Can financial institutions add value to their customer base while reducing risk thorough investing in non-financial services?
This blog delves into the concept of digital Business Development Services (BDS) as a blue ocean opportunity, showcasing disruption, scalability and the potential for innovation, growth and market creation.
You might have heard of a “Blue Ocean Strategy” this first coined by W. Chan Kim and Renée Mauborgne. It describes the creation of a new, uncontested market space where competition is minimal or non-existent. Companies pursue innovation to create and capture new demand with a focus on innovation and creating new unique value propositions. This is contrast to a “Red Ocean Strategy” and which is characterized, as, a market environment where industries are crowded, competition is intense, and companies are fighting for a share of existing demand through price wars that focus on existing customers in a zero-sum game where one company’s gain is another’s loss.
In the realm of BDS for micro enterprises, digital is the blue ocean vs the traditional / in-person (red ocean) approach. However, with innovation beyond convention, there are new challenges which need to be addressed and which I will look at in the next blog.
In conclusion: In the vast sea of business opportunities, the disruptive blue ocean of digital BDS for microenterprises beckons to those willing to explore and innovate. By embracing this uncharted territory, entrepreneurs can not only distinguish themselves from traditional BDS service providers but significantly contribute to growing the macro economy due to the scalability and cost effectiveness of digital. Filling this void and establish a unique market presence at scale is the mission and vision of @thesmefriend.
What are your thoughts? Is this a blue ocean opportunity?