Use of Blue Ocean tools to describe your business idea is mandatory. While it is not mandatory to use all the blue ocean tools below, to have a chance at winning the Blue Ocean Student Entrepreneur Competition, you should use the Strategy Canvas, the Three Tiers of Noncustomers, and the Eliminate-Reduce-Raise-Create Grid well. It is better to use fewer tools very well than all the tools poorly. Register for the competition to receive access to the Blue Ocean Student Entrepreneur Mini-Course, where you’ll learn how to use the blue ocean tools.
The As-Is Strategy Canvas
Use the As-Is Strategy Canvas to describe the current industry landscape and the red ocean scenario. Draw the major competitors on the strategy canvas.
The Buyer Utility Map
Use the Buyer Utility Map to identify hidden pain points in an industry and create new demand. Address some of the pain points to create exceptional utility for the buyers.
The Three Tiers of Noncustomers
Use the Three Tiers of Noncustomers to describe your target market. Rather than focusing on fighting over the existing pool of customers, discover potential noncustomers for your product or service offering.
The Eliminate-Reduce-Raise-Create Grid
Use the Eliminate-Reduce-Raise-Create (ERRC) Grid to describe your strategy. What will you eliminate and reduce to lower your costs structure and what will you raise and create to stand out from the crowd.