Blue Ocean Strategy
Many times startups fail to create differentiating factors in their products and the existing alternative. Even though their products are 30-40% different but still they don’t make a buzz. Aping the strategies being employed by the competing established players seldom ensures success. So what to do?
Here adopting the Blue Ocean Strategy could help change the game.
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. It is based on the view that market boundaries and industry structure are not a given and can be reconstructed by the actions and beliefs of industry players.