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Prehensive vision about the target market or its perception. It also helps you break these restrictions and break from the previous industry by creating a new industry thanks to joint innovation. 4- Strategy formulation In this step, you need to know how you will move from point (A) to point (B), that is, from the red ocean to the blue ocean. For example: To reach a larger goal, you may need to take advance steps in the beginning, and if you want to For certain improvements in scope, you need capital or resources, and here we find a framework consisting of four actions that helps to understand how the factors must change for transformation, which are: Exclusion , by focusing on factors that other industries have long competed on. Construction , by being familiar with factors that the industry has not addressed before.
Increase , by knowing the factors that require it to be higher than the current level. Reducing , by looking at the factors that are supposed to be reduced below the current level. Read also about: Color psychology in marketing 5- Launching the Blue Ocean Strategy Oman Phone Number Data Now comes the final step in which the strategy actually begins to be implemented and launched. In this regard, the authors of the Blue Ocean Strategy recommend a three-pronged iterative approach: Defining goals, paths and next steps. Conduct testing of existing products and features in the market. Adjust the strategy according to the results. Refine the strategy to maximize its potential. Example of blue marketing strategy A great example of a blue marketing strategy is Spotify If we go back, we find that the majority of profits that came from the music industry were from physical sales of tapes and CDs. With technological development and the introduction of digital media in this field, many leading companies emerged in this industry, some of which dominated for a long time. In 2006, a startup company appeared that had other plans and unprecedented strategies, and it also had its own vision regarding the music industry, which is Spotify.
At that time was limited to buying songs to listen to, owning specific devices to use some platforms, or downloading songs illegally. At this time, Spotify has come up with a better way to listen to music through a strategy centered around turning constraints and circumstances into opportunities. Its model was based on the possibility of legally subscribing to listen to unlimited amounts of music at a small cost, in addition to compensating the artists in some way for their work. It is clear from this that Spotify created its own blue ocean instead of entering into intense competition to outperform its competitors, and it was able to do this through three things: Introducing a new template for music marketing. Its pricing made the competition irrelevant. Work to redefine value. Read also about: Black Marketing What is the Blue Ocean Strategy Framework? It is called the Four Actions Framework, and it is an approach that works to transform constraints, risks, and circumstances into opportunities that can be taken advantage of, and then you can control the factors affecting your vision by increasing, reducing, or eliminating them completely. You can now plan your marketing strategy by contacting G-dart Marketing Solutions Company to help you avoid any risks that may threaten your business or reduce your market share.
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