It can be difficult to succeed with the cutthroat competition in the business environment today. Luckily, there are many strategies you can use in order to gain an edge on your competition. Two of these are red ocean and blue ocean strategies, which were introduced by W. Chan Kim and Renée Mauborgne in 2005.
A red ocean strategy involves competing in industries that are currently in existence. This often requires overcoming an intense level of competition and can often involve the commoditization of the industry where companies are competing mainly on price. For this strategy, the key goals are to beat the competition and exploit existing demand.
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This book provides a practical combination of content marketing and influencer marketing and how to use these two disciplines in the context of marketing strategy. This means building relationships and engaging your online audience or community to really get your brand to be top of mind for your ideal customers.
Another really great theme in this book is how brand values and thoughts about the marketing strategy are communicated within a company, between different teams. John has a whole chapter dedicated to that. In it, he gives a lot of helpful tips for making your marketing strategy stick and communicating it to the other teams and departments.
This book is for the digital marketer that is ready to implement their strategy. The book goes through all the various marketing channels - SEO, social media, content marketing, user experience, paid advertising, lead generation, customer loyalty, online & offline marketing - and introduces cutting-edge techniques and strategies for each channel.
This book provides some really great resources on how to create a content strategy, how to perfect the marketing funnel, the types of content you should use s and for your business. It will help you structure your marketing strategy in such a way that your customers turn into brand ambassadors and your brand grows long-term.
Marketing books are some of the best resources to develop your strategy and learn new tactics. The best part about this list is that all of these books have practical examples and real-world case studies. To get a really good foundation we recommend you check out some of the more general strategy books and then read the more practical books that talk about specific marketing channels and tactics.
I read "Blue Ocean Strategy" by Kim & Mauborgne recently and thought it was compelling. I thought I'd give you some excerpts from the book and use my current startup as a case study to explain some of the Blue Ocean concepts. I'm hoping it will spur thinking and feedback from you.The theme of the book reminds me a lot of what my strategy professor from MIT Sloan (Arnoldo Hax) used to talk about when he quizzed us on cases. He repeated over and over again that we should "watch our competitors, but never follow them" and that we should "play a different game on the same field as the competition." This professor used to stress that within marketplaces, conventional wisdom about the rules of competition build up and that over time, those rules become irrelevant to potential customers.
The Blue Ocean Strategy authors propose a graphical framework for helping readers understand the book and for helping businesses create blue oceans of their own. Here's an example of the tool applied to Southwest Airlines, who are an interesting case. Southwest entered a terrible marketplace that a Porter five forces analysis would have said was a blood bath. The criteria/rules/boundaries of the airline industry are listed along the x-axis. Most of the major airlines played the same game with only the slightest of nuances. Southwest eliminated many of the rules/criteria in the industry, reduced focus on some of the rules below industry standard, raised focus on some of the rules above industry standard, and created a new rules of their own. The way they were able to do that was they targeted non-consumers (family/shorter trips v. business trips) and they looked across industry boundaries at alternatives (cars v. planes) as their competition v. looking at traditional airlines. Only by de-emphasizing some of the existing rules were they able to lower costs enough to compete in this new market. They encourage the reader to come up with their industry's "standards." They then give the reader four questions to which you can start thinking about your company/market from a blue ocean perspective: Which of the factors that the industry takes for granted should be eliminated? Which factors should be reduced well below the industry's standard? Which factors should be raised well above the industry's standard? Which factors should be created that the industry has never offered? The book suggests that an ideal strategy has 3 qualities: focus (not too many criteria), divergence (from the alternatives in the framework), and a compelling tagline. 2b1af7f3a8