Episode 2: Making Competition Irrelevant
With special guest Renée Mauborgne, co-author of Blue Ocean Strategy
Are you ready to move from downward pricing pressure to upward pricing possibility? Are you ready to start having customers seek you out rather than having to chase them down? Do you want to know the secret to making the competition irrelevant? Or how to transition from a red ocean of bloody competition to a blue ocean of uncontested market space?
In this episode of the Tony Robbins Podcast, you will hear from Renée Mauborgne – professor at INSEAD and co-director of the INSEAD Blue Ocean Strategy Institute, and author of the best-selling book, Blue Ocean Strategy, which has sold over 3.5 million copies across 5 continents and was recently updated and expanded in 2015 – as she discusses how any business can break away from the competition, build a strong brand, and get the world of social media to start talking.
[6:20] What is Blue Ocean Strategy? Defining the key differentiators
[9:08] How are new businesses using Blue Ocean Strategy
[11:01] Creating slack to allow small and medium businesses to grow
[12:06] How social media is expanding the opportunity to stand apart as a small/medium business
[15:19] How to make your product or service worthy of a 5 star rating
[18:02] Does a business need to hire new talent to implement new strategies?
[19:30] How to begin implementing the Blue Ocean Strategy
[20:50] Who are your ideal customers?
[22:00] A challenge for your team
[26:15] Value innovation: Is your innovation compelling to your customers?
[27:00] Tools and frameworks
[29:55] The four major hurdles that companies face
[32:00] What’s coming next from Blue Ocean Strategy
How to create a MAP – Once you’ve identified what you need to do to create a new market space and dominate it, you need a Massive Action Plan (MAP) to execute with speed and power.
3 ways to beat your competition – Find out the three things that create a crisis in a business, so you can anticipate other company’s weak spots and effectively steal market share away from them.
How to protect your blind side – Don’t let others use your weaknesses to push you out of your market. Find out the 7 triggers that create a business crisis and make sure they don’t impact you.