Dive back into the “blue ocean”
Although blue ocean strategy isn’t new, it’s worth updating in the post-pandemic context. The strategy involves designing a different, low-cost offer to meet latent demand – and can help you bounce back more quickly.
While competition is stronger than ever, everyone wants to benefit from the economic recovery. Use these four recommendations to create your own blue ocean – your brand-new market space.
These tips encapsulate the strategy followed by André Rieu in the field of classical music: By adapting his orchestra’s repertoire and performances, Rieu broadened his market dramatically, and has been successful for more than two decades.
– Don’t be trapped by the conditions in your economic sector and don’t hesitate to create a new niche.
– Stop comparing yourself with your competitors. Focus instead on customer expectations and introduce your own rules.
– Rather than concentrating on your existing customers, go after new clients. Who could become a client in your sector?
– Take a chance on a differentiated offer, and be inventive in cutting costs. Offer more with less!
by W. Chan Kim, Renee Mauborgne and Mi Ji (Les Échos, January 17, 2021).
© Copyright Business Digest - All rights reserved