Last updated on October 5, 2024
What is Blue Ocean Strategy?
Blue Ocean Strategy is doing business where there is no-competition and hold a monopoly as you are different from the other businesses in the industry. In Blue Ocean Strategy you are representing yourself differently from others and have ownership and market control in the industry.
Blue Ocean Strategy is a framework and an organisation’s ability to thoroughly create your enterprise by making your market become incomparable. It has a minimal competition as created a new market space. Blue Ocean makes competition irrelevent because there is no reason to fight for share in the market. In Blue Ocean Strategy, risk of failure reduces compared to red ocean.
Blue Ocean and Red Ocean Strategy
Best Examples of Blue Ocean Starategy
Blue Ocean Strategy of Boat
Boat began its journey in 2016 with co-founders Aman Gupta and Sameer Mehta. Firstly, boat always focused on the youth and offered them fashionable audio products at affordable prices. The customers started mentioning boat products as boatAtheds. Boat found a gap and made a market between premium brands and cheap ones aswell. They targeted Youth through Social Media as they run their ads mostly on Instagram, Facebook and Google ads.
Boat targeted the youth called ‘gen-z’, sports and gym freak people. They made their products stylish and affordable so that ‘gen-z’ buy their product and get sttracted towards it. The main part of Boat never marketed their brand as an electronics brand. They marketed themself as a Lifestyle Brand which attracted Gen-Z’s the most. Blue Ocean Strategy of Boat left many big electronic companies behind and became one of the most loved of India.
Blue Ocean Strategy of BharatPe
Blue Ocean Strategy created by bharatpe through their marketing is extremely good. In 2018, Bhavik Koladiya and Shashvat Nakrani found a gap in the online payment market. The gap was the use of different QR codes by a retailer to make a digital payment. If the retailer