Blue, Red or Purple – What’s your Business Strategy?

Red Ocean Strategy
Imagine all the industries we are aware of in the world today. They are represented as the Red Ocean. In other words, the market space we are aware of.

Blue Ocean Strategy
This is an interesting one. Because these are industries we are not aware of. Or at least, not yet. Someone, somewhere comes up with a completely new business idea that has been untapped or an existing idea introduced into a new market that’s untouched.

What Is A Purple Ocean Strategy?
Mix the Red and the Blue and you get Purple! Sounds like child play right? Let us look at it with an example. Take a Red Ocean Strategy – a proven business model and introduce it into a Blue Ocean – an untouched market or an untouched vertical, also called horizontal expansion.
That doesn’t mean you have to stop thinking of discovering Blue Oceans at all.
Some businesses started with a Blue Ocean idea and had competition spring up fast, but they focused on improving their product or service to keep their business growing.
The bottom line is to blend your Blue Ocean and Red Ocean Strategies to find a market fit while you continuously improve your product or service to keep that market share and to keep growing