Whether you’re a budding freelancer, or a newbie trying to get things started, one thing is certain.
Competition.
So i guess the question therefore is how do you handle your competition?
Wouldn’t it be great to find the next big gig that earns you money online without having to worry about your fellow freelancers?
Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant , a business strategy book first published in 2005 and written by W. Chan Kim and Renée Mauborgne of The Blue Ocean Strategy Institute promises just that.
Blue Ocean Strategy does a good job outlining how one can create a blue ocean to hunt in. whether you’re a freelancer looking to make money online or vice president of operations in a Fortune 500 company.
My first encounter with the Blue Ocean Strategy was for an MBA class project.
Since then, I have read the book over several times and applied the lessons to various aspects of my life.
When we try to find our way into blue waters, it’s good to have a road-map at our disposal, and Blue Ocean Strategy seems to offer just that – a sound strategic guide to do more than just grab another freelancer’s client, but tips on how to attract new clientage and a whole new market all for ourselves.
Below are 3 key points from the book that led to a breakthrough in my freelancing career:
Stop Competing in Existing Market Spaces.
Seek Uncontested Market Spaces
When I started out as a freelancer in 2009, I depended entirely on freelancing marketplaces oDesk, Fiverr and Freelancer to make money online.
At the beginning of this year, I decided that to meet my goal of freelancing full-time by December 2013, and being able to earn a decent living off of my services, I had to change my game plan.
Although these freelancing platforms conveniently provided endless opportunities for me to connect with potential clients and took the pain out of marketing my freelancing services and getting paid for them, I felt that it was time to set out on my own.
My Blue Ocean Strategy: Finding the courage to chart a new course in the oceans and the endurance to find that new blue ocean, and reap the benefits.
For starters, I launched this website and has been constantly updating it with fresh and practical resources for the freelancer who wants to succeed making money online.
Additionally, I am utilizing various methods such as SEO and social media to market the site.
I also resorted to cold-calling and cold-emailing small business owners and organizations to pitch my services.
The results?
I have not only gotten an opportunity to showcase my writing skills but have also broadened my client base.
Further, I have a golden opportunity of working with a whole new set of clients rather than the small subset of costumers already available on the freelancing platforms.
But the best part is that I get to keep 100% of all my earnings without having to fight it out with all the other sharks in the crowded marketplaces.
Stop Trying To Beat The Competition.
Make The Competition Irrelevant
In the authors’ own words:
“The only way to beat the competition is to stop trying to beat the competition. In red oceans, the industry boundaries are defined and accepted, and the competitive rules of the game are known. In blue oceans, competition is irrelevant because the rules of the game are waiting to be set.”
Instead of spending time and resources on “beating” my fellow freelancers, I focus on creating a leap in value for my clients.
More often than not, the major competitive advantage on the platforms is to compete on price, and I figured out that road is headed nowhere but into red waters.
Albeit cliché, from my very first freelancing gig, I made a conscious decision to under-promise and over-deliver on any assignment that landed on my desk.
I also to this date only bid for projects that I can deliver on in time and to the client’s satisfaction.
For example, if an assignment is due in 10 days, I submit it in 7 days or less.
Is this an easy road?
No way!
But doing this sets me apart from the crowd and offers better value for the client.
Another strategy that I use, is to offer clients 100% money-back guarantee coupled with unlimited revisions on a piece until they are fully satisfied.
Create and Capture New Demand
Instead of focusing on exploitation of existing demand, create and capture new demand.
A strategic move on my part that created blue oceans of new untapped demand was the decision to shift my focus from solely targeting international clients online to but also pitching to individuals and organizations in my locality.
No doubt, the online strategy has been effective, but actually pitching for local gigs has opened up potential for additional income as well as an opportunity for making a positive contribution to my country.
And I love it.
Some of the prospects I pitched to had never embraced the importance of article and content marketing but after having a conversation on the same, they see it in a different light.
Which is encouraging.
You can buy Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant
Have you had a chance to read the book Blue Ocean Strategy?
What has your experience been like?
Share with us in the comments below…
