“To be successful we must live from our imaginations, not from our memories.”
—Stephen Covey, author and leadership expert
Nearly a decade ago I started this blog as a resource on Blue Ocean Strategy, innovation and creativity. And in those first few years it quickly became the go-to place on the Internet for up to date information, stories and inspiration on Blue Ocean Strategy.
1200 posts later, it delights me to announce the relaunch of this space. So please check back next week and share in the excitement as the new home for Slingshot and Re-Imagining Boundaries launches.
For all you nostalgic historians, the archives will remain accessible for a few weeks after the relaunch.
In a highly competitive and changing landscape, companies must understand that they are not in the business of making a certain product or providing a certain service, but rather they offer something much more encompassing, much more fundamental: they are in the business of enriching people’s lives.
They are in the business of making people’s lives more fun, more thrilling, simpler, more comfortable, more liberating, safer, more meaningful, more efficient, and more harmonious. This seemingly small shift in strategic thinking is huge. It allows companies to infatuate large groups of consumers and to do so continuously.
See how the traditional wine glass is being continuously re-imagined to enrich the experience and taste for wine aficionados while simultaneously expanding brand relevance.
Maximilian Riedel needed only a few minutes to shatter my views about wine glasses.
Riedel (pronounced REE-dle) is the 11th generation of his family in the glassware business. His grandfather, Claus, revolutionized wine stemware in the 1950s by developing different glass designs for different types of wine. Today the name Riedel is synonymous with fine crystal.
In order for companies to deliver lifestyle enrichment to consumers, being relevant is much more important than being best in any traditional measure.
As my example today shows, you can be the most well-known brand in the world and the undisputed market leader, but it won’t matter if your market segment itself becomes irrelevant and no longer enriching people’s evolving lifestyles. At most, you can prolong your inevitable demise and have the dubious honor of being the last in your market to fold — in this case carbonated beverages.
“For Coke to regain brand relevance, it has to try and meet changing consumer goals,” Professor Dhar said. “Innovation is one way. A different way may be to try to identify relevant goals that can be tied to moments which are made for carbonated beverages. This requires deep consumer insights and being on the offense rather than defense about the category.”