Are you in a blood bath with your competitors over the shrinking profit pool? There’s been so much competition in somewhat every niche, a lot of varieties of products are available and so many brands are targeting similar types of audiences.
Content has been developed so much on a singular niche on a regular basis that it’s created the state of “Content Shock” and most niches are so saturated that you can’t win the competition so easily.
What to do now, is there any solution to this problem?
Yes, there’s you need to focus on incorporating a blue ocean marketing strategy into your brand!
Wondering what is the blue ocean marketing strategy and how you can incorporate it into your brand and blogs?
Let’s get it simple!
What is Blue Ocean Marketing Strategy?
There’s been two terms used by marketers; Blue Ocean and Red Ocean. Have you ever heard of these terms earlier?
Let’s get to know the meaning of “Blue Ocean” and “Read Ocean”!
Blue Oceans are new, untapped, unsaturated, and growing markets that no one or only a few people are targeting. Blue ocean marketing strategy focuses on developing and capturing new uncontested market spaces creating new demands. Hence this strategy makes the competition irrelevant.
While on the other hand, Red Oceans are overdeveloped, saturated markets with cutthroat competition whom everyone is targeting and fighting for the shrinking pool of profits.
Even the first introducers of Blue Ocean Strategy, Chan Kim and Renee Mauborgne stated in their book that “cutthroat competition results in nothing but a bloody red ocean of rivals fighting over a shrinking profit pool.”
Do you want to just compete in over-saturated markets or invest your time and money in researching unsaturated, untapped markets?
I hope you’d want to invest your time and money first in finding new untapped markets. Let’s understand Blue Ocean Marketing Strategy and Red Ocean Marketing Strategy in comparison!
Difference between Blue Ocean and Red Ocean Marketing Strategy
Knowing the difference between Blue Ocean and Red Ocean will help you in identifying the untapped marketplaces for your brands. Let’s understand the key difference through some of the important points;
- Blue Ocean is a new, untapped, unsaturated, and growing market while on the other hand, Red Ocean is overdeveloped saturated market.
- The Blue Ocean makes the competition irrelevant while the red Ocean is filled with cutthroat competition.
- BO (Blue Ocean) is a vast, deep, powerful, and unexplored marketplace with no defined and accepted boundaries. But in the Red Ocean, boundaries are already defined and accepted along with the capital market share, and brands fight with each other to grab a bigger percentage of that market share.
- Blue ocean market spaces are crowded, hence profits and growth are decreasing day by day. While red oceans are having so many possibilities and opportunities for the rapid growth and profitability of businesses.
- You need to compete with the existing market spaces in red ocean marketing, but in Blue Ocean, you can create your own uncontested market space.
- In Red Ocean, you need to put all the marketing efforts and resources into making your product and services more different and much low cost. But in Blue Ocean, you put all the marketing efforts and resources into searching the different and low-cost markets.
I hope now you can differentiate between blue ocean market places and red ocean market places. Now you can start over your journey in the pursuit of blue ocean marketplaces.
Let me make it easier for you to draw the fine line between blue ocean marketplaces and red ocean marketplaces.
An Expert named Milan Kundera stated that “Business has only two functions – marketing and innovation”
Couldn’t comprehend the aforementioned quote?
Well, it means the business can’t exist without both of them, you can market the innovations easily, and innovation can be anything such as a product, service, or any kind of method that is making lives easier.
In the red oceans marketplaces, the same products are built and services are provided by different brands over and over again with a little bit of differentiation, and the whole business is dependent on marketing. As the whole business is dependent on marketing without any innovations, it’s so much difficult to sustain itself in the market.
No business can’t stand with just one leg that is marketing, that’s where the blue ocean marketing strategy enters the game. BO focuses on both marketings as well as innovations.
If you want to run a successful business you need to make innovations and reinvent the industry from time to time. Innovations can create untapped market spaces in no time.
New innovations in the industry will lower the risk and create new market spaces where you can easily get successful with increased and exponential profits.
Are you ready for Innovations?
As we’re talking about the blue ocean marketing strategy and tapping into the untapped markets, it may seem so much easy but without the proper strategy and proper execution, you can’t reap the benefits of the blue ocean marketing strategy. Let’s discuss the step-by-step process of Blue Ocean Marketing!
How to build and implement the Blue Ocean Marketing Strategy?
