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Vocabulary
A lot of people have been looking at my new business card and have been asking what a “perfect customer” is. I figured I should take a moment to explain exactly what I mean and what the tag-line of my card and website, “Who is your perfect customer?” actually means. In marketing, a lot of people just flood information channels with data about their products and various promotion events. The problem is they trade off content for volume and saturate the market with one or two messages that are meant to touch millions of customers at once. Market segmentation can…
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Blue Oceans
I read an old Harvard Business Review article about “Blue Ocean Strategy” the other day (Blue Ocean Strategy. (2004). Kim, W. C. and Mauborgne, R. Harvard Business Review (October), 77-84.). The article was rather well written, and I have found it very useful in evaluating business opportunities. Saturated markets with intense competition, according to the article, are “red” oceans. Companies in these markets tear at one another like sharks, filling the blood with water. Innovative companies recognize opportunities to create “blue” oceans in similar markets but where there is no competition. In my experience, I have seen at least two…