How to create a blue ocean market niche where you will not have to compete on price?
Автор: DrAlanBarnard
Загружено: 2022-07-04
Просмотров: 854
Описание:
In this video from a Jay Abraham mastermind, Dr. Alan Barnard shares with Jay and Perry Marschall an insight on how to create a market niche - a blue ocean where you do not have competition?
Find the impossible problem for clients that your products/services can solve ... that no other significant competitor can.
If you can, you have the potential for creating a "Blue Ocean" where you are not competing on price.
An impossible problem is one where the current solution requires a significant trade-off. Here are some examples:
1) In Retail and Distribution, a client can have higher availability (less shortages and lost sales) but it requires higher inventory, which (the trade-off) results in higher surpluses and discounting that reduces margins.
A supplier breakthrough solution (the blue ocean) would be one that can achieve for this type of client, higher availability AND lower inventory.
2) In Manufacturing and Projects, a client can be more reliable in their time and cost or budget commitments but that requires (the trade-off) adding more time and capacity to quoted lead times and costs, which results in longer lead times, higher WIP and higher cost.
A supplier breakthrough solution (the blue ocean) would be one that can achieve, for this type of client, higher reliability in meeting time and cost or budget commitment AND achieve shorter project lead times AND lower total cost.
3) In Marketing and Sales, a client can generate more traffic of qualified leads but that requires (the trade-off) spending more on advertising to their target markets.
A supplier breakthrough solution (the blue ocean) would be one that can achieve higher traffic of qualified leads without having to spend significant money on advertising (e.g. paying only commission on actual sales).
Questions:
What is the impossible problem your company's products/services can solve that no other significant competitor can?
Are you focused on only these clients?
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