fbpx

How to use Blue Ocean Strategy in Finance: the complete guide

Blue Ocean Strategy is a highly effective approach to developing innovative strategies that capture new market spaces and drive business growth.

In this article, we explore the application of the Blue Ocean Strategy to the finance industry, examining its key principles, tools and real-world examples.

By understanding Blue Ocean Strategy and its potential for unique insights and opportunities in finance, companies can develop strategies that pave the way for future growth and success.

Understanding Blue Ocean Strategy

The Blue Ocean Strategy is a revolutionary concept that has been introduced by W. Chan Kim and Renée Mauborgne in their book “Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant.”

The Blue Ocean Strategy is a framework that businesses can use to identify and create new market spaces that are uncontested, thereby creating a “blue ocean” of opportunity.

Renée Mauborgne spoke at BRAND MINDS about adapting the Blue Ocean Strategy to reach new markets in 2023, live, on stage.

Origins of Blue Ocean Strategy

Blue Ocean Strategy is based on a 10-year study of strategic business moves across 30 industries.

What prompted this study?

Seeing American companies lose customers and market shares, in the early 1990s, to a new competitor who was coming from outside of the country: Japanese companies.

Global competition was changing everything for companies anywhere in the world. The markets were becoming crowded. For the first time since World War II, demand didn’t exceed supply. Businesses were entering a new era and the old business strategies were becoming obsolete. It was time to design new business strategies.

Blue Ocean Strategy was developed as an alternative to the traditional approach to strategy formulation, which focused on beating competitors to gain a larger share of an existing market (red ocean strategy).

red-ocean-strategy-blue-ocean-strategy-min

The authors say that in order for businesses to grow and thrive, they needed to focus on creating new market spaces that were untapped and uncontested. They argued that the key to success in business was not just to compete with rivals, but to create new markets where competition is irrelevant.

The authors analyzed the strategies of companies which became successful by creating new market spaces that were uncontested, and by offering innovative products or services that were not available in the existing market.

Key Principles of Blue Ocean Strategy

Blue Ocean Strategy is founded on several key principles that guide businesses in their pursuit of new market spaces:

BLUE OCEAN STRATEGY
KEY PRINCIPLE
HOW TO APPLY IT
Focus on creating new markets, rather than competing in existing ones.Identify areas where there is little or no competition.

Develop products or services that meet the needs of customers in those markets.
Use innovation to create value that is not present in the current market.Develop new products or services that are different from those currently available in the market, and that offer unique benefits to customers.
Break free of market boundaries to create new opportunities.Look beyond the existing market.

Identify new customer groups or applications for your products or services.
Align your value proposition with customer needs and preferences.Understand the needs and preferences of your target customers.

Develop products or services that meet those needs and preferences.

Red Ocean vs. Blue Ocean Strategy

The red ocean strategy focuses on competing within an existing market space, attempting to gain a higher market share than competitors. This approach is often characterized by intense price competition and commodity-like products.

In contrast, the Blue Ocean Strategy aims to create a new market space that is uncontested, thereby avoiding the need for cutthroat competition and price wars. This can lead to higher profits and growth, as businesses are able to offer unique products or services that meet the needs of customers in untapped markets.

Additionally, the Blue Ocean Strategy can help businesses to differentiate themselves from competitors, and to build a strong brand that is associated with innovation and creativity.

Overall, the blue ocean strategy is a powerful tool for businesses that are looking to grow and expand their operations and achieve long-term success and profitability.

2023 Finance Industry Statistics

The finance industry is a highly competitive market space. Here is a condensed outlook on the financial services industry:

  • The financial services industry constitutes at least 20% of the global economy and the impact of the financial sector on economic growth is significant (Economist Intelligence Unit);
  • The global financial services market grew from $25 trillion in 2022 to $28 trillion in 2023 at a compound annual growth rate (CAGR) of 8.8% (Financial Services Global Market Report 2023);
  • Products and services provided by the Finance industry: lending, payments, insurance, investments, foreign exchange services, personal money management, wealth management, and investment banking;
  • Western Europe was the largest region in the financial services market in 2022, North America was the second-largest region (Financial Services Global Market Report 2023);
  • FinTech (financial technology): The financial services sector’s adoption of digital technology has been accelerating over the past few years (blockchain, Artificial Intelligence and Machine Learning, cloud computing a.s.o.);
  • Financial services providers are using FinTech to improve customer experience, reduce costs and increase operational efficiencies: online banking, virtual advisors, automation, anti-fraud systems, money management apps, cash back rewards, contactless payments, chatbots a.s.o.;
  • FinTech can help financial services companies provide innovative products and solutions to their customers;
  • Trends: digital currencies, NFTs, neo-banks (digital-only banking), mobile wallets, big companies developing financial services (Facebook Pay, Google Wallet, Apple Card, Walmart’s financial solutions to customers and employees).

Blue Ocean Strategy Tools and Frameworks

The Blue Ocean Strategy is a business theory that suggests companies should create uncontested market space, making the competition irrelevant.

To apply the Blue Ocean Strategy effectively, businesses can leverage a variety of tools and frameworks. These include:

Strategy Canvas

The Strategy Canvas is a tool that allows companies to identify in one simple chart the current and future market opportunities. By plotting two lines on a chart – one with the industry average and one with the potential for creative strategies – companies are able to grasp how to grow their business without fighting the competition.

For a financial service company, the strategy canvas can be used to compare the company’s value proposition to that of its competitors. The company may find that its competitors are all offering similar products at similar prices. However, the company may identify that its competitors are not offering online options. By adding online options to its services, the company can create a unique value proposition that differentiates it from its competitors.

