A few days ago I finished reading Blue Ocean Strategy, a book about creating entirely new markets (what they call a blue ocean) instead of trying to compete for a piece of the same market (a red ocean). They talk about a few strategies on how you can create a blue ocean, citing several examples of real companies. Some of these strategies include looking across alternative industries (private jets versus commercial airlines), across strategic groups within an industry (traditional health clubs versus Curves), or at the emotional and/or functional part of buying.

The book itself is a great read, but better still is trying to apply the principles learned to a certain business.

The software market is a little uncommon in that anybody that can produce a relatively good software application will get a few sales. In other words, there is probably a market for every software app. The trick is finding a big enough market so that you make a healthy profit.

This book teaches several strategies on analyzing your product offering and your target market so you can create new demand. By following this book’s tips, you can find the features of your product and your competition that add the most value for your customers, and by focusing on those features and ignoring those that don’t add value, you can create an entirely new offering that will appeal to a new, uncontested market.

The book is good read, and I recommend it to anyone involved in strategic decisions. If you are on the planning stages of a new product, then it’s a great time to read this book.