Blue Ocean Strategy - Attract New Customers

All of us, irrespective of our designation, work towards one motive: delivering the maximum value to our customers.

It’s always a race, isn't it? A race to find the right customer, a race to constantly upgrade our products/services, a race to beat our competition, and a race to generate higher profit margins than last year.

This is exactly how most people, in most companies work.

But this does not always have to be the way business works. What if there was a miraculous way to easily find new customers and create value for them, all without competition? This is the Blue Ocean strategy.

Introduction

Blue Ocean is all about creating and capturing uncontested market space at low cost with a unique value proposition that renders competition irrelevant.

The underlying idea is that industry structure and market boundaries are not set in stone and can be restructured by the actions of industry players.

On the contrary, in markets where there is little room to maneuver, companies fight for market share against entrenched competitors. Such markets are typically saturated, with few opportunities for growth. These are called Red Ocean markets.

Here, industry boundaries are defined and accepted, and the rules of competition are known. When Red Oceans become fiercely competitive, the result is price wars and a declining bottom line for everyone.

Most of you would find your companies in a red ocean. This is because companies tend to slowly lose their differentiation factor as more competition enters their market. You read that right, blue oceans tend to become red oceans over time. Therefore, it is imperative for companies to constantly innovate and offer more value to their customers.

Application

Companies can resort to vertical product integration, horizontal product diversification, or even geographical diversification into new potential markets.

To enter a blue ocean market, your company needs to offer value at a very low cost (value innovation).

To do this, you should reach out to your current non-customers or to the new needs of your customers and understand what they want.

You can then use the simple ERRC Framework (Eliminate - Reduce - Raise - Create) to figure out where your company needs to change to add value.

Digital Application

Finally, a culture of innovation and change needs to be embedded in the organization to overcome the internal struggles of change.

With the majority of your customers now online, your company's digital footprint has become your most important asset.

Here, you are constantly expected to reach out to new potential customers who would be interested in your product/service by constantly competing against the market leaders.

Accessibility is one such solution where, once implemented, companies can easily enable themselves to reach new ideal customers who have previously never been able to access any of your, or your competitors offerings. But they’ve got a genuine need for it.

This is because 97.4% of all websites on the Internet currently fail to meet website accessibility standards. This makes websites very difficult to use for people with special needs.

To make your digital footprint accessible to everyone, use Wally. Wally can easily transform your digital footprint into one that is easily accessible using keyboards and assistive technologies.

We believe that true accessibility is only achieved when accessibility is achieved at every step of the content supply chain (from project manager to UX designer to developer to creative, etc.). That is why we offer a complete internet accessibility solution that truly touches everyone in your organization.

Contact us today at hello@wallyax.com to learn more about Wally. We wish you all the best in your company's efforts to enter a blue ocean. See you on the other side!