Blue Ocean Strategy
A business approach that focuses on creating a new, uncontested market space, making the competition irrelevant by pioneering new demand.
Description
In the digital marketing industry, a Blue Ocean Strategy involves identifying and tapping into unexplored market segments or creating entirely new digital experiences that set a brand apart from its competitors. Instead of competing within the crowded 'red ocean' of existing digital marketing tactics, companies using this strategy innovate to find 'blue oceans'—spaces with little to no competition. By doing so, they can attract new customers and create unique value propositions. This might involve leveraging new technologies, creating fresh content formats, or engaging audiences in innovative ways that haven't been tried before.
Examples
- HubSpot: Instead of competing directly with other CRM software, HubSpot created an all-in-one inbound marketing platform that combines CRM, marketing, sales, and customer service tools, thus creating a new market space.
- Dollar Shave Club: Utilizing humorous, viral videos and a subscription-based delivery model, Dollar Shave Club disrupted the traditional razor market, setting itself apart from giants like Gillette.
Additional Information
- Focuses on innovation and value creation.
- Aims to make the competition irrelevant by defining new market spaces.