Are you currently experiencing a Red Ocean Strategy?
"In the red oceans, industry boundaries are defined and accepted, and the competitive rules of the game are known. Here companies try to outperform their rivals to grab a greater share of product or service demand. As the market space gets crowded, prospects for profits and growth are reduced".
To be successful, organizations are competing in the already saturated red ocean of a given industry. Their strategy is focused on providing a low-cost no-frills offering.
or entering in a Blue Ocean Strategy mode?
"Blue Ocean Strategy is the simultaneous pursuit of differentiation and low cost to open up a new market space and create new demand. It is about creating and capturing uncontested market space, thereby making the competition irrelevant". With the launch of a new offering, an organization unlocks a blue ocean of new market space in a given industry that it has the opportunity to dominate for the years to come if hasn't been the case already.
You can also explore how your organization might benefit from a Purple Ocean Strategy.
"Purple ocean strategy just as blue ocean strategy states that a red ocean strategy (competitive strategy) does not guarantee success for the firm.
Purple ocean strategy also claims that blue ocean strategy cannot guarantee the business success in the long run since the blue ocean strategy will finally turn red". In fact very soon once that the competition discovers your new business category, they will do the same move as you do. As a result, you can't go on and reinvent or discover new blue oceans over and over.
The Purple Ocean Strategy is the terminology that describes "red ocean" and " blue ocean" mixing together. As a result, the go-to-market strategy will go after new untouched markets which are mostly new business categories/ industries or regions.By continuing to perfect and improve your current offering to new markets, it can be good enough in order to experience significant growth for your business.
Let's co-design a go-to-market strategy focusing on your value proposition
to win new business faster