Blue Ocean strategy in the coronavirus period
No pandemic can compare with the corona one when it comes to speed and scale. It gets all the traits of what we can name an exceptional event. In a blink of an eye the chaos has been pushing lots of people out of their comfort zone.
After the Corona bomb, we will go through a tough period of time. Many businesses will be suffering badly and some will disappear. It may be our customers or the one of ours competitors. Others may be our partners or the customers of our own customers.
Lots of "Business as Usual" belief and behavior sound not so relevant anymore. Our minds have been forced to consider things that were unrealistic a couple of month ago. Consequently people should be more open to alternatives than they used to be.
Like in any after war situation, some cards will be reshuffled and opportunities will pop up in the period of reconstruction. There will be opportunities for smart companies to be an exception.
To be an exception, what does it really mean?
First of all, it is a matter of anticipation. It's about getting ready like in a match racing at the America's Cup to cross the line with maximum speed when the starter's gun is fired.
By identifying the insights on the changes that are likely to occur, companies take initiative to address their most important future challenges. By doing so, these future winners can keep one step ahead to design value propositions - offerings- that are calibrated to match new needs while disrupting their competition.
In the mean time, it opens ways to attract new customers who were hard to engage with the offering as it used to stand.
For those who are willing to take advantage in the post corona period and to create future differentiation, Blue Ocean strategy is a good concept to guide you.
Let's refresh our mind.
There is no Blue Ocean without Red Ocean
In the Red Ocean, companies compete in an existing market space and focus in beating the competition while exploiting existing demand. They are trying to balance decisions between making the value and costs trade-off.
Most of the time the strategic choice is made between differentiation OR low cost.
On the other side, in the Blue Ocean, companies are aiming to create a new, uncontested market space while making the competition irrelevant. It is all about insights leading to create and capture new demand.
By doing so, the company breaks the dilemna between value vs. cost trade-off.
Develop a Blue Ocean strategy initiative and get ready to take best advantage of the Post Corona context.
There is a promise beyond resilience.
PS: After the Corona Bomb, shall we expect Business as Usual or Business as Un-usual ?
What should go back to standard and what should change?
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