Have you ever thought how the most successful companies build credibility and trust with their customers?
Have you ever heard of the “Blue Ocean Strategy” or the “Red Ocean Strategy?”
These concepts were developed by Chan Kim and Renee Mauborgne, Professors of Strategy at INSEAD, one of the world’s top business schools. Allow me to summarize the “Red Ocean Strategy” first. Have you ever seen sharks feed? If you have water consumed by sharks (consumers) and you throw a ton of meat into the water over a certain distance (sales concepts), what happens? The water turns red. When you are doing things the same way as everyone else, there’s nothing that makes you stand out. You are in a saturated market. The only way you can beat the competition at this point is by cutting prices and giving away your product and/or service. There is nothing that makes you stand out.
However, what if you are the one piece of meat? What if you only focus on what makes you different? You become the one piece of meat the sharks all come toward. You become the one they want. They will fight over you. You can drive your prices up and they will still fight over you. So which ocean would you rather be in? The blue water ocean or the red water ocean? Are you battling for quantity or quality? Do you have to keep your prices so low that you have to get 10,000 customers or do you become so different they will pay anything to have you come to them?
Have you ever watched Shark Tank? If not, you are truly missing out. If so, you understand the “sharks” go after the innovative entrepreneurs, right? They tend to dismiss anything that could be knocked off or that will have a ton of competition. Investors need to know their investment is going to create value. It needs to be something different, that no one else has done yet. Think about Uber. When Uber first started, it seemed ridiculous. Now, look at it. There are some knock-offs, but Uber went from nothing to a billion-dollar company. As of April 23, 2021, Uber was worth $104.73 billion (See 1)! How did they do it?
One of the things the founders of Uber did was figure out a way to share rides. Why not pool people together and allow them to go to the same place at the same time? Or maybe value people’s most valuable asset – time? Now people in busy cities don’t have to wait around forever for a taxi. They can get in the same vehicle by simply using something everyone has these days – a smartphone with an app. When the concept for Uber came about in 2009, most of the larger investors didn’t see it. Mark Cuban, one of the “sharks” and a man who is worth over $3.5 billion today, admits he regrets not making that investment. This showed us that sometimes the craziest ideas can really be the breakthrough idea. While there are other rideshare companies now, such as Lyft, Uber still tops the rideshare space. They are now offering many other services, especially through the Covid pandemic, that allowed them to become even more valuable. What does this teach us? Don’t try to be like everyone else. Be different. Innovation is key. If you are just another piece of meat, no one will value you. If you are THE piece of meat, you (and anyone who believed in you) become a billionaire.
Gaining trust is very important in the business world. If you are stomping on everyone else to get on top, you may end up with a bad reputation. If you are a billion-dollar company, not being accepted by everyone may not be so impactful. However, if you are a person who is offering a coaching service of some sort, the way you treat others will play a guiding role in your success over time. Put others first. What are their needs? What do you offer that they will want? How can you stand out amongst the rest? These are questions that must be answered as you continue your journey in entrepreneurship and sales.
Not everyone is going to like you. You are not going to bond with everyone you meet. These are the facts. However, if you can become the expert in your field, you then become the person they are more willing to pay. Be the person people know and trust. Be the person they seek. Be the name they think of when it comes to your market. This is what I focus on and it’s what I help you focus on. The differences matter. Establishing report matters. Focus on these things and you will always be in the Blue Water!
Ryan C. Lowe, author of Get Off Your Attitude, is a highly sought-after professional Motivational Keynote Speaker, Trainer, Coach and Author whose expertise specializes in positive attitude, customer service, culture, leadership & sales. Ryan inspires thousands as he shares purpose-driven principles that will help them improve their attitude, take massive action, overcome fear, and achieve both: professional and personal goals. Ryan’s passion is to help others find positive solutions for a variety of challenges. He has created keynote presentations, training and one-on-one coaching programs to help individuals and organizations reach their peak performance. He has been named by peers and clients as America’s Positive Attitude Coach!
For more information on his keynote speaking, training or coaching programs CLICK HERE.