June 17, 2010
We have been taught a new management approach in dealing with Market Innovation called the “Blue Ocean” concept.
In this topic, you are taught not to lock horns with your business rivals or what is known as a “price-war” to get market share.
The concept of Blue Ocean starts with “scanning the waters” or checking the industry where you are presently competing with others. After you have plotted where you are versus the rest of industry, do an honest assessment of your product or service, meaning you do a SWOT(strength,weakness,opportunity,threat) analysis. After doing your SWOT, determine if there is a unserviced market that your competitors have not yet tapped yet. If you can find that “unserviced market” then you have found your Blue Ocean or an opportunity where you are not directly competing with your business rivals but can get more market-share.
In the Blue Ocean concept, you do not have to engage in a price-war otherwise your product or service begins to be a commodity. In the Blue Ocean concept, you find innovations in your product or service so you can differentiate your self from the rest of the pack and be a leader in a potentially untapped market.
This strategy is not limited to business concerns but also in your personal lives. If a guy is trying to win the battle of “hearts and mind” for a very special woman and there are several key competitors, the “Blue Ocean” concept can be applied. How is it done? Study the competition. Look at their common traits, styles, and approaches. Do your SWOT and look for things they haven’t covered yet. If the woman is always getting the gifts, flowers and fancy dates, you may want to try a different approach. It maybe old fashioned but try writing good “love letters” ( in ink, paper, hand-written). It worked for Pepe Rizal in the late 1900’s, why shouldn’t it work for Pepe Smith at the dawn of Y2010. That’s differentiation for you, in a novel way of course.
