Red vs Blue Ocean Strategies – Which is best for your Business?
With all the major competition out there, it is tough to keep up with everything and figure out what your next move is. There are plenty of strategies out there but which one is best for your brand? Today we’ll be comparing Red and Blue Ocean Strategies. We will be looking into what they both mean and their advantages and disadvantages.
Red Ocean Strategy
A Red Ocean Strategy is the most traditional in terms of trying to gain an edge over your competitors. Red Ocean Strategies focus on the customers and audiences organisations already have rather than creating new ones. It is a strategy that helps businesses to provide a more efficient and better service to their customer base.
Advantages & Disadvantages
The advantage of a Red Ocean Strategy is that it is easier to compete in a market that already exists. You already know what services and products are in high demand with this customer base and you can gather new ideas from your competitors.
The disadvantages are the competitors will most likely be experienced and possibly hard to beat. If you are a new business, doing all this can be quite expensive and may cost more than your annual budget.
Blue Ocean Strategy
Blue Ocean Strategies are where things get slightly more difficult as these concentrate on innovation and reinventing new strategies into the business. This plan of action is to try and gather more customers, clients and create new demand. With Blue Ocean Strategies competition is irrelevant as a majority of the strategy is invented and created by you and only for you.
Advantages & Disadvantages
The advantage of Blue Ocean Strategies is there is no competition, the whole strategy is only for you and is made specifically to only work for you. This scheme helps gain a new customer base as it is specific to personas that interact with your strategy and want your product or services. With Blue Ocean Strategies a majority of this customer base will be loyal buyers if they interact with your content.
The disadvantage is again the price, plus having time to do all the research and getting the intel to figure out your specific strategy. You need to set aside time to do all the tests to see if each strategy works by doing a SWOT analysis.
Which is Best for you?
This is something for you to go away and think about. What will work best for your organisation, a new approach, or one that is already used? Either way, with both strategies it is important to factor in that both take creativity and innovation as well as time and money.
We hope this blog has helped you understand more about Red and Blue Ocean Strategies and how you can implement them in your business. If you need any more information on marketing strategies click here to get in touch with our team today, we’re always happy to help!