3 Signs That You're Swimming in a Red Ocean
Is your business surrounded by blood-thirsty sharks (i.e. competitors all around you with very similar offerings)?
Is your company thriving right now but you have no innovative ideas or products for your company's future growth?
Are you giving discounts or slashing prices just to stay relevant in your market space even though it's eating into your profit?
If any of these apply to you, you're swimming dangerously in a Red Ocean, my friend.
In the International Bestseller, "Blue Ocean Shift -- Beyond Competing", W. Chan Kim and Renee Mauborgne discuss what it means for your business to be in a bloody red ocean (full of competitors offering the same products with no major differentiators at roughly the same price) versus a blue ocean (your innovative, pioneering ideas or products put you ahead of the competition and into a category of your own...a clear blue ocean for you to swim in where growth is unhindered). In this book, the authors provide proven steps to inspire new creative thinking, confidence in your abilities to soar above your competition, and possibly even create an entirely new market space all-together.
Now, let's assume that like the vast majority of businesses out there, yours is swimming in a red ocean. Could your marketing strategy be part of the problem? Yes and no. If you don't continue to create and elevate your business, you will likely stay stuck in a giant pool of competition until someone comes along with a new product or service that disrupts the industry you're in. That, we know. BUT it also needs to be said that if you're not being a brave pioneer with your company's marketing strategy, your business will eventually (and possibly very quickly) be dwarfed by the companies who are.
In a time where traditional radio and tv commercials are being replaced by Facebook/Instagram ads, vlogs, blogs, influencer marketing, and podcasts, it's imperative to stay on top of your marketing game and embrace the shift. If you aren't staying visible and relevant on the largest social media platforms available to date, your competition will absolutely drown you out. You see, consumers are getting savvier about who they choose to do business with. They want to SEE your business and get to know it before they decide to trust you and do business with you. Don't just take my word for it, though. Check out this quote by Mary Lister of Fluent, LLC:
"Millennials are an economic force! With $200B in annual buying power, smart marketers are turning to new channels to hook this generation. They are the least frequent in-store shoppers—which I totally understand, I just went grocery shopping for the first time in a month—but tend to spend large amounts when they do shop. This generation is the most responsive to online shopping opportunities, recommendations from friends and family, and are motivated by shopping ease. Millennials are reshaping the way that goods and services are being marketed by staying unresponsive to traditional marketing tactics. This generation decides where to eat based on Instagram pictures, chooses hair stylists from Facebook and has their groceries delivered to their door."
While this quote is focused mainly on Millennial consumers, Gen X'ers are also hopping on to social media platforms and internet shopping in droves while moving further and further away from what we know as traditional marketing. Because of this, businesses are having to hire external marketing companies and/or internal marketing teams to manage all of the necessary changes. Not only does it often require a whole team to keep your marketing strategies up-to-speed, it also takes a lot of research, dedicated training, analytics, and creativity to develop the engaging content needed to break through the white noise of social media marketing in order to reach your target audience... your customers.
It's evolve or die time for every business in every genre around the world.
So, what about you? Do you feel that your company is swimming in a red ocean of competitors and unenthusiastic consumers? Is your marketing keeping you there or is it helping to propel you into a blue ocean? If you're feeling unsure, the answer is obvious to us. You're swimming with the sharks, Honey.
If you have questions about how to market your business as effectively as possible in your particular space, head to the "Get Hyped" button and send us your inquiry now. Our team of professionals can help your business evolve and move into a sparkly new blue ocean.
Wishing Your Business Lots of Buzz,
Megan Coleman, CEO of Hype Honey Creative