Over the next several articles, I’ll share each of the ten Red Ocean traps shared in Blue Ocean Strategy, the break out business book by W. Chan Kim and Renee Mauborgne. I’ll also be sharing some points that hopefully deliver context to our current global business environment.
The article title? A bold statement. Yep. Often times, a focus on your current customers simply leads to price reductions, concessions, or chasing the tail of a dying industry. In recessionary or depression era times, current customers may not be the best business case.
Your reaction to this statement could range from, “I’m not leaving the ones that brought me to the dance” or “Heck, this is all I know, this is how I built my business.”
Times are different now and they are going to stay different for a while. What does this mean for your business?
Real acquisition of new markets can’t rely on your current customers.
It’s time to leverage a Blue Ocean Strategy tool known as the Six Paths Framework. Take a look and I’ll explain.
If your business is struggling, take a look at the list above. Beginning with the first path, industry, you can begin to ask a new set of questions about your offering, whether it is a product or service.
It pays to own the fact that 60 to 75% of the economy is still open. Not everything or every demand has been wiped out.
If you’d like to chat about how to leverage the framework above to focus on new markets instead of the disappearance of your business, count me in. I’d love to get on a free hour-long zoom call to explore possible options for your business. Heck, if nothing happens, count me as a friendly empathetic voice willing to listen.
Pick your time slot here. Best wishes and safety for you and yours.
Sherman Mohr, The Blue Ocean Strategist