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- May 29, 2021
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To compete or not compete?
I just finished watching this amazing video by a YouTuber called Jake Tran.
The topic is highly relevant to business, and talks about the Blue Ocean strategy which I'll link to at the end if you want to watch it.
As a naive YouTuber (A lot like the YouTube beginners such as myself), he copied the greats of the Youtube platform (their videos/products) to a T to make it big. But as you can guess, a copy, will only ever be a copy and can never go beyond the the original.
Therefore, consumers always pick the original against the copy.
To copy is to lose.
But also, to follow isn't exactly the right way either.
Happy Companies Stand In A Valley Of One
A happy company solves a problem in a unique way. A happy company creates a new value skew where the industry had none. And this need not be so hard to know how to do, it's only about fulfilling unmet desires in the market, sometimes by simply asking yourself, as a part of the market, what all products in this space are missing.
In the video, he highlights a company that did this very well...
Yellow Tail
Yellow tail became the fastest growing wine brand in the US and Australian markets in a crowded industry that existed for hundreds if not thousands of years.
They outlined the value skews in the wine industry and made sure they were doing these factors in a way that would be more beneficial to their target customers. And then...
They created a Blue Ocean for themselves. By presenting new factors the wine industry had never seen before that were desirable to their target market, allowing them to escape the competition and grow the wine market itself in less than 2 years.
They Were Fishing In An Entirely Different Ocean
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