It’s now time to turn the page on 2009 and focus on the year ahead: 2010, year of the Tiger. In Chinese tradition, the Tiger is smart, determined and socially oriented. It doesn’t mind a challenge and is thrilled to be in new places.
So with this in mind, the start of the new year is a great time to review your business plan and explore areas of growth for 2010. One way to do this is by bringing your team together and looking at what is called a ‘blue ocean’ strategy.
Explore the blue ocean
The Ansoff growth matrix (below) is a tool that helps businesses decide their product and market growth strategy. Businesses located on the left hand column compete in an existing market where they have to constantly beat the competition and exploit the existing demand. It can be a comfortable and safe place to be.
On the right hand column, the blue ocean is a space of innovation and little competition. It can help build brands. Businesses in that space are creating and capturing new demand and making their competition irrelevant. Although more challenging and risky than working with existing products, the blue ocean can bring most rewards when executed well.