When it comes to change management and innovation strategy, companies don’t have to make the choice between jumping into something completely new or standing still. Instead, you can adopt a more gradual approach, which I call ‘3 levels of blue waters’”
- Blue Lake: Refresh & optimize your current value proposition
- Blue Sea: Expand your current value proposition for broader relevance
- Blue Ocean: Create new value proposition at the intersection of market spaces
As an example, consider how the Dollar Shave Club re-imagined market boundaries on all 3 levels:
- Blue Lake: Dollar Shave Club optimizes the razor purchase experience - 2012 (which any of the incumbent razor companies should and could have done)
- Blue Sea: DSC expands into skincare - 2016
- Blue Ocean: DSC launches online content hub for men – 2017
