SFR 148: The Purple Ocean...
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The Purple Ocean
A few days ago I was in San Diego preparing to go on stage. If you\\u2019d seen me, (and I\\u2019m kinda glad you didn\\u2019t), you might have thought I was a bit strange.
There I was with my headphones on, eyes closed, intently focused on getting into the zone. Pacing around the room to music like a crazy person.
I love speaking because there's a sort pressure cooker effect that happens before I talk on stage.
Somehow my neurons start firing extra fast, and all these ideas begin to percolate in my head.
I become obsessed with how to get my message across clearly and in the most beneficial way for my audience.
If you\\u2019d been a fly on the wall... (shhh) you might even have seen me dancing.
I do whatever it takes to get those connections firing in my brain. I\\u2019m fixated with making hard to chew concepts as SIMPLE and exciting as possible...
\\u2018Cause \\u2018ain't nobody loves a yawn fest.\\u2019
So, picture me, shaking my moves and freaking out about the Red Ocean versus Blue Ocean idea that Russell talks about in Expert Secrets. It\\u2019s such a great concept!
The Red Ocean is a PROVEN Market.
The Red Ocean is safe because you already know that people want the product. However, it's risky because tough competition means that you'll have to compete on price.
So the chances of you making a whole lot of money are slim - #urrrgh!
The Blue Ocean is a NEW OPPORTUNITY for your market!
The Blue Ocean is where you'll find yourself if you create an offer that's prolific - Something different to what\\u2019s already out there.
Sure, there's a lot less competition... BUT, you\\u2019re still taking a RISK - because your offer isn't proven. How do you know if anyone actually wants it... or what they\\u2019re willing to pay you for it??? *Fatal Flaw Alert*
Then, it hit me:
Here\\u2019s the Equation:
Red Ocean = Product Security + Intense Competition = RISK
Versus
Blue Ocean = No Competition + Less Market Security = RISK
\\u2018Holy Batman... It\\u2019s Catch 22!\\u2019
So, what do you do\\u2026
How do you combine the Security of the Red Ocean with the Opportunity of the Blue Ocean? Can you minimise risk, serve more people and MAKE MORE MONEY?
Is it even possible?
Relax!
This is where my pacing, dancing, and obsession pays off ;-)
\\u2018Welcome to the Purple Ocean of Opportunity\\u2019
The Purple Ocean is a mixture of the Red & Blue Ocean\\u2026
Think about it...
You mix the best aspects of the Red and the Blue Ocean together, and you create the Purple Ocean!
\\u2018The Purple Ocean provides the Security of the Red Ocean with the Opportunity of the Blue\\u2019
So, you might be thinking, \\u2018Yeah, this sounds great Stephen, but how does it work?
Let me explain:
Recently, when I\\u2019ve been putting together my offers, I\\u2019ve been using the Purple Ocean Concept to great effect.
My students have been feeling it\\u2019s impact too. It\\u2019s sooo incredibly powerful!
How to Create a Purple Ocean Offer
When you create an offer, make sure that you take elements from the Red Ocean and combine them with elements from the Blue Ocean that you want to guide your customers towards.
The mixture of the elements from the Red and Blue Ocean creates a Purple Ocean Offer. This provides the SECURITY and SAFETY of the Red Ocean while gently guiding your customer over to the prolific NEW OPPORTUNITY of the Blue Ocean - where you have more control and less competition.
Your customers will often guide you and let you know which elements from the Red Ocean are needed to help make them feel safe and secure.
Entrepreneur\\u2019s Dilemma
\\u2018If I had asked people what they wanted, they would have said faster horses.\\u2019 - Henry Ford
It\\u2019s fascinating to look at the significant industry shifting products, like the iPhone, because they often follow the same Purple Ocean method.
Steve Jobs had a vision of what was possible. He produced an entirely revolutionary product. However, he made sure that his product fulfilled the needs of Red Ocean customers as well as the those of the more innovative early adopters.
\\u2018You can't just ask customers what they want and then try to give that to them. By the time you get it built, they'll want something new.\\u2019 -Steve Jobs
Jobs, recognised the same issue as Ford.
As an entrepreneur, you need to do the same.
It\\u2019s your job to hold a vision of what\\u2019s possible for your customers - while adding the safety and familiarity of Red Ocean elements to your offer.
That way you help your customers to transition to your New Offer in a stress-free way.
For Example:
If your customers are convinced that the only way to make phone calls is with a mobile service provider, then you have to make sure that your offer includes the SECURITY of that service.
You can then throw wifi calls and facetime into the mix - and gradually win them over to the NEW and the prolific.
Freaked out, scared customers who are unsure of your product are the least likely to part with their cash. They\\u2019ll refuse to buy into your vision - however amazing it is.
They\\u2019ll keep their money in their wallets until they find a solution that fits their preconceived ideas.
Think about how many people resisted getting an iPhone (or even a Smart Phone) when they first came out! It was just too much for them to take on board: \\u2018Why would I want to facetime anyone- my phone is enough for me.\\u2019
Looking back on my MLM product, this is exactly the approach I took:
A customer would reach out and say, \\u2018Steve, this looks great\\u2026 but does it do \\u2018this\\u2019?\\u2019
Very quickly I began to notice the elements I needed to add to convince my customers to buy. It was always elements from the Red Ocean, so I\\u2019d pull them in and add them to my stack \\u2026
And without knowing it, I created a Purple Ocean where they could feel both safe and excited. BOOM!
Even with a small ad budget, my product made $100,000 in its first month, and $25,000 - $50,000 each subsequent month.
It\\u2019s doing really well... Even with a \\u2018broken funnel\\u2019 (more about that in my next post)...
One of the main reasons for this success is the Purple Ocean that my product is swimming in!
So before you create an offer stack\\u2026
Ask yourself these questions:
Are your customers looking at your offer in a suspicious way because it is too prolific/ new/ revolutionary?
What is the \\u2018current\\u2019 Red Ocean norm and is your offer too far away from it?
What elements from the Red Ocean can you add to your stack to help your customers feel safe - to help them make the transition to your Blue Ocean more easily?
Honestly, try it - I think you\\u2019ll be amazed at the structure and clarity it will give your offer creation.
And, most importantly, the effect that creating a Purple Ocean of Opportunity will have on your wallet!
I know this is going to help you CRUSH IT with your offer creation. Until next time\\u2026 Go Kill It!
If you want me to speak at your next event or mastermind? Let me know what I can share that would be most valuable by going to SteveJLarsen.com and book my time now.
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