There are untapped markets that are worth BILLIONS if not TRILLIONS of dollars that are just waiting to be tapped.
Many business and people actually try to tap markets that already have so many competitors and compete with the companies that are already in the market and try to compete over the same things.
They later find themselves deep in debt and closing down business wondering why they weren’t able to gain traction with the business they knew worked because they saw other people do it.
These folks are competing in what we call a red ocean, which red likely symbolizes blood.
If there are 195 competitors in the same market, is it very easy to be successful?
Yes and no.
It can be easy if we approach it in the right way.
No if we approach it from the traditional way.
The right way is to approach the market as if it’s a blue ocean, an opportunity not tapped in the customers mind.
We must position our products that they fill a different need than our competitors.
A good example is Apple’s iPhone.
The iPhone started the smart hand set touch screen craze and Apple currently owns a large portion of the profits.
They’ll generate billions of dollars in profit before they lose traction.
They changed the way we interacted with our phones and while Samsung might sell more handsets then them currently at this writing, Apple still makes more money.
All of this is covered in the book Blue Ocean Strategy.
I highly recommend this book and give it 9/10 on my score of 1-10, 10 being great.
The book covers in details how many companies create billions of dollars in blue oceans.
Something we can do with even our small business or even in our daily lives.
If you are a start-up this book will be VERY useful for you to position yourself well in the minds of your customer.
Even established businesses will benefit from the strategies in this book.
I highly recommend you add this to your book collection.