Want to Create a Blue Ocean? Avoid These Six Red Ocean Traps

Firms trying to tap into new markets for growth often fall into the traps of putting resources into wooing existing customers and investing heavily in value-added offerings. But this won’t get them to blue oceans.

When it comes to building a blue ocean, what organisation wouldn’t want to have an offering like Google’s Search division? Its search engine is easy, fast, accurate – with an underlying algorithm that instantaneously sorts and ranks documents, images, and videos, making people more productive in finding information than most ever imagined. Everyone from first graders to senior citizens use it. It’s even become a verb. With nearly 65 percent of world market share, Google created a veritable blue ocean. Then there’s Google Glass. Announced to the public in 2012, it was selected by Time Magazine as one of the “Best Inventions of the Year”. With this revolutionary digital eyewear, Google intended to create a new mass market for wearable computers. However, the initial excitement soon gave way to disappointment. Priced at $1,500 and launched with great fanfare, people found Glass more like a high-tech high-end toy than a groundbreaking killer app gadget that will revolutionise the human experience. And as wearable tech its futuristic look tended to side more with the weird than the fashionable not to mention the serious privacy issues it raised. Less than two years after the launch of the prototype, Glass was sent back to the lab for redesign.What went wrong? And what should the team behind Google Glass’s reset do differently to avoid a repeat scenario and create instead a blue ocean like Google’s search engine?

Source: Want to Create a Blue Ocean? Avoid These Six Red Ocean Traps | INSEAD Knowledge

BIZCATALYST 360°
BIZCATALYST 360°https://www.bizcatalyst360.com/about/
We are an Award-Winning lifestyle, culture, and business new media digest, serving as the global hub for enhanced performance and well-being. With an emphasis on action, our 500+ international contributors empower people to transition from knowing what to do to actually doing it. All of this complemented by syndication relationships with a choice group of equally innovative media outlets. Today and every day, we simply deliver the very best insights, intelligence, and inspiration available anywhere. And we do it our way, placing our writers and our audience at the forefront. It's timeless. It's evergreen. It's simply good stuff. Period. More About BC360°
avatar
3000
  Subscribe  
Notify of

JUST 1 CLICK

IS ALL IT TAKES TO LEARN SOMETHING NEW TODAY

Must Read

JUST 1 CLICK

IS ALL IT TAKES TO BEGIN ENJOYING OUR PODCASTS

JUST 1 CLICK

IS ALL IT TAKES TO EXPLORE OUR INSPIRING GLOBAL COMMUNITIES

Email List Login