“I can’t change the direction of the wind, but I can adjust my sails to always reach my destination.” – Jimmy Dean
In the tumultuous seas of business, competition can be fierce. Companies often find themselves in a constant struggle to outdo each other, vying for a larger slice of market share. But what if there were a way to sail on calm, blue waters, free of competition? What if you could create a market that is entirely yours to dominate? Sounds like magic, doesn’t it?
Well, it’s not magic, but it’s definitely a game-changer. It’s about seeking out or creating an uncontested market space – an entirely new arena where there’s no competition at all.
When Apple launched iTunes in 2001, they did exactly that. At the time, the music industry was struggling with piracy and declining CD sales. Instead of entering this “red ocean” of intense competition, Apple charted a course toward “blue waters.” They created an uncontested market space with iTunes, providing a legal, easy-to-use platform for downloading individual songs for a small fee. In doing so, they not only created a whole new market but also a new demand that they could dominate. Today, iTunes stands as a shining example of the power of creating uncontested market space.
This is the power of creating uncontested market space. It allows you to step beyond the boundaries of the current competition, find or create new demand, and seize new growth opportunities.
Creating an uncontested market space requires a shift in perspective. It calls for a willingness to break away from the conventional competition-focused mindset and instead, focus on creating new value that makes the competition irrelevant. It’s about finding the unmet needs, the untapped potential in your industry, and leveraging them to create unique offerings that your competitors simply can’t match.
This process involves analyzing the current market trends, customer preferences, and technological advancements, and identifying gaps that your business can fill. It’s about being a trendsetter, not a follower. It’s about defining the rules of the game, not playing by the ones set by others. In short, it’s about creating your own wave and riding it to success.
Remember the words of Jimmy Dean: “I can’t change the direction of the wind, but I can adjust my sails to always reach my destination.” Creating uncontested market space is about adjusting your sails – your strategies, your offerings – to steer your business towards success, irrespective of the competition.
If you’re interested in exploring the concept of creating uncontested market spaces further, I highly recommend checking out “Blue Ocean Strategy” by W. Chan Kim and Renée Mauborgne. It will provide you with invaluable insights and tools to carve out your own blue ocean in the market.
Don’t miss out on tomorrow’s email where we’ll break down the myth of the value-cost trade-off.