Recently through a chat with a business strategist, I remembered about something that I read a long time ago that had impacted the way I looked at businesses. 😊 So here is a special edition to share a quick read on what you need to know about the Blue Ocean Strategy to give your business another boost.
Blue Ocean Strategy is about creating uncontested market space, making the competition irrelevant by focusing on innovation and creating new demand. Instead of battling rivals in crowded markets (Red Oceans), businesses tap into unexplored opportunities (Blue Oceans), capturing new customers and growing profitably.
Imagine the business world as two vast oceans—one red and one blue. The Red Ocean is where most businesses swim: it’s a place of fierce competition, saturated markets, and constant price wars. Picture it as a bloody battlefield where everyone fights for the same pool of customers, making it hard to stand out and grow. On the other hand, the Blue Ocean is a serene and open space with no competition, untapped potential, and the freedom to set your own rules. This is where your business can truly thrive, as you carve out a unique niche without battling existing players. It’s all about innovating and creating demand in areas where others aren’t looking, allowing you to grow without the constant struggle.
Markets evolve, and Blue Oceans can eventually turn Red as new players enter. The key is continuous innovation, adapting, and constantly seeking new value propositions to stay ahead.
Not sure whether you’re navigating in a Red Ocean or a Blue Ocean? Here are three practical ways to figure it out.
First, listen to Customer Feedback: Are your clients constantly haggling over prices, or are they thrilled about what makes your business unique? High satisfaction and clear differentiation are strong signals that you’re standing out.
Next, dive into a Market Analysis: keep a close eye on the competition. If your market is getting overcrowded with similar products or services, it’s a sign you’re drifting into Red Ocean waters, and it might be time to innovate and steer in a new direction.
Lastly, look at your Profit Margins: if you find yourself slashing prices just to stay in the game, you’re likely in the Red Ocean. In contrast, if you can maintain or even increase your prices without losing customers, you’re enjoying the Blue Ocean’s wide-open space where you have the power to set the rules.
Having the right strategy is not just about staying ahead in business; it’s also about securing your personal financial health. An adaptable, forward-thinking strategy helps safeguard your business, ensuring steady revenue, which in turn provides stability for your personal finances. It’s the difference between thriving and merely surviving.
Navigating your business waters wisely will determine your success. So, chart your course with a Blue Ocean mindset, innovate continually, and protect your business and personal financial future.
Cheers.
𝗟𝗲𝘁’𝘀 𝗖𝗼𝗻𝗻𝗲𝗰𝘁:
I am Zechariah See
➡️ http://linkedin.com/in/zechariahsee
#blueoceanstrategy #businessowners #entrepreneurs #businessfinancials #businessandpersonal #financialhealth #businessstrategy #businessinnovation #competitiveadvantage
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𝘋𝘪𝘴𝘤𝘭𝘢𝘪𝘮𝘦𝘳: 𝘛𝘩𝘦 𝘢𝘣𝘰𝘷𝘦 𝘤𝘰𝘯𝘵𝘦𝘯𝘵 𝘪𝘴 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴 𝘢𝘯𝘥 𝘱𝘦𝘳𝘴𝘰𝘯𝘢𝘭 𝘷𝘪𝘦𝘸𝘴 𝘰𝘯𝘭𝘺, 𝘢𝘯𝘥 𝘴𝘩𝘰𝘶𝘭𝘥 𝘯𝘰𝘵 𝘣𝘦 𝘥𝘦𝘱𝘦𝘯𝘥𝘦𝘥 𝘶𝘱𝘰𝘯 𝘢𝘴 𝘱𝘳𝘰𝘧𝘦𝘴𝘴𝘪𝘰𝘯𝘢𝘭 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘢𝘥𝘷𝘪𝘤𝘦 𝘺𝘦𝘵. 𝘙𝘦𝘢𝘥𝘦𝘳𝘴 𝘴𝘩𝘰𝘶𝘭𝘥 𝘴𝘦𝘦𝘬 𝘪𝘯𝘥𝘦𝘱𝘦𝘯𝘥𝘦𝘯𝘵 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘢𝘥𝘷𝘪𝘤𝘦 𝘵𝘩𝘢𝘵 𝘪𝘴 𝘵𝘢𝘪𝘭𝘰𝘳𝘦𝘥 𝘵𝘰 𝘵𝘩𝘦𝘪𝘳 𝘪𝘯𝘥𝘪𝘷𝘪𝘥𝘶𝘢𝘭 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘰𝘣𝘫𝘦𝘤𝘵𝘪𝘷𝘦𝘴, 𝘤𝘪𝘳𝘤𝘶𝘮𝘴𝘵𝘢𝘯𝘤𝘦𝘴, 𝘢𝘯𝘥 𝘯𝘦𝘦𝘥𝘴. 𝘊𝘰𝘯𝘵𝘦𝘯𝘵 𝘪𝘴 𝘯𝘰𝘵 𝘳𝘦𝘷𝘪𝘦𝘸𝘦𝘥 𝘣𝘺 𝘵𝘩𝘦 𝘔𝘰𝘯𝘦𝘵𝘢𝘳𝘺 𝘈𝘶𝘵𝘩𝘰𝘳𝘪𝘵𝘺 𝘰𝘧 𝘚𝘪𝘯𝘨𝘢𝘱𝘰𝘳𝘦.
Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.
Personal Story:
I almost lost an arm and that was when I realised I had zero insurance.
Many years ago, I was living my life on the edge and very involved in many adventurous outdoor sports. All these came to a shocking realisation when almost lost my arm (or even my life), while kayak surfing with the high waves and deep waters overseas.
This lucky escape began my journey into the financial advisory business.
I wanted every person and family to know about the hard truth of being underinsured early and help everyone become better prepared. We run the risks of losing so much with every day we are not taking action to protect ourselves and our families financially.
Nobody has to deal with the same shock that I had experienced. You deserve better.
Why Me?
✅ I have a unique forte in helping families with their financial diagnosis and planning, since day one. I have been helping families, including young couples, big families, DINK couples, as well as their individual’s complex needs.
✅ I am a dedicated learner in the financial industry. I invested in my Masters in Wealth Management at SMU for this reason. I am still constantly upgrading myself year-on-year to become the best financial consultant for my diverse client profiles.
✅ My forte is in financial diagnosis.
My experiences in accounting and finance helps in giving proper diagnosis of your unique portfolio so that the correct approach/solutions could be personalised for you.
✅ I have a one-stop solutions platform.
Being an independent financial broker, I can represent you to find the solutions you need, all in your best interests. No need for hard selling. I am here for you and your family.
I am a strong believer that you can achieve more, beginning with what you have.
Feel free to reach out to me for a free consultation session with you and/or your family.
See you soon!
Email: zechariahsee@fapl.sg
