At Simon Associates Management Consultants (SAMC), we have recently been working with clients who are struggling with an abundance of competition in their "red oceans." As you may know, we are Blue Ocean Strategy® professionals and corporate anthropologists. And, we are big believers that people cannot see what is often before their eyes.
Red oceans are a metaphor for a highly competitive market space where businesses follow a traditional methodology promoted for years by Michael Porter and others. The thinking goes like this: carve out your market, differentiate your product and service offerings, and find your market space at the right price point to generate a good margin. The only problem is that today, there is too much supply and competition and too little demand for products, services and solutions.
In a business slump? Maybe you need to go exploring!
The best way to do that is to "hang out" and watch your customers—and non-customers—get their jobs done.
At SAMC, that's what we specialize in: helping clients realize the great potential of finding their "blue oceans" where they make the competition irrelevant, capture and create new demand, go after unmet needs, and value-innovate (not value-incrementalize) their offerings. As John Seely Brown, visiting scholar at USC and the independent co-chairman of the Deloitte Center for the Edge, famously said, "The way forward is all around you." You just have to see it.
Today, I want to show you how to go visually exploring. This is a key part of how you can begin to see how your clients are really struggling to solve their problems, often with your own products. And what does that struggle represent? Opportunity!