Social Listening and the Blue Ocean Strategy

Social Listening and the Blue Ocean Strategy

Surefire way of entrepreneurial success is finding the market gap and developing a value proposition which nobody else is offering to the customers.In strategic terms, it’s called adopting the ‘Blue Ocean Strategy’.

Blue Ocean Strategy

Competitive Markets are like red oceans, where each contender bleeds the other with competing products and prices. The market opportunity is limited, and everyone fights to get in the consideration and choice set of the target customer.

In Contrast, a blue ocean is where no business or competition exists, and there is potential for unlimited profitability. But, since the market is unexplored, only limited information is available about what the customer wants. This can be a major entry barrier for most businesses who want to playsafe and provide only an expressed demand.

So,should you forget about the blue ocean and go back to the bloody waters of competitive red ocean?

Of course not!

Companies Invest millions in determining market demand, which is exactly what you need to do before entering the blue ocean of any industry.

But Instead of going the traditional route of conducting market surveys, you can invest in social listening.

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Social Listening To Understand Target Market

Social listening essentially means monitoring social media channels to develop a deeper understanding of your target audience by tracking critical keywords and brand mentions. Furthermore, top influencers and potential leads can be identified within any industry, and informal engagement can be established with customers.

Since Social platforms are not sponsored by a particular industry or brand, customers express their neutral and unbiased opinions. In fact, without even realizing it, customers can also stumble upon some latent needs and express the search for a viable solution.

This is exactly the kind of information that you need to build your brand’s USP,and successfully enter a blue ocean market.

And you can easily begin social listening with the help of advanced data analytics and reporting solutions designed especially for this purpose. Cogent inCIghts is a business intelligence and social listening product that helps you explore market gaps, and experience the value of including consumer voice in strategic decisions. 

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