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These are some of the benefits of the blue ocean strategy: Look over the blue ocean pros and cons to decide if the strategy is right for you. The blue ocean strategy might be a boon for your business, or it might unintentionally hamper your operations. The blue ocean strategy encourages you to innovate and develop new, affordable products that make competition irrelevant. This situation is applying to more and more industries today and will be even more prevalent in the future.” Chan Kim, who co-authored the book with Renee Mauborgne, explained the concept in a Forbes article: “Our study shows that blue ocean strategy is particularly needed when supply exceeds demand in a market. The name “blue ocean strategy” comes from the book Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant. The blue ocean strategy represents the simultaneous pursuit of high product differentiation and low cost, making the competition irrelevant. These new spaces are described as “blue oceans” – a term meant to contrast with the struggle for survival in bloody “red oceans” swarming with vicious competition. The blue ocean strategy is about helping your company gain uncontested market space separate from other, similar businesses. We’ll explore how creating your own market has helped many businesses grow and share how your business can also benefit. This is precisely what the blue ocean strategy suggests, though household-name brands used this approach long before a 2004 book gave it a name. What if you could figure out how to tweak your products and services to make them an industry of their own? Let’s say the products and services you offer aren’t enabling you to meet your revenue goals. This article is for business owners interested in creating their own market rather than competing.To implement a blue ocean strategy, grow your current team and identify pain points that only your business addresses.Many household-name businesses have reached their current stature through blue ocean strategies, but the approach can be risky.The blue ocean strategy encourages tweaking your products to push them into their own market with low prices and no competition.