients who may not immediately think of working with a freelance designer.
3. Employ a “fair process” system of decision-making which allows all parties involved in the process to voice their opinions.
When taking on projects, it is important that both client and freelancer come together and collaborate on decisions. Letting everyone contribute ideas can often lead towards better results than if one person makes all the decisions without consideration for others’ perspectives.
For example, having regular meetings between designer and client throughout each step of the project wherein progress is discussed openly will ensure that everyone’s needs are met satisfactorily.
4. Value innovation over competing head-on with other companies in an existing market.
Freelancers should focus their efforts into creating unique solutions rather than simply trying replicate what competitors are doing.
This could mean offering something completely different such as infographic designs instead of traditional logos or developing interactive websites rather than static ones .
Being creative when presenting proposals helps set freelance designers apart from others within their industry while increasing chances at landing bigger projects due lack of direct competition within chosen service area.
How can Freelance Designers benefit from the this book?
“Blue Ocean Strategy” is a business book that provides a framework for creating new market spaces and avoiding competition.
Freelance designers can benefit from this book by using its principles to differentiate themselves from other designers in the market and create unique value propositions for their clients.
By understanding the concepts of value innovation, the elimination of the industry’s conventional factors, and the creation of uncontested market spaces, freelance designers can position themselves as innovative problem-solvers and attract clients looking for unique and creative solutions.
Additionally, the book’s emphasis on strategy can help designers create a clear and compelling brand that sets them apart in the market.
Conclusion
Freelancing as a web and graphic designer is an ever-evolving field that requires keen innovation and strategy in order to stand out from the competition.
By focusing on creating uncontested market space, looking for new customer segments, employing fair decision-making processes and valuing innovation over competing with existing markets, freelance designers can ensure their success while still providing excellent services to clients.
Find out more about the book here.
