According to the Financial Times, Blue Ocean strategy generally refers to the creation by a company of a new, market space that makes competitors irrelevant and that often creates new consumer value while decreasing costs. This suggests companies should forego traditional competition for market space and rather create their own. Why fight with competitors when you could occupy an uncontested market with an innovative product?
Over time, many companies and events operating in the same industry tend to look the same as everyone competes fiercely to bite off a piece of the market, thus creating a bloody ‘red ocean’. Event companies that embrace a Blue Ocean strategy, can on the other hand, reconstruct their markets and find wide open markets, where the competitors are nowhere to be seen. It’s fair to say, Blue Ocean strategy is indispensable for anyone committed to building a compelling future. Many leaders and companies in diverse industries have applied this strategy and created new markets. The events industry should be no different.
We are all aware of how saturated the events market is across various industry sectors and markets worldwide. Now is the time to move beyond competing, inspire your audience’s confidence, seize new growth and take your events organisation from a red ocean crowded with competition to a blue ocean of uncontested market space. For events this means creating a value curve that is radically different from anything the industry has seen before. Be it, a new event format or a new emerging topic or theme.
So how do you make Blue Ocean strategy work in events?