The growth strategy—and corresponding marketing strategy—of a company has a lot to do with the nature of its industry. When a new market is developed or discovered, we say there is a blue ocean—an unmet demand in a market that isn’t served or is vastly underserved. Market share and sales can be increased by simply letting consumers know that a product or service exists and convincing them that they want the product. By contrast, in a red ocean, the market and the major players are already established, and the market is saturated. The only way to increase market share is to take market share from a competitor. That can be exceedingly difficult to do. (more…)
Posts Tagged ‘competitors’
What Beer Companies Can Teach Us About the Dangers of Publicly Attacking Competitors
Tuesday, May 28th, 2019
Iterative Innovation: Improving Upon Competitors’ Ideas to Build Value for Your Customers
Tuesday, December 19th, 2017
When facing competitors, there’s an old saying that goes, “If you can’t beat ‘em, join ‘em.” In other words, if you aren’t able to overcome your rivals, you’re better off cooperating with them or joining their side in the hopes that you’ll gain some sort of advantage. In the business world, a better saying might be, “If you can’t beat ‘em, copy ‘em.” (more…)
Yes! You DO Have Competitors!
Tuesday, May 6th, 2014Every once in a while, we work with a client who believes that they do not have any competition–they are unique or their product is so exceptional that there is just nothing that competes. Those client conversations are always just a little bit awkward because, in reality, every organization of any size has competition of one form or another. Even an organization that is introducing a truly unique and innovative new product will deal with “indirect competition” (literally, “any other alternative” to what they have to offer). Acknowledging competition can be tough, but it’s a critical step in determining how to best “position” and sell what it is that you have to offer.
One way to think about this is to ask yourself the question: (more…)
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