Essentially the internet provided the world with a new platform and with it technically things began to change too, not only the way we engaged services in business but also the nature of the business itself. As humans need changes everything begins to change. Winning in business is more challenging today than it has ever been, the markets are flooded with stuff we don’t need, so when setting up your company and brand it is good to think outside the square and create a business that doesn’t compete but creates a new market of value.
In competitive markets the industry boundary is clearly defined, accepted and the competition rules understood. Companies often react to one another trying to outperform, to grab a bigger share of the market place, it’s crowded and the prospect for greater profits is reduced.
Going for untapped market space is an innovative and entrepreneurial approach to business, where there is demand creation and the opportunity for highly profitable growth. Usually these types of enterprises are created within competitive markets but dont work within there boundaries, expanding the existing boundary and spilling into other industry merging and creating a new paradigm.
This type of business strategy is unchartered, most of the business research available to us is on competitive business and market share and a competitive business environment will always exist. But with the constant birth of new technological platforms there is unlimited potential to create new ways of doing things and cross industries and market places. The creation of Industry is still largely up-mapped territory.
Let’s look at Cirque du Soleil for an example. When they entered the market there was the disappearing industry of Circus, no longer was it Kosher for animals to perform, huge expenses involved in travelling and transporting large amounts of crew and props around the country side forced the circus industry to slowly decline with only a few hard core circus families still on the road and performances lacking the lustre of the grand shows many of us grew up with because the business model is no longer relevant. Kids are also changing, having online platforms for entertainment with colours, sharp graphics and fast speed engagment, a grubby suburban circus seems pale in comparison.
The great thing about Cirque du Soleil is that they took this original circus idea, and love of busking, street art and performance and looked to another industry, theatre. With storylines and themes, dancing and acting, they created characters and gave the acts meanings with a harmonious and intellectual aspect to their art. Just like a Broadway show it has original music composed especially for the show driving all the visual performance, lighting and timing of each act. It became about multiple productions not a “one for all” show.
By offering the best of circus and theatre Cirque du Soleil successfully created a new form of entertainment both different from traditional circus and theatre.