The term Blue Ocean Strategy is particularly relevant in the fields of digital disruption, digital transformation, and e-commerce and digital trade. This strategy describes an approach where companies consciously create new markets instead of competing in existing markets with many competitors – so-called „red oceans.“.
The Blue Ocean Strategy focuses on developing innovative products or services that haven't existed before. This creates entirely new customer groups and means competitors are no longer directly relevant. The aim is to stand out from the market with creative ideas and tap into your own „blue ocean“ full of opportunities.
A prime example: when Apple launched the iPhone, mobile phones already existed, but none combined a music player, internet, and telephone. With this unique offering, Apple entered a „blue ocean“ and created an entirely new market – while many traditional mobile phone manufacturers were still battling it out in the „red ocean“.
The Blue Ocean Strategy helps companies reconsider the old, identify opportunities, and clearly distinguish themselves from the competition.
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