Blue Ocean Strategy

Most business strategies focus on how to beat the competition. It seems obvious that the success of any business relies on its ability to outperform its rivals. However, Renée Mauborgne and W. Chan Kim present another option in their widely-acclaimed business book "Blue Ocean Strategy". The book argues that you can actually make competition irrelevant by creating uncontested market space, or "blue oceans". Although finding these opportunities is certainly easier said than done, the book offers a comprehensive outline of the practices other companies have followed to create their own blue oceans.

Focus on your customers instead of your products

What business are you in? The way you answer that question will determine the long term success of your brand. If you answered that question by naming the product you sell, it is critical to expand that view of your business. Instead of focusing on your product, focus on your customers' needs. Whatever product you offer, you are really in the business of fulfilling certain needs. If necessary, shift your focus to meet these needs even if that means abandoning your product. In fact, if you focus on only the product, you are bound to become obsolete.

B2B + B2C = B2P

It is often assumed that B2B and B2C businesses must approach marketing very differently and utilize completely different strategies. While B2B marketing extols the benefits provided to a company and B2C is aimed at the individual consumer, when it comes down to it, you are still marketing to a person.

What Bottled Water Can Teach You About Marketing

Nowhere is the power of branding and marketing as clear as it is in the bottled water industry. Despite virtually zero product differentiation, bottled water has become a billion dollar business with a wide range of prices, many distinct brands and strong brand loyalty. Brands like smartwater, Fiji, Voss, and plenty others have effectively found a niche within an undifferentiated market.

This industry represents a microcosm of virtually every other market. Without any product differentiation, these companies have come to rely on branding as the only way to stand out. It is the ultimate test of branding, illustrating how powerful marketing and branding can be to influence consumer behavior.

Tell Your Brand's Story

A story is more engaging than a tagline. When you are trying to reach prospective customers, tell a story that they can connect with. This can be the story of your company or the story of your customers. Regardless of what the story is about, make it engaging.

The Importance of Building a Strong Brand

A strong brand is essential for connecting with consumers and helping your company stand out from the crowd. However, marketers often approach each advertising campaign, website or piece of sales collateral as individual, unconnected items instead of tying them together to form a cohesive brand image. Each marketing item should fit together like a puzzle and solidify your overall brand. It's this collective whole that defines how your company is perceived by consumers. This brand image should always be taken into account when implementing any new marketing project or your carefully crafted brand will erode over time.

Be Disruptive, or Risk Being Disrupted

The media loves to highlight "disruptive" companies and technologies - organizations that are shaking up the status quo in their respective industries. However, there are many businesses out there who are terrified of this type of change. If you are one of those that see change as a threat, then you need to learn how to embrace disruption if you want to thrive, or even survive.