I should probably start this review with two confessions. The first is, I spent too much time reading this book. It is not really because the book is not interesting, it is more of me not wanting to miss out the details. It is that kind of book. Second, I definitely have to read the book again, but preferably a hard copy because I need to highlight and underline and even book mark. It is seriously that kind of book.
The book tries to push a single idea – that a business or enterprise will succeed at competition not by fighting for market share, but creating its own market. Does that make sense? Perhaps. I like how the authors start to dissect businesses that have successfully applied this idea to their products and services, and so you start to get persuaded.
I was so persuaded that I started a project at work solely in application of the ideas that I learned in this book, but for some reasons I would rather not disclose, I pulled the plug. You see why I said it is that kind of book. That is precisely why I want to read it again. I will share two anecdotes that I picked up from the book, and then conclude the review.
The first is the story of how Japanese cars knocked out the competition (mainly US car manufacturers) by focusing on small, functional and fuel-efficient cars. The principle here is the cornerstone of the blue ocean strategy – instead on trying to get a piece of market share, focus on value innovation. Don’t innovate only – make sure your innovation is useful, price friendly (from the customer’s perspective) and cost-efficient (from industry/company perspective). The second is the story of Pret a Manger. Now that I think about it, I can see the principle in action. The third principle of the blue ocean startegy is in two parts – (a) instead of focusing on existing customers, think about non-customers and (b) instead of focusing on consumer differences, focus on common threads among customers needs.
Let me stop here, so I don’t end up giving a summary of the book. Do you see why it is really that kind of book? I have said that like three times already. I would highly recommend for business owners, anyone in sales and marketing, young professionals and anyone in management (mid-level and C-suite both).
P.S. Shout out to the Real Estate Community of the Covenant Community Groups. The book is one of the reading recommendations, and I am soooo glad I was able to join, and participate.
EKAETE HUNTER 