I am sure many of you have either read or heard of the Blue Ocean Strategy. It is a well-known approach that encourages businesses/corporations to seek untapped market spaces rather than battling it out in the over crowded, competitive waters. How can Loyalty adopt this concept? For Loyalty this means a shift from merely competing for the same customers to creating innovative, uncontested market territory. Loyalty must constantly evolve and adapt to anticipate the market’s needs by creating unique value and experience for its customers. From the perspective of the Blue Ocean Strategy, some ways Loyalty can set itself apart from others is -Value Innovation: By offering a product or service that stands out in the market while providing genuine value (supported with strong brilliant basic foundations and experience) - Reconstruct Market Boundaries: Identifying opportunities to serve customer needs that are currently unmet or underserved. - Reduce and Eliminate: Eliminate or reduce features, services, or costs that are not valued by customers. Simplify the offering and reduce unnecessary complexity #loyalty #innovation #value #adapt #evolve #market #competition
Very much to the point. Read the BOS years ago and tried to apply its principles in my area of expertise… it takes courage and lot of investment ( emotional) to break the traditional market boundaries … Customer / Consumer excitement is temporary even in the blue ocean because we are designed to ask for more always …. But what makes us ( customers ) loyal to a brand, is the element of TRUST in the path finding ability of the product/ brand !! Enjoyed reading your post … thanks for sharing.
Well said..Shane. I completely agree to your point of reduce and eliminate...you need to make some difficult choices...to identify your differentiated brand promise and staying true to your brand promise for your long term creates customer loyalty.
Experienced Executive - energy transition/technology sectors - business leadership, innovation, marketing, operations, advisory
1ySpooky Shane, I'm just re-reading Blue Ocean Strategy (I vaguely remember going to a launch event in Singapore just before I repatriated back to London in 2005). In reality, I think we see more 'Dark Murky Ocean Strategy', which is somewhere between Red (competitive/bloody) and Blue (uncontested/peaceful). The offer that lands in the uncontested 'blue' space has the potential to interest existing customers aswell as current sector 'non-customers', especially where low price is enabled by a tech-enabled different business model - Uber etc.