Fishing for customers with the same fishing rod, in the same pond can be difficult.
How this helps you
If you notice your product or service is similar to another in the market. Try to think of how you can be unique, or provide extra value being faster, cheaper, easier, funnier, better…
What is it?
Blue Ocean Strategy was developed by W. Chan Kim and Renée Mauborgne. They observed that companies tend to engage in head-to-head competition with each other in search of sustained profitable growth. But in overcrowded industries this competition results in nothing but a bloody red ocean of rivals fighting over a shrinking profit pool. Lasting success increasingly comes, not from battling competitors, but from creating blue oceans of untapped new market spaces ripe for growth. A Blue Ocean Strategy aims at challenging all that you knew about strategic success and serves as a systematic approach to making the competition irrelevant.
How does it relate?
Blue Ocean Strategy helps you to make well informed choices about the market you are going to enter. If you start your business it is easier to enter a new market than to start battling with competitors.
Your next Waypoint
Start collecting the most important product features of your competitors, rate them and compare them. This will give great insight in how stand out from the rest and enter the blue ocean.