International best-seller, Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant by W. Chan Kim and Renee Mauborgne, transforms traditional thinking about law firm marketing with ideas and principles that make competition irrelevant.
Kim and Mauborgne attack Michael E. Porter’s famous “five forces” market analysis to redefine the terms of competition. They also outline replacement strategies that any solo attorney or small law firm can use. These include reconstructing market boundaries, focusing on the big picture, and reaching beyond existing demand.
This book encourages the pursuit of new market space where the differentiators in one’s practice will matter. The end goal of the Blue Ocean Strategy is to place your law practice in a place where there is no competition because of the cost of your legal services and the distinctive offering of your law firm. “Blue Ocean” is a term that the book uses to describe a place where there is uncontested market space, rather than the “Red Ocean”, full of sharks and competition. In blue oceans, demand is created rather than fought over. There is more opportunity for profitable growth instead of trying to outperform rivals in red oceans.
I suggest Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant for both business-to-business and business-to-consumer practice area attorneys. It empowers lawyers from every specialty to develop a niche and focus on their unique value proposition. This book will challenge lawyers to look honestly at their practice and its offerings to figure out where they can capture new demand for legal services. It is a smart read for lawyers that want to grow by producing legal service offerings that have better features than have been previously offered.
When used effectively, I think that the concepts outlined in Blue Ocean Strategy can help lawyers develop peerless offerings that cannot be undercut. It is a vital read for any solo practitioner or small law firm ready to carve out their place in the legal community.