Blue Ocean Or Red Ocean?

When you launch a business there are two approaches you can take:

Red ocean is where you deliver a similar product or service to others, trying to take market share by offering better pricing or products (or maybe just better marketing!). The advantage is that you can find out a lot about the target market and competitors, meaning you can plan with greater accuracy. The disadvantages are that you have competitors who already have customers and can undercut you and you can find it difficult to get customers!

Bue ocean is where you spot a gap in the market and offer a product or service that no-one else offers. The advantage is that you are “first mover” so can set your own pricing and product/service quality meaning you may be looking at higher profits. The disadvantage is that you have to build your own market, which takes time and money.

Both approaches can work, but both carry high risk. One way to reduce that risk is to make sure you get the right advice at the right time and BuBul has over 70 experts waiting to help you for a small monthly subscription!