A brilliant @WBECS session with INSEAD Prof Renee Mauborgne (Author):
DYK ?
- Coaching is a $2 billion industry, 2nd fastest growing industry in the US
- Coaching (not just life, but all variants thereof, Leadership/Business/Life and Executive Coaching) did not exist 25 yrs ago, the way it is today.
- Coaching is Blue Ocean.
- Kudos to the pioneers in coaching & mentoring who adopted Blue Ocean Strategy
To strive, to seek, to find, and not to yield – Tennyson
Blue Ocean Shift isCompete to Create
- Compete to Create
- Win-lose to win-win
- Scarcity to abundance ( I love it, ‘abundance’)
Application:
Can be applied at the level of organization, orchestra, dept… the power of brand you build.
These companies don’t have customers, but fans.
Coaches can apply to clients, and themselves.
Differentiating, low cost as well
We are in an era of disruption:
- Disruption is part of the creation of new markets.
- The other half is non-disruption of it
Life coaching did not disrupt, lay off workers. Hence Blue Ocean Shift…
Mindset:
- Don’t accept (status quo)
- Create customers
Examples:
– ‘Hotels are going the airlines’ way’
‘Hotel business is exploding. Start-ups like Airbnb looms large over legacy hotel brands
(IC – ET Brand Equity Oct 4, 17)
– Malaysian Govt Blue Ocean Shift – CRP – rehabilitation is the objective of prison, not incarceration – prisoners deserve Community Rehabilitation Program (CRP) prisoners, a liability to themselves/family/society/govt to an asset, saving billions of dollars – it took just 6 months! (Malaysian Govt website on CRP)
– Wawa: 150 yrs old, gas stn with the convenience store (both intensely competitive), a little bit of food. Blue ocean, also sells food. A quick service restaurant that also sells gas.
This Bengaluru petrol station offers its customers free food @Yourstory :))
ActiFry: Loved the story of French multinational – electric french fry makers – real problems, hypermarkets, don’t cook at home – ActiFry – Oprah active fan 5% increase in stock price – just 6 to 8 months it took
Oprah endorsed it ! Wow !
How we systematically underestimate ourselves, our teams
Random brainstorming does not help
Red ocean to Blue Ocean
Bringing people is critical
5 Steps Process:
- Right people
- The current state of play – many companies live in illusion ‘R’, Reality. Else lip service – ask different questions
- Where are the customers
- How to get there
- How to build a business model
Responsibility for the decline, the world or ourselves? We are our worst enemies. Not competition, we are the cause…
– Humanness part of the process! Break it down is part of the humanness
Suggested Takeaways by Prof :
- Focus on competing to creating (the shift)
- You don’t have to be a Steve Jobs to apply Blue Ocean – like six sigma – proven steps to create new markets
- Give tools to ordinary people, incl national govt – you grow the confidence (leadership got to be humane)
- A complete shift in company culture!
- Am I updating my toolbox?
My own reflections:
- Kudos to the pioneers of coaching, as it exists today and not-for-profit agencies promoting coaching, viz., ICF & EMCC, coaches, and all other stakeholders.
- $2 billion industry and 2nd fastest growing industry – all stakeholders have a big responsibility to ensure highest levels of ethics
- Abundance, Win-Win is aligned with what Master calls, #I2We2He
- Step 2 of 5 Step Process is like ‘R’ of GROW and ‘Powerful Question’ a coaching competency! Pain points are being customer-centric. The pure, classical approach to coaching and mentoring is Blue ocean – for us the coaches, for our clients (individuals or organizations)
- Prof Renee was spot on regarding hotels/their service. Last week I walked into a hotel, where I am a loyalty program member at the Gold level. Going around in the dusty Gurgram/Gurgaon in Delhi NCR, I did not look very presentable for a 5-star guest. The reception was so cold till the guy at the counter discovered my loyalty program status. More drama… I left behind one pair of suit and I am struggling to get them to courier same, courtesy their
- Blue Ocean Shift is a Process, just as Coaching is a thought-provoking & creative process (ICF definition of coaching)
- ‘Am I updating my toolbox’? – The thrust on continuous learning (at ICF & EMCC) is so critical for a coach. Collateral benefits include good for the brain to retaining humility!
- Picked up the Kindle version. Blue Ocean Shift: Beyond Competing – Proven Steps to Inspire Confidence and Seize New Growth. It starts with the Tennyson-quote but gets more poetic in the preface. One more book to read, but looking forward to 🙂
- Thanks to team-WBECS, Prof Renee.
PS: For transformational Leadership/Business/Executive Coaching, pls visit https://www.regalunlimited.com/executive-coaching-bangalore-jeddah-dubai/
only if you are ready for a transformational shift, a la Blue Ocean Shift.
Stay blessed!