Diving into Uncontested Waters: The Benefits of Developing a Blue Ocean Strategy for Your Brand
Are you tired of battling your competitors in a saturated marketplace? Do you find yourself acting as a competitive cancer, trying to reign victoriously among your constituents? Competition is cutthroat in the business world, which is no secret. Brands are constantly fighting each other in a bloody red ocean of rivals, wading within a shrinking profit pool, with the hopes of maximizing mindshare and net profits. To cut through the clutter and bring your offerings to the forefront, it is necessary to switch gears and develop a new set of foci that other players aren’t capitalizing upon. Essentially, you need to migrate from the red ocean to the blue ocean.
Based on the ingenious strategy developed by W. Chan Kim and Renee Mauborgne, a Blue Ocean strategy allows brands to develop and thrive within an uncontested market space, while simultaneously making competition irrelevant. With this mindset, brands are motivated to create new frontiers of opportunity instead of squabbling over the same market space with countless others. I think about it this way: Would you rather share one, standard Neapolitan pizza with 30 people, or bake a Sicilian pie exclusively for yourself? Clearly, we’re all going to choose the no-share Sicilian.
Delving into the blue ocean takes you from ‘market competing’ to ‘market creating,’ which allows you to exploit unripe growth. To move out of the realm of direct competition and wade into sparkling blue waters that are free of clutter, the following five-step business process is suggested:
- Choosing the right place to start and constructing the right Blue Ocean team for the initiative.
- Getting clear about the current state of play.
- Uncovering the hidden pain points that limit the current size of the industry and discovering an ocean of non-customers.
- Systematically reconstructing market boundaries and developing alternative Blue Ocean opportunities.
- Selecting the right Blue Ocean move, conducting rapid market tests, finalizing, and launching the shift.
Taking the necessary steps and switching strategic mindset is not a cure-all that will automatically increase your bottom line, but it does have the opportunity to turn non-customers in distant markets into customers over time.
Netflix, Venmo, and Airbnb are three great examples of products and services that made themselves known by delving into uncontested waters. Each has become so powerful that they are virtually rival-less, and any substitutes that come close to competition are only imitating their practices to a lesser degree. The next time you are thinking about bringing a new product or service to market, think about how you can differentiate its presence. Should you aim to sell in eastern nations if westernized countries are saturated with products in your industry? Can you reformulate the process in which your products or services are marketed so that they’re in a league of their own?
There are countless entities to consider, but one thing is certain: You need swimmies and a snorkel to stay afloat in red oceans of competition – but in the blue ocean, you’re lying on a raft and sipping a margarita. Need some help navigating the marketing waters? Contact us today!