Companies have traditionally fought hard to earn and keep a share of the existing market for their product or service. This struggle was viewed as a zero sum game with one company’s increase coming at the expense of another’s. When the book “Blue Ocean Strategy” was published in 2005, authors Kim and Mauborgne detailed a revolutionary concept. Rather than sink ever-increasing amounts into gaining shares of existing markets, they encouraged companies to attain growth by gaining share in markets with little or no existing competition. With their strategy, the competition would become irrelevant.

The classic example of this is Cirque de Soleil. By expanding the concept of the circus to incorporate elements of ballet and opera, while dropping star performers and animals, Cirque de Soleil was able to increase value to the consumer and the company. In the process, they created a new, enjoyable form of entertainment that kept the elements that were important to the “circus consumer” and blended them with a new experience.

To make the competition irrelevant, you must take a close look at the product or service you offer. What does your customer value? Is there more than one segment to your market? Do customers all value the same thing? The next step is to evaluate which aspects of your product are of value to you. Which are the parts of your service you tack on just to retain shares versus the parts that are integral to your overall business strategy? Once you understand these basics, you can see how well the product you’re offering meets these customer needs and expectations.

Now, envision your product or service if it were maximized around the parts that are of value to your customer and you. Would it look like a circus or would it look like highly choreographed acrobatics with a moving story line? You’ll need to really stretch to envision your product or service in a completely new light. When you do, you will likely find yourself on the threshold of an entirely new, uncontested market.