The power of your Todo
I would spend a whole day doing different things but at the end of the day, I never felt like I was making any progress. I would try to wake up early, do all the study and work on my projects but I…
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What is Blue Ocean Strategy?
Addressing unmet customer needs in unexplored markets
The business model has always been an important part of accessing business profitability and scalability. With new startups ‘shaking up’ the industry, alongside changing consumer preferences, uncertain economies, and evolving technology, it is imperative to develop new, innovative business models. Leveraging a holistic UX strategy differentiates a business from its competitors by addressing unmet customer needs to create Blue Ocean innovation.
Red oceans refer to established markets with entrenched industry practices and intense ‘bloody’ competition for profits.
Blue oceans, in contrast, refer to an unknown market space free of competition, where firms can create customers. Blue oceans have the potential for rapid profit growth.
Blue Ocean Strategy encourages businesses to review and create competitive advantages that matter the most to existing and new customers. It compels businesses to cut and reduce competitive advantages that do not add value to the customers.
Historically in product development, businesses seek to out-compete competitors by adding new product features or try to compete on the price. Such approaches try to scale the business by providing quality and services or to out-compete competitors with the best price. This has led to many similar-looking/offerings apps. Such nature is reactive as it tries to respond to competition with no innovation.
Adopting a UX strategy, businesses should look at their intended customers to understand and resolve their problems and unmet needs. In this way, companies proactively create product features that align with…
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