You might wonder what Blue Ocean in Marketing Strategy is, I know I did when I first listened to that term. Blue Ocean Strategy is nothing more than finding what makes your product/service different than the competitors. By finding what makes you different, you open a new market space and create a new set of customers that will be loyal to your brand.
This approach looks at the landscape by dividing it in two:
- The Red Ocean, where products and services compete in an existing market space, by segmenting the existing customers.
- The Blue Ocean, where a new uncontested market space is created. Using this approach, brand equity is elevated while creating stronger brands.
Our goal as marketers is always to create strong brands, higher brand equity and to leave long-lasting impressions that resonate with our customers. There is no need to jump into a bloody red sea crowded of sharks, when we can find our niche in a blue ocean where we have the water for ourselves.