Zero to $1Billion: Go Pro was a start up and in 10 years, the founder is a billionaire. Red Bull and Go Pro applied a 'Blue Ocean Brand Strategy' to their business and have thrived as market leaders while Virgin Cola drowns in a Red Ocean.
Melbourne, Australia -- (SBWIRE) -- 02/25/2014 -- Go Pro’s upcoming IPO will make the founder, Nick Woodman, worth more than his already $1.2 billion. A company he started ten years ago. Dietrich Mateschitz, founder and 49% shareholder of Red Bull is worth $5.3 billion dollars after launching his company from scratch.
What do they have in common? They used a ‘Blue Ocean’ Brand strategy to succeed.
Virgin Cola, backed by the multibillion-dollar ‘Virgin’ group, chose to compete in the ‘Red Ocean’ Cola market and will always struggle to succeed against Coke and Pepsi.
“If a multibillion dollar company cannot succeed in a Red Ocean market, how can an ordinary business manage to do so?” says Wes Ward, Marketing and Brand strategist at http://www.PubilshandGrow.com
Small and mid sized businesses can learn from Go Pro and apply the same Blue Ocean Brand strategy to get out of low margin markets that are flooded with copycats. Red Bull and Go Pro redefined their respective markets they competed in and immediately were leading ‘un-contested’ markets.
“Red Bull chose and led the ‘Energy Drink’ category while Go Pro redefined the Action & Adventure HD personal video camera market as their ‘Blue Oceans’.
“They created brands that lived and breathed leadership in those new market. Neither could have competed initially against the likes of Sony & Panasonic or Coke & Pepsi” he explains
Signs Your Business is stuck in a Red Ocean:
1. Low Barriers to Entry: New suppliers and providers keep flooding the market.
2. Buyers have commoditised attitude to your product or services.
3. No USP – Communicating a point of difference is difficult to achieve
“Defining a new market category (Blue Ocean) that communicates benefit to the target audience is the key to a successful Blue Ocean Brand Strategy”
For further information or interview on how business can use a Blue Ocean Brand Strategy in their business, contact Wes Ward at http://PublishandGrow.com