Step by step process is the easiest and most successful way of executing strategies because the tasks can be scheduled with no last moment pressure.
The steps we’re mentioning here (are combined with the steps mentioned in the book of Chan Kim and Renee Mauborgne related to blue ocean marketing strategy along with our own marketing tactics) are;
- Research Your Competitors
- Identify pain points of your consumers and build marketing personas
- Define Your Niche Read Oceans and Blue Oceans
- Figure out in which unexplored blue ocean market space you want to explore and test your products, services, and offerings.
- Develop products, services, and offerings addressing the mentioned pain points in the buyer persona you’ve built in step 2.
- Find out your starting point covering aspects and topics none of your competitors are touching on to introduce your new products, services, or offerings.
- Write a formal plan for your shifting to blue ocean marketplaces along with the schedule.
- Test your products, services, offerings, and processes you’ll take to reach the desired goals.
- Continue optimizing your blue ocean marketing strategy with new marketing efforts and the help of tools made for it. Tools are Buyer Utility Map, ERRC Grid, PMS Map, Strategy Canvas, etc.
We’ve described a 9-step framework for building and implementing a blue ocean marketing strategy for your ease of execution. If you’ll just go out without any strategy and perform a blue ocean marketing strategy, I’m sure you’ll end up losing your brand reputation.
If it were easy for every brand to go out and perform this marketing strategy then none would be facing the cutthroat competition.
But, I’m sure you’re going to reap the benefits of this marketing strategy as you’ll be following the aforementioned steps while performing it.
Let’s count the most important benefits you can get with the blue ocean marketing strategy!
Benefits of Blue Ocean Marketing Strategy
It’s easier to talk about than implement but when implemented properly we can reap the benefits of any marketing strategy. The benefits of the blue ocean marketing strategy are;
- Grounded in Data
- Step-by-step process
- Avoid saturated markets
- maximizes opportunities while minimizing the risks
- pursues differentiation and low cost
- creates uncontested market spaces
- Explore unexplored market spaces
- Creates personalized experiences for consumers
- A win-win situation for both people and brands, brands get higher revenue and growth while people get customized products and solutions to their pain points.
- Have growth potential from the value brands provide through this
- Increase in word-of-mouth marketing as the consumers praise the value
- Increment in conversion, sales, and revenue with no competitors in the market
- Exponential Growth in the Business
So, which benefits are luring you to apply this strategy to your brand? You can even implement it in every section of your brand, even you can start it with your blog.
After the state of the content shock, the content is not working anymore, it doesn’t matter how much content you’re putting out there, it’s not going to work if you’re putting it in the saturated niches.
You need to define your blue ocean marketing strategy and look for untapped niches, then you need to come up with new content structures such as;
- Animated content
- Infographics
- Funny content if your brand’s tone is containing humor
- Video Content
- E-books
- Jingles
- Podcasts
- Stories
- Webinars
You need to include the different types of content structures. This will help you in making your consumers loyal to your brand.
You can revitalize your blog also with the help of following the blue ocean marketing strategy. We at DigiAvtar, the best digital marketing company in Gurgaon (India), are following this strategy from the start, when you’ll look at the blogs of DigiAvtar, you’ll find out that we have developed blogs only on marketing strategies with step by step methods at the start.
As information is already available there, but how to execute that information is the biggest task that no one is teaching. We’ve provided step-by-step processes for implementing all the marketing strategies in our blogs and how you can implement those into your businesses.
You can search more about the marketing strategies yourself later. It’s time to conclude the blog here!
Takeaways
Some marketers say that this strategy is so ambitious, risky, and impermanent, but it’s not like that. Proper execution makes this strategy so much profitable because you’ll need not face competitors in the market places. As it’s focusing on value providing to your consumers, it also gives a boost to word-of-mouth marketing.
Even you can use this marketing strategy to build the content for the new market spaces rather than building for saturated market spaces only for the sake of SEO and organic traffic. You can revitalize your blogging career with the help of a blue ocean marketing strategy.
Whether you want to increase sales, enter new market spaces, give a boost to word-of-mouth marketing, build brand advocates and increase brand loyalty, Blue Ocean marketing strategy fits all the areas perfectly.
Let us know in the comment section what your thoughts on this strategy are and how you’re going to implement it for your business!
Want to work with a team of professionals on building the strategy for your brand then connect with us. For more valuable resources like this, visit our blog!