THIS STRATEGY WILL LEAD YOU TO SUCCESS!

"What Is Blue Ocean Strategy"

In today's world of aggressive competition, what will you do to stand out? how will you make the competition irrelevant?

This is one of the challenges that CEOs and entrepreneurs are facing nowadays on how they will differentiate selves from the competition.

Everyone knows that if you want to be successful in business, you need to beat the competition.

"I believe that the best way to do that is through blue ocean strategy."

According to authors of the book Blue Ocean Strategy, Chan Kim and Renée Mauborgne, competing in an established market is a bad strategy. If you do, you are adapting a red ocean strategy.

Red Ocean Strategies

A red ocean strategy is mainly about competing with existing industries in the market. The only goal of this strategy is to capture a market space from the competition. The market here is compared to the ocean, the bloody competition with the existing industries leaves the ocean red, hence called the red ocean strategy.

"The only goal from this strategy is to capture a market space from the competition"

A very good example of a red ocean strategy is the smartphone industry. Samsung and Apple are the leader of such, including other companies. Entering the market is like suicide, that is why it is common for these industries for tearing down and throwing dirt at other competitors leaving the consumers confused about what is good or bad.

A blue ocean is completely different.

Blue Ocean Strategies

A blue ocean strategy aims to enter untapped markets, hence making the competition irrelevant. It's about creating uncontested marketspace. In this environment, you can create a demand by solving the existing problems of the consumers in the market.

"It is about creating and capturing uncontested marketspace, thereby making the competition irrelevant"

In the blue ocean strategy, you don't necessarily need to invent a new product or service. You just innovate, and it is something that people give a higher value to.

You are not worried about tearing down the competition, you become the competition. You are not worried about the industry and the competition because your main focus here is your client or customers.

Think of it how Uber was able to solve the problem of transportation uniquely. That is a blue ocean. It makes the competitors irrelevant. Uber looked beyond what was in the market and introduced a new platform. By using the Uber app, you can easily book a ride and a nearby driver will pick you up.

Sometimes it does not have to be revolutionary, just perception in the marketplace about the reality. If you can create a demand that will solve the customer's need and perceived the marketspace that you are only the one who is doing that and nobody else, you will now dominate the industry and you applied the blue ocean strategy.

I hope these simple insights will help you decide what kind of strategy will you use in your business.