I want those numbers to be above 90.
The market share has to be more than that of the Instagram.
We’ll go for an aggressive marketing. We need to capture the market.
Sounds familiar, doesn’t it?
Maybe your boss, or your partner would have yelled those amazing words at you, at some point of time; or maybe you would have done so.
Well, that’s how strategies sound when being formulated- result driven, maximization of the ROI and above all, makes you sometime feel like you’re in a military boot camp. Aye mate.
In general, any corporate strategy can find its roots traced back to military terminology. Be it the chief executive “officers” sitting in their “headquarters”, or personnel deployed on the “front line”, we can see the influence of military in the corporate. Strategy, at its core, is the planning, formulation and execution of a well laid out scheme or plan that is to be implemented with a particular objective- to win, defend, or to retreat. Heavy.. Right??
Well… All is well ‘til now and you can have a really mind-blowing strategy.
The only problem? Well… Your competitor is doing the same thing. Now you won’t expect them to sit back, relax and just wait for your move, will ya’?
Fret not, as blue ocean strategy can come to your rescue.
That’s OK… But what is blue ocean strategy??
Before we can go to a blue ocean, let’s explore the red ocean.
Just give a wild guess hat thee two could be.
Well.. You were right. Just like the colors, these oceans have the general meaning that one can associate to red and blue colors.
A red ocean strategy is like The Hunger Games- Everybody is trying beat everybody.
Now take that scene, and imagine an existing market, where everybody is fighting to capture and carve their own niche. They would celebrate if they are able to make a deal in volumes, but in this process, they forget the core purpose of a business.
TO MAKE PROFIT.
On the other hand, someone from this chaos decides to do something, maybe gets ridiculed, but moves out of this bloody fight and create a separate market for itself.
If you consider red ocean as an existing piece of land, a blue ocean would be something where you create new land.
How to Move from Red Ocean to Blue Ocean?
Cool.. I got that.. But how do I swim from a red ocean to a blue ocean??
Well.. That’s neither too easy, nor too tough. The thing is- you need to know the pulse of the market, and then BAMM… Make something that caters to that unfulfilled need customers crave for, or they’re not aware of. Identify that, address it and you will find yourself swimming in the refreshing waters of the blue ocean, away from the hustle and bustle of the red ocean.
Will Blue Ocean Eventually Become Red?
Awesome!! But don’t you think a blue ocean will eventually become red??
What did you think?
The red ocean guys will sit back and watch you enjoy the blue ocean? You’re sadly mistaken my dear friend.
See, the thing is, in any market, there will be imitators, who’ll find the way around as to how you made your way to the blue ocean.
They’ll sniff out that trail, and soon follow you there.
And that won’t stop until your beloved blue ocean becomes red again.
What to Do When Blue Ocean Turns Red?
OMG! What should I do then?
Just what you did last time.
Sit back, sip in a Red Bull and think what more could the market want. And make it happen.
Blue ocean is a place of dynamic process. No statics, please! According to a golden rule, just make sure that your product or service is at least 10 times better than your competitor’s.
Sorry to break any bubble, but any blue ocean will eventually become red. The key is to keep up the spirit, and keep thriving to better your best.
Like the famous saying goes, it’s not going to be easy, but it’ll be worth it.
Wow! That was something. But has someone done that??
History is filled with such examples.
You may remember the curious case of Google’s Android, that rendered Symbian almost obsolete, maybe not immediately but eventually.
Xerox defied all the numbers and created a niche and left a legacy behind (Today getting a photocopy has become synonymous to getting a Xerox).
And how can we forget our beloved Netflix. I guess the name is enough to tell you what awesome job they did to bring TV closer to people. So much so, it has become a part of various famous practices (You know which ones I’m talking about 😉 ).
The Body Shop became a hit in the 80s, giving head-on competition to the cosmetics giants, bringing the new natural beauty products to consumers, and we loved that. But they forgot the dynamism of blue oceans- Imitators came, and their blue ocean began turning into red.
Henry Ford created a blue ocean with its T-Models, and as the sands of time kept passing by, we now enter the era of electric cars.
There are n number of examples, but the post has to be limited.
Let us know what you think in the comments below. If you know any other example, or have any additional points, feel free to reach out to the world.
‘Coz this platform is by the people, for the people and of the people. Hakuna Matata.