Stagnation can bring about the demise of any enterprise in any industry and adopting a growth mindset is a must for any brands out there determined to flourish and thrive… particularly in an increasingly competitive and crowded marketplace.
There’s nothing quite like spotting a gap in the market and tapping into a particular niche before anyone else, allowing you to set up shop and reap the spoils for yourself. But how often does this actually happen for you in reality? How often do you find yourself late to the party?
If this sounds like a familiar story but you want to turn the tides in 2023, you might find that a blue ocean strategy is the right course of action for you.
What is a blue ocean?
‘Blue ocean’ is an industry term used to describe new emerging markets with little to no competition, leaving them wide open for the next big innovative thinker out there.
First introduced as a concept in the mid-2000s by INSEAD business school professors W Chan Kim and Renee Mauborgne, these markets represent excellent potential to drive profits skyhigh, unlike their red ocean counterparts, which are characterised by overcrowding and tough competition.
Brands sailing the choppy waters of red oceans often find the competition so intense that it’s simply unsustainable and they’re forced out… but necessity is the mother of invention, as they say, and saturated markets can often lead to brands expanding in new directions.
Entrepreneurs and startups are also big fans of blue ocean markets, in large part because of the lack of competition, which means you can reduce marketing costs and set your own prices without having to take other companies into account. As first-movers, you’re also able to be flexible and target various different demographics as you like.
To find your next blue ocean, start thinking about value innovation. Ask yourself what useful, beneficial and helpful product or service you could provide with the resources and tools you already have at your disposal.
You’re looking for the key to a lock that no one even knows they want to open yet… If you need any help in finding it, get in touch with the Si2 team today to discuss corporate innovation today.