Four Actions Framework

The four-actions framework is a tool that helps businesses to identify and eliminate factors that are currently taken for granted in their industry, while simultaneously identifying new factors that can be introduced to create a unique value proposition.

The framework asks four key questions:

  1. Which factors that the industry takes for granted should be eliminated?
  2. Which factors should be reduced well below the industry’s standard?
  3. Which factors should be raised well above the industry’s standard?
  4. Which factors should be created that the industry has never offered?

By answering these questions, companies can identify new opportunities for differentiation and create a unique value proposition that sets them apart from their competitors.

The Strategy Canvas and Four Actions Framework are just a few examples of tools and frameworks that companies can use to create blue oceans. The complete list of Blue Ocean Strategy tools and frameworks is comprised of the following:

  • Value Innovation
  • Strategy Canvas
  • Buyer Utility Map
  • Three Tiers of NonCustomers
  • Six Paths Framework
  • Four Actions Framework
  • ERRC Grid
  • PMS Map
  • Price Corridor of the Mass
  • Sequence of Creating a Blue Ocean
  • Five Steps to a Blue Ocean Shift
  • Three Components of a Blue Ocean Shift
  • Three Components of Humanness
  • Four Hurdles to Strategy Execution
  • Fair Process

Applying the Blue Ocean Strategy to the Finance Industry

How Financial services companies can leverage the blue ocean strategy:

Identify untapped market spaces by examining the needs and preferences of noncustomers the other banks ignore.

6 steps to identify untapped markets

  1. Identify noncustomers i.e., people who don’t currently use your bank or any other bank through market research surveys or questionnaires.
  2. Analyze noncustomers’ needs and preferences by asking questions about their financial needs and what they look for in a bank.
  3. Analyze the competition to identify gaps in the market that aren’t being addressed ( what other banks are doing and what they are not doing to meet the needs of noncustomers)
  4. Create a value proposition based on the needs and preferences of noncustomers and the gaps in the market.
  5. Test the value proposition through surveys or focus groups.
  6. Develop a marketing strategy that targets noncustomers and communicates the value proposition effectively.

Examples: The French bank Compte-Nickel focused on low-income earners and people facing financial exclusion. The bank was successfully sold to BNP Paribas for over 200 million euros in 2017.

Overcome industry boundaries by including services that are traditionally provided by other industries.

Another way to apply the blue ocean strategy to finance is to break free of traditional industry boundaries.

For example, businesses can expand their offerings to include services that are traditionally provided by other industries, such as technology or healthcare. This can create new market spaces that are uncontested, and allow for more innovative and diverse offerings.

One example of this is the use of blockchain technology in finance. By leveraging blockchain technology, financial institutions can create secure and transparent financial transactions that are not dependent on traditional banking systems. This can create a new market space for financial institutions that are willing to invest in this technology.

Create value innovation by leveraging technology, social trends, and customer preferences to develop unique products or services at low costs.

Revolut is a great example of building a blue ocean market by creating value innovation.

Launched in 2015, FinTech company Revolut is currently Europe’s most popular online bank valued at $33 billion. Revolut started as a financial service for travellers who paid excessive foreign transaction fees. After failing to find a bank that would cover multiple currencies, Storonsky and Vladyslav Yatsenko (co-founder and CTO) left their jobs at Credit Suisse to solve this issue.

Revolut has created value innovation by providing customers with a service (global currency exchange) for free (Revolut doesn’t charge any fee for currency exchange). Today Revolut offers several new services including international travel insurance, cryptocurrency, cashback rewards, loans, stocks and money management.

Their latest service is Stays, a feature allowing customers to book holidays directly from the Revolut app. Another strong benefit of Revolut is its great accessibility and easy-to-use app.

Overall, the blue ocean strategy offers a powerful tool for financial institutions looking to differentiate themselves in a crowded and competitive market space. By identifying untapped market spaces, breaking free of traditional industry boundaries, and creating value innovation, financial institutions can drive growth and profitability while also meeting the evolving needs and preferences of their customers.

Real-world examples of Blue Ocean Strategy in Finance

Many businesses have successfully implemented the blue ocean strategy in finance, resulting in significant growth and profitability.

Some examples include:

  • Studio Bank in Nashville, Tennessee is designed for creators (artists, photographers, musicians, builders, and writers).
  • Chickasaw Community Bank is a bank for Native Americans.
  • Lili is a banking platform for freelancers.
  • Ellevest is a banking platform for women.
  • Kontist offers banking products specifically tailored to the needs of freelancers in Germany.
  • Ando Money is a banking platform for those who want to fight climate change.
  • Coconut is a bookkeeping and tax app for sole traders.
  • Klarna is a Swedish bank providing leading global payments for shoppers.

Conclusion

The blue ocean strategy offers a powerful framework for companies in finance to identify new and uncontested market spaces that drive growth and profitability.

By applying the key principles of the blue ocean strategy, financial service companies can create innovative financial services that provide customers with unique value propositions and pave the way for future growth and success.

14 talks about top performance & business growth

Are you looking for insights on top performance & business growth?

Here are 14 talks featuring the BRAND MINDS 2023 speakers sharing their insights on habits, the new way of working, technology, marketing, sales, creativity and more.

14 talks about top performance & business growth

Building & changing habits with James Clear of “Atomic Habits”

YouTube Ads: Why is it not working and what to do with Neil Patel

New Ways of Working with Lynda Gratton

What’s Your Blue Ocean Strategy? Make Your Competition Irrelevant with Author Renée Mauborgne 

3 reasons why your lookalike audience isn’t converting with Neil Patel

Creating new, empowering habits with James Clear

5 tips to think like a millionaire with Blair Singer

Keeping your PR creative, imaginative, curious and intuitive with Disney’s Duncan Wardle

Nassim Nicholas Taleb on Skin in the Game

Women in Engineering Day with Anne-Marie Imafidon

Move Beyond Competing with Renée Mauborgne

How to build awesome habits with James Clear

How to price correctly with Neil Patel

Why you should redesign your HR strategy with Lynda Gratton

20 great business books to scale your business

Here are the 20 great business books you should read this year to scale your business fast:

  1. Blue Ocean Strategy: An Easy & Proven Way to Build Good Habits & Break Bad Ones
  2. Blue Ocean Shift: Beyond Competing – Proven Steps to Inspire Confidence and Seize New Growth
  3. Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones
  4. The Black Swan: The Impact of the Highly Improbable
  5. Skin in the Game: Hidden Asymmetries in Daily Life
  6. Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets
  7. Antifragile: Things That Gain from Disorder
  8. The Bed of Procrustes: Philosophical and Practical Aphorisms
  9. Hustle: The Power to Charge Your Life with Money, Meaning, and Momentum
  10. She’s in CTRL
  11. The 100-Year Life: Living and Working in an Age of Longevity
  12. Redesigning Work: How to Transform Your Organisation and Make Hybrid Work for Everyone
  13. The Shift: The Future of Work is already here
  14. The New Long Life: A Framework for Flourishing in a Changing World
  15. Glow: How you can radiate energy, innovation and success
  16. The Key: How Corporations Succeed by Solving the World’s Toughest Problems
  17. The Exceptional Manager: Making the Difference
  18. Hot Spots: Why some companies buzz with energy and innovation – and others don’t
  19. Sales Dogs: You Don’t Have to be an Attack Dog to Explode Your Income
  20. Little Voice Mastery: How to Win the War Between Your Ears in 30 Seconds or Less and Have an Extraordinary Life

These books are bestsellers written by global business thinkers speaking at BRAND MINDS 2023.

Blue Ocean Strategy: An Easy & Proven Way to Build Good Habits & Break Bad Ones, by Chan Kim and Renée Mauborgne

Recognized as one of the most iconic and impactful strategy books ever written, Blue Ocean Strategy argues that cutthroat competition results in nothing but a bloody red ocean of rivals fighting over a shrinking profit pool.

Based on a study of 150 strategic moves, spanning more than 100 years across 30 industries, the authors, Chan Kim and Renée Mauborgne show that lasting success comes not from battling competitors but from creating “blue oceans” — untapped new market spaces ripe for growth.

Embraced by organizations and industries worldwide, Blue Ocean Strategy is a global phenomenon that has sold over 4 million copies, is published in a record-breaking 47 languages and is a bestseller across five continents. First published in 2005, it was updated and expanded with fresh content in 2015.

Blue Ocean Strategy will teach you:

  1. What is distinctive about Blue Ocean Strategy as a theory;
  2. How is Blue Ocean Strategy different from a classic differentiation strategy or a low-cost strategy;
  3. How to reconstruct market boundaries;
  4. Why you need to focus on the big picture;
  5. How to reach beyond existing demand;
  6. How to overcome organizational hurdles;
  7. How to build execution into strategy.

Blue Ocean Shift: Beyond Competing – Proven Steps to Inspire Confidence and Seize New Growth by Chan Kim and Renée Mauborgne

‘Blue Ocean Shift’is the indispensable and much-anticipated follow-up to ’Blue Ocean Strategy’. It is theNew York Times, #1 Wall Street Journal,andUSA Todaybestseller. The definitive guide to shift you, your team, and your organization to new heights of confidence, market creation, and growth.

‘Blue Ocean Shift’ will teach you: 

  1. Whyfocusing on competing misses huge growth opportunities;
  2. Howto expand your thinking on strategy beyond competing;
  3. Why thinking creative destruction and disruption as sources of innovation is limiting;
  4. Howyou can grow through nondisruptive creation;
  5. How anyone in any organization can move from red to blue oceans withBLUE OCEAN SHIFT’s systematic five-step process—not just entrepreneurs;
  6. Whypeople’s confidence is essential to create and execute your growth strategy andhowto build it;
  7. Whyyou should not build your growth strategy based on existing environmental and industry conditions andhowyou can shape them in your favour for growth.

Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones by James Clear

“Atomic Habits is a powerful book that has changed the way I think about how I live and lead.” 

Brené Brown, author of six #1 New York Times bestsellers

This breakthrough book from James Clear is the most comprehensive guide on how to change your habits and get 1% better every day. 

Atomic Habits will reshape the way you think about progress and success and give you the tools and strategies you need to transform your habits—whether you are a team looking to win a championship, an organization hoping to redefine an industry, or simply an individual who wishes to quit smoking, lose weight, reduce stress, and achieve success that lasts.

‘Atomic Habits’ will teach you how to:

  1. Build a system for getting 1% better every day;
  2. Break your bad habits and stick to good ones;
  3. Avoid the common mistakes most people make when changing habits;
  4. Overcome a lack of motivation and willpower;
  5. Develop a stronger identity and believe in yourself;
  6. Make time for new habits (even when life gets crazy);
  7. Design your environment to make success easier;
  8. Make tiny, easy changes that deliver big results;
  9. Get back on track when you get off course;
  10. And most importantly, how to put these ideas into practice in real life.

The Black Swan: The Impact of the Highly Improbable by Nassim Nicholas Taleb

“The Black Swan changed my view of how the world works.”

Daniel Kahneman, Nobel laureate

‘The Black Swan’ is a New York Times bestseller and one of the twelve most influential books since World War II as per Sunday Times. 

Elegant, startling, and universal in its applications, The Black Swan will change the way you look at the world. Taleb is a vastly entertaining writer, with wit, irreverence, and unusual stories to tell. He has a polymathic command of subjects ranging from cognitive science to business to probability theory. The Black Swan is a landmark book—itself a black swan.

‘The Black Swan’ will teach you:

  1. What is a Black Swan event;
  2. How to recognize Black Swan events;
  3. How to adapt your business to the changes Black Swan events bring;
  4. How to approach opacity, luck, uncertainty, probability, human error, risk, and decision-making in a world we don’t understand.

Skin in the Game: Hidden Asymmetries in Daily Life by Nassim Nicholas Taleb

A New York Times bestseller, ‘Skin in the Game’ is Taleb’s most provocative and practical book yet. Citing examples ranging from Hammurabi to Seneca, Antaeus the Giant to Donald Trump, Nassim Nicholas Taleb shows how the willingness to accept one’s own risks is an essential attribute of heroes, saints, and flourishing people in all walks of life.

In his book, Taleb challenges long-held beliefs about the values of those who spearhead military interventions, make financial investments, and propagate religious faiths.

‘Skin in the Game’ will teach you how to:

  1. Understand the world from a new vantage point;
  2. Succeed in your business, contribute to a fair and just society, detect nonsense;
  3. Influence others.

Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets by Nassim Nicholas Taleb

‘Fooled by Randomness’ is a Financial Times Best Business Book of the Year and was named by Fortune One of the Smartest Books of All Time.

Nassim Nicholas Taleb–veteran trader and renowned risk expert – has written a modern classic that turns on its head what we believe about luck and skill. Set against the backdrop of the most conspicuous forum in which luck is mistaken for skill–the world of trading–and written in an entertaining narrative style, ’Fooled by Randomness’ provides captivating insight into one of the least understood factors in all our lives. 

‘Fooled by Randomness’ will teach you how to:

  1. Deal with luck in life and business;
  2. Approach luck and skill the right way;
  3. Leverage the power of luck;
  4. Understand the major intellectual issues related to the underestimation of the influence of happenstance on our lives.

Antifragile: Things That Gain from Disorder by Nassim Nicholas Taleb

‘Antifragile’ is the #1 Bestseller in Phenomenological Philosophy on Amazon.

Just as human bones get stronger when subjected to stress and tension, and rumours or riots intensify when someone tries to repress them, many things in life benefit from stress, disorder, volatility, and turmoil. 

‘Antifragile’ will teach you how to:

  1. Thrive in an uncertain world, in business and life;
  2. Identify the category of things that not only gain from chaos but need it in order to survive and flourish.

The Bed of Procrustes: Philosophical and Practical Aphorisms by Nassim Nicholas Taleb

‘The Bed of Procrustes’ is a collection of aphorisms and meditations where Nassim Taleb expresses his major ideas in ways you least expect.

The Bed of Procrustes takes its title from Greek mythology: the story of a man who made his visitors fit his bed to perfection by either stretching them or cutting their limbs. It represents Taleb’s view of modern civilization’s hubristic side effects—modifying humans to satisfy technology, blaming reality for not fitting economic models, inventing diseases to sell drugs, defining intelligence as what can be tested in a classroom, and convincing people that employment is not slavery.

‘The Bed of Procrustes’ will teach you:

  1. Surprising truths by exposing self-delusions you have been living with but never recognized;
  2. How to test your business decisions by looking at them through a fresh new lens and see if they still stand.

Hustle: The Power to Charge Your Life with Money, Meaning, and Momentum by Neil Patel, Patrick Vlaskovits, and Jonas Koffler

‘Hustle’ is a New York Times, Los Angeles Times, USA Today, and IndieBound bestseller that Fortune says is a must-read for any entrepreneur.

The book is a dynamic, game-changing guide to finding success and fearlessly outsmarting the system.

The authors reveal their groundbreaking three-part framework of Heart, Head, and Habits. 

‘Hustle’ will teach you:

  1. Why you must own your dreams, not rent dreams from others;
  2. Ways to create your own luck and “POP”;
  3. How to betray yourself to stay true to yourself—and develop your potential;
  4. The four major career hustles and the path that’s best for you.

She’s in CTRL by Anne-Marie Imafidon

Recently our eyes have been opened to the dangerous fact that our technology is built by a series of big decisions made by a small number of people, mainly men. It means our technology is derived from the gender, nationality and beliefs of a section of society whose lived experience may not chime with our own. The tech world might feel beyond reach, particularly if you’re a woman.

But in ‘She’s In CTRL’, Dr Anne-Marie Imafidon, a dynamic advocate for women in STEM, insists that technology is not the preserve of the elite. It is in our homes and in our hands. Rather than feeling powerless to make changes to the way tech works and fails, she argues that it’s time to get into the room where the decisions are made. Or, better still, create their own tech rooms.

This powerful book about women, tech and daring to dream takes inspiration from Dr Imafidon’s own experience and from the stories of other pioneers and innovators who have, against the odds, transformed technology. 

‘She’s in CTRL’ will teach you:

  1. That technology is not an unchangeable and unquestionable force;
  2. How to use technology to future-proof your business;
  3. How to play a part in ensuring a future that is evenly distributed.

Redesigning Work: How to Transform Your Organisation and Make Hybrid Work for Everyone by Lynda Gratton

Whether you’re working in a small team or running a multinational, this is the time to make lasting changes and equip your business for the future.

‘Redesigning Work’ is the definitive book on how to transform your organisation and make hybrid working work for you.

Based on thirty years of research into the technological, demographic, cultural and societal trends that are shaping work, and building on what we learned through our experiences of the global pandemic,

‘Redesigning Work’ will teach you:

  1. Lynda Gratton’s innovative four-step framework for redesigning work;
  2. How to understand the challenges your business is facing;
  3. To reimagine creative, new approaches and processes;
  4. How to model and test these within your organisation;
  5. How to act and create based on contemporary, data-led feedback;
  6. How to help your team embrace change, increase productivity and thrive in our new, more flexible working world.

The 100-Year Life: Living and Working in an Age of Longevity by Lynda Gratton

‘What happens when many people live to 100’? Although technology has been much studied, the impact of demography on working lives is little understood.

Whilst life expectancy has increased for decades, society continues to structure lives in the same way as in the past; we learn, we work, we retire. It is clear that many current practices are ill-equipped to cope with a 100-year life and that individuals, companies and governments all have a role to play in ensuring we structure our lives differently so we can make the most of a longer life.

‘The 100-Year Life’ has created a global conversation about longevity. It has been translated into many languages, won prizes, became one of the best-selling books in Japan and has even been made into a manga.

‘The 100-Year Life’ will teach you:

  1. The challenges and the intelligent choices you must make to turn greater life expectancy into a gift and not a curse;
  2. How to adapt by focusing on intangible as well as tangible assets (includes a diagnostic profile).

The Shift: The Future of Work is already here by Lynda Gratton

By 2010 it was clear to Lynda Gratton that the world was facing a revolution in work. She could see a substantial schism between the past and the present in the way we work.

Much of the insights in this book came from the Future of Work Research Consortium, which brings companies from around the world together to imagine the future.

The book has been translated into multiple languages, won prizes and became a bestseller in Japan. Lynda Gratton uses it as a set text for her elective at London Business School, ‘The Future of Work’.

‘The Shift’ will teach you:

  1. What is the impact of a low-carbon economy on the way we work;
  2. How technology and globalisation work together with demographic and societal changes to transform work.

The New Long Life: A Framework for Flourishing in a Changing World by Lynda Gratton

Human progress has risen to great heights, but at the same time it has prompted anxiety about where we’re heading. Are our jobs under threat? If people live to 100, will they ever really stop working? And how will this change the way we love, manage and learn from others?

‘The New Long Life’ will teach you:

  1. How longevity impacts your business;
  2. How to make the most of smart new technologies;
  3. What is Lynda Gratton’s ‘human ingenuity’ concept and what it means for the business environment;
  4. How to navigate a new life by learning, transitioning, and making deep connections.

Glow: How you can radiate energy, innovation and success by Lynda Gratton

You know them at first sight: teammates or colleagues, direct reports or bosses who radiate enthusiasm, positive energy, and inspiration. Even in difficult circumstances they glow with an attitude that inspires others, fosters a great working experience for everyone, and creates empowering relationships.

‘Glow’ will teach you:

  1. Three principles that people who glow live by;
  2. Three actions for putting each principle into practice based on years of original research.

The Key: How Corporations Succeed by Solving the World’s Toughest Problems by Lynda Gratton

What would happen if corporations actively anchored themselves in their communities and supply chains? What if they leverage their unique capabilities to address complex global challenges such as climate change and youth unemployment?

When intelligence and wisdom are amplified, emotional vitality is enhanced and social connections are harnessed.

‘The Key’ will teach you how to:

  1. Scale and mobilise your business with unique innovative strategies;
  2. Grow your business by committing to solving global problems;
  3. Create alliance-building capabilities for your business;
  4. Bring resilience to a fragile world starting with what happens inside a corporation.

The Exceptional Manager: Making the Difference by Lynda Gratton

Many businesses face the choice of either competing on the ‘low road’ of cost or the ‘high road’ of innovation and value. 

This ground-breaking book is essential reading for policymakers, analysts, academics, and managers to be who want to make a different future.

‘The Exceptional Manager’ will teach you:

  1. How to grow your business by applying the combined insight of some of the best minds in management;
  2. The right way to assess the challenges your business faces with the help of a clear and crisp analysis;
  3. A range of ideas on how to develop the competencies, practices and values that can make a difference in your business.

Hot Spots: Why some companies buzz with energy and innovation – and others don’t by Lynda Gratton

‘Hot Spots’ is one of Lynda Gratton’s most influential books developing one of her research findings which highlights the importance of cooperation to innovation. This topic, particularly boundary-spanning networks, is central to her views about creativity in corporations and she has used them right up to her present thoughts about hybrid work.

This book was the result of a research programme about cooperation, leveraging the companies in Lynda Gratton’s research consortium ‘The Leading Edge’ and with support from the Singapore government.

‘Hot Spots’ will teach you how to:

  1. Encourage your own organisational Hot Spots by focusing on cooperation, networks and the role of purpose;
  2. Build creativity in your organisation.

SalesDogs: You Don’t Have to be an Attack Dog to Explode Your Income by Blair Singer

The number one skill for any entrepreneur or business owner is the ability to sell. Why? Because sales = income. Yet, many fail financially not because they do not have great ideas or even good work ethic, but typically because they don’t know how to, refuse to, are afraid to, or don’t think it is important to know how to sell. 

‘SalesDogs’ will teach you:

  1. How to overcome the fears, the myths and the obstacles to selling your products, services or yourself;
  2. A simple, time-proven process of selling that will generate great income for your business;
  3. The five most important selling skills to master;
  4. How to overcome any objection;
  5. How to manage a territory.

Little Voice Mastery: How to Win the War Between Your Ears in 30 Seconds or Less and Have an Extraordinary Life by Blair Singer

“Little Voice” is the chatter in the six inches between your ears that turns you into a hero one minute and a dunce the next. The 21 proven techniques presented here will reprogram the “Little Voice” in your brain in 30 seconds. 

‘Little Voice Mastery’ will teach you how to:

  1. Build strategies and techniques to maintain power in any pressure situation;
  2. Stop debilitating chatter in your brain so you can attract what you want;
  3. Uncover and realize lifelong dreams;
  4. Break through self-sabotaging habits;
  5. Build powerful, lasting confidence;
  6. Resurrect the hero inside of you.

26 key video lessons on business and personal growth you should see today

Take the reins of your personal and professional growth with 26 video lessons from global business thinkers speaking at BRAND MINDS 2023.

Video lessons on PERSONAL GROWTH with JAMES CLEAR, Bestselling Author of ‘Atomic Habits’

1. How to trigger good habits automatically

2. How long does it take to form a new habit

3. How to get 40 times better at anything 

4. Building and changing habits

Video lessons on DIGITAL MARKETING STRATEGY with NEIL PATEL, Digital Marketing Expert

5. How to build a marketing strategy in 10 minutes

6. Seven underrated marketing tips 

7. Key lessons learned from hiring a CEO 

8. Unique marketing lessons from billion-dollar companies you’ve never heard of

9. Four digital marketing strategies that just work

Video lessons on HOW IS FUTURE OF WORK IMPACTING YOUR COMPANY with LYNDA GRATTON, Future of Work Strategy Expert @London Business School

10. The 2 key factors redesigning today’s workplace

11. Redesigning work

Video lessons on the GLOBAL ECONOMY with NASSIM NICHOLAS TALEB, Author & Risk Analyst

12. What are the greatest risks facing the global economy

13. Why ‘Skin in the Game’ is necessary to make sense of the world at large

Video lessons on BUSINESS GROWTH STRATEGY with Renée Mauborgne, Bestselling Author of Blue Ocean Strategy & Blue Ocean Shift

14. How to find new business growth opportunities in 3 essential steps 

15. How to create exceptional business growth through the Blue Ocean Strategy 

Video lessons on INNOVATION & CREATIVITY with DUNCAN WARDLE, Innovation Expert & Creative Director of Disney

16. What is a simple way to get new ideas

17. How to challenge people to develop remarkable ideas 

18. What is the Moon Shot Thinking and what rules you should be challenging to get to it

19. How to get into the right state of mind to innovate at work

20. How to solve your business challenge by looking around the world of innovation

Video lessons on SALES STRATEGY SECRETS with Blair Singer, World Famous Sales Expert

21. Three secrets to winning every sales pitch

22. Six things that will give you an instant advantage in front of everyone 

23. How to start your journey to a scalable business

24. How to build the dream team in the business

Video lessons on ARTIFICIAL INTELLIGENCE AND THE FUTURE OF WORK with ANNE-MARIE IMAFIDON, Tech Leadership Expert

25. Why leaders should adopt A.I. to future-proof their businesses 

26. The definitive guide to changing your company from the inside out

27 growth insights from James Clear, Nassim Taleb, Renee Mauborgne, Blair Singer, Lynda Gratton and Anne-Marie Imafidon

Are you looking for growth insights with remarkable results in your life and career?

Here are 27 growth insights from global business thinkers and BRAND MINDS 2023 speakers James Clear, Nassim Taleb, Renée Mauborgne, Blair Singer, Lynda Gratton, Anne-Marie Imafidon and Neil Patel.

Growth Insight Quote #1:

“Every action you take is a vote for the type of person you wish to become.” (Atomic Habits)

James Clear, Bestselling Author of Atomic Habits

Growth Insight Quote #2:

“The purpose of setting goals is to win the game. The purpose of building systems is to continue playing the game. True long-term thinking is goal-less thinking.”(Atomic Habits)

James Clear, Bestselling Author of Atomic Habits

Growth Insight Quote #1:

“When you can’t win by being better, you can win by being different.” (Atomic Habits) 

James Clear, Bestselling Author of Atomic Habits

Growth Insight Quote #4: 

“Professionals stick to the schedule, amateurs let life get in the way” (Atomic Habits)

James ClearBestselling Author of Atomic Habits

Growth Insight Quote #5:

“You don’t have to be the victim of your environment. You can also be the architect of it.” (Atomic Habits)

James Clear, Bestselling Author of Atomic Habits

growth insigth quote James Clear

Growth Insight Quote #6:

“Face-to-face interactions between workers fell by 70% after they shifted to open-plan offices, according to one study.” (Redesigning Work)

Lynda Gratton, Future of Work Strategy Expert @London Business School

Growth Insight Quote #7:

“Flexibility became a reality, and leaders realized employees could still get their jobs done.” (Redesigning Work)

Lynda Gratton, Future of Work Strategy Expert @London Business School

Growth Insight Quote #8:

“Bureaucracy declined because of the ruthless prioritization required in the shift to remote work.” (Redesigning Work)

Lynda Gratton, Future of Work Strategy Expert @London Business School

Growth Insight Quote #9:

“A complex job involves around 30 separate tasks, or different things one does in the course of it.” (Redesigning Work)

Lynda Gratton, Future of Work Strategy Expert @London Business School

growth insight quote Lynda Gratton

Growth Insight Quote #10:

“Don’t tell me what you ‘think’ – just tell me what’s in your portfolio.” (Skin in the Game)

Nassim Taleb, Author & Risk Analyst

Growth Insight Quote #11:

“Those who don’t take risks should never be involved in making decisions.” (Skin in the Game)

Nassim Taleb, Author & Risk Analyst

Growth Insight Quote #12:

“Think in terms of expected value. Individual probabilities are meaningless without knowing the magnitude of their outcomes.” (Fooled by Randomness)

Nassim Taleb, Author & Risk Analyst

Growth Insight Quote #13:

“Life is nonlinear. Small acts can have disproportionate consequences.” (Fooled by Randomness)

Nassim Taleb, Author & Risk Analyst

Growth Insight Quote #14:

“We are blind to probabilities. We do not make rational choices, but emotional ones.” (Fooled by Randomness)

Nassim Taleb, Author & Risk Analyst

growth insight quote Nassim Taleb

Growth Insight Quote #15:

“Redraw industry boundaries and operate within that new space, making the competition irrelevant.” (Blue Ocean Strategy)

Renée Mauborgne, Bestselling Author of Blue Ocean Strategy & Blue Ocean Shift

Growth Insight Quote #16:

“Align the whole system of a firm’s activities in pursuit of differentiation and low cost.” (Blue Ocean Strategy)

Renée Mauborgne, Bestselling Author of Blue Ocean Strategy & Blue Ocean Shift

growth insigth quote Renee Mauborgne

Growth Insight Quote #17:

“Achieving your dreams requires letting go of conventional paths.” (Hustle)

Neil Patel, Digital Marketing Expert

Growth Insight Quote #18:

“Taking risks to own your dreams is part of hustle.”(Hustle)

Neil Patel, Digital Marketing Expert

Growth Insight Quote #19:

“Take small steps toward your dreams to persevere through tough times.” (Hustle)

Neil Patel, Digital Marketing Expert

Growth Insight Quote #20:

“Develop a portfolio that showcases your strengths and highlights your dreams.” (Hustle)

Neil Patel, Digital Marketing Expert

growth insight quote Neil Patel

Growth Insight Quote #21:

“Digital literacy is a great way to step up your career.” (She’s in CTRL)

Anne-Marie Imafidon, Tech Leadership Expert

Growth Insight Quote #22:

“Learn how to deliver a great “elevator pitch.” Learn how to make a presentation that lasts from two minutes to 20 minutes that compels others to take immediate action of some sort. Practice it again and again until it rolls off your tongue.” (SalesDogs)

Blair Singer, World Famous Sales Expert

Growth Insight Quote #23:

“More and more, we live in Extremistan, an unequal world with unpredictable extreme outliers.” (Black Swan)

Nassim Taleb, Author & Risk Analyst

Growth Insight Quote #24:

“Fragmentation – a world where a multitude of things constantly demand our attention.” (The Shift)

Lynda Gratton, Future of Work Strategy Expert @London Business School

growth insight quote Anne-Marie Imafidon

Growth Insight Quote #25:

“Isolation – a world where the reliance on virtual technology and working from home has led to a dramatic decrease of face-to-face meetings.” (The Shift)

Lynda Gratton, Future of Work Strategy Expert @London Business School

Growth Insight Quote #26:

“Never underestimate who may know the person who knows the person you want to meet. If you suspect even the most remote possibility that someone might be able to lead you to a decision-maker… Follow it!” (SalesDogs)

Blair Singer, World Famous Sales Expert

Growth Insight Quote #27:

“There are 5 forces that shape the world now and in the future: technology, globalisation, demography & longevity, society and energy resources.” (The Shift)

Lynda Gratton, Future of Work Strategy Expert @London Business School

growth insight quote Blair Singer

Blue Ocean Strategy: How to differentiate from the competition

On this page:

  • Definition of Blue Ocean Strategy – What is Blue Ocean Strategy? Who created Blue Ocean Strategy?
  • Differences between Red Ocean Strategy and Blue Ocean Strategy in business and leadership
  • 3 brands that have differentiated from the competition, generated new demand and found a new market
  • How to create a blue ocean for your company through value innovation

What is Blue Ocean Strategy?

Every entrepreneur wishes their company was the only one in the market. No competitors, having all the customers to themselves. King of the castle ruling unchallenged over the country.

While for most entrepreneurs this dream is only wishful thinking, for some it’s reality.

These entrepreneurs (and we will talk about three of them later) have led their companies to great success by applying Blue Ocean Strategy.

Blue ocean strategy is the simultaneous pursuit of differentiation and low cost to open up a new market space and create new demand. It is about creating and capturing uncontested market space, thereby making the competition irrelevant. It is based on the view that market boundaries and industry structure are not a given and can be reconstructed by the actions and beliefs of industry players.

Blueoceanstrategy.com

Who created the Blue Ocean Strategy?

Blue Ocean Strategy was created by management thinkers Chan Kim and Renée Mauborgne.

authors-blue-ocean-strategy-kim-chan-renee-mauborgne-min

Chan Kim and Renée Mauborgne (image source: blueoceanstrategy.com)

Both Chan and Renée are Professors of Strategy at INSEAD, one of the world’s top business schools, and co-directors of the INSEAD Blue Ocean Strategy Institute in France.

In 2005, Chan Kim and Renée Mauborgne co-authored Blue Ocean Strategy. The book shows the results of a study of 150 strategic moves spanning more than 100 years across 30 industries. The authors’ conclusion is that lasting success comes not from battling competitors but from creating blue oceans – untapped new market spaces ripe for growth.

blue-ocean-strategy-book

Since its first edition, Blue Ocean Strategy has been revised and expanded in 2015 and has become a bestseller with over 4 million copies sold in 46 languages.

The book is recognized as one of the most iconic and impactful strategy books ever written and is the recipient of numerous distinguished awards. Both authors received widespread recognition for their work in the form of various awards and distinctions.

Apart from their careers in academia, Chan and Renée have been employed in an advisory capacity by prestigious organizations. Kim is an advisory member for the European Union and serves as an advisor to several countries and Renée served on President Barack Obama’s Board of Advisors on Historically Black Colleges and Universities (HBCUs) for the president’s two terms.

In 2019, Thinkers50 named Chan Kim and Renée Mauborgne the #1 Business Thinkers in the World.

vector

How to grow your business with 1 strategy framework

Differences between Red Ocean Strategy and Blue Ocean in business and leadership

In Blue Ocean Strategy, red ocean is a metaphor for the known market space encompassing all the industries in existence today. Remember the documentaries that showed the audience what happens when a large number of sharks feed at the same time, in the same place? It’s called a shark feeding frenzy event and it turns the ocean water red with the blood of the fish the sharks are feeding on.

Blue ocean is the metaphor for the unknown market space and all the industries that are not in existence today. It’s the unchartered land that courageous explorers venture in to discover unimaginable riches and opportunities.

  • Red ocean strategy is about competition
  • Blue ocean strategy is about creating new demand
  • Red ocean strategy is a market-competing strategy where profit and growth decline while competition increases
  • Blue ocean strategy is taking the opportunity to grow rapidly and profitably
  • Red ocean strategy competes over customers
  • Blue ocean strategy turn non-customers into customers
  • Conventional leadership focuses on the cognitive and behavioural skills of leaders
  • Blue ocean leadership focuses on actions and activities tied to market realities
  • Conventional leadership has resulted in 87% global average in employee disengagement
  • Blue ocean leadership’s goal is to unlock unrealized talent and energy in the organization fast and at low cost

red-ocean-strategy-blue-ocean-strategy-min

3 Brands that have differentiated from the competition, generated new demand and found a new market

Cirque du Soleil

cirque-du-soleil-blue-ocean-strategy

image source: Cirque du Soleil@Facebook

Founded in 1984 in Canada, Cirque du Soleil is an entertainment company and the largest contemporary circus producer in the world.

There’s circus in the company name but the performances are not your usual live animal children focused shows.

By taking out live animal acts from their performances and focusing on creating storyline-based shows with live music and amazing acrobats, Cirque du Soleil has created a new market space and new demand: circus entertainment for adults.

More than 180 million spectators have seen a Cirque du Soleil production since 1984 worldwide. The company generates annual revenue of approximately $1 billion and its creations have received numerous prizes and distinctions, including seven Primetime Emmy Awards and a star on the Hollywood Walk of Fame.

Uber & Airbnb

Both Uber and Airbnb are great examples of the blue ocean strategy.

Airbnb launched in 2008, Uber – one year later.

Although operating in the hospitality industry, Airbnb doesn’t own any property, it manages an online travel platform. By allowing homeowners to monetize their spaces and travellers to book them instead of hotels, Airbnb has found a new market, a big one.

The numbers speak for themselves: 7+ million listings worldwide, 2+ million people staying on Airbnb per night on average, 750+ million all-time Airbnb guest arrivals. In Q1 of 2019, Airbnb registered $9.4 billion in the total booking value.

Although Uber is operating in the people moving industry, it is not a taxi company, but a ridesharing service.

The latest stats say there are 21 million trips a day taken by 111 million monthly active platform consumers located in over 900 cities across 69 countries. In 2019, the company registered $65 billion in gross bookings across all platforms.

How to create a blue ocean for your company through value innovation

Value innovation is one of Blue Ocean Strategy’s tools and is defined as the simultaneous pursuit of differentiation and low cost, creating a leap in value for both buyers and the company.

vector

10 questions to increase employee retention

The concept of Value Innovation is the cornerstone of the market-creating strategy.

Because value to buyers comes from the offering’s utility minus its price, and because value to the company is generated from the offering’s price minus its cost, value innovation is achieved only when the whole system of utility, price, and cost is aligned.

Chan Kim and Renee Mauborgne

But how does one achieve value innovation?

To achieve value innovation, the company looks at two factors: cost savings and buyer value.

The company makes cost savings by eliminating and reducing the factors an industry competes on and lifts buyer value by raising and creating elements the industry has never offered.

blue-ocean-strategy-value-innovation

Many businesspeople believe that lowering costs and increasing value is a trade-off. It’s either creating greater value for customers at a higher cost or creating reasonable value at a lower cost. Blue Ocean Strategy allows companies to pursue differentiation and low cost simultaneously.

blue-ocean-strategy-four-actions-framework-min

A great starting point for achieving value innovation is to answer the following questions devised by Chan Kim and Renee Mauborgne in the Four Actions Framework:

  • Which of the factors that the industry takes for granted should be eliminated?
  • Which factors should be reduced well below the industry’s standard?
  • What factors should be raised well above the industry’s standard?
  • What factors should be created that the industry has never offered?

In conclusion, to find your blue ocean, namely to tap into a new market, you need to perform an innovative leap in customer value at lower costs thus making the competition irrelevant.

Join the Conversation

We’d love to hear what you have to say.

Get in touch with us on our LinkedIn GroupFacebook Group or Twitter.

× WhatsApp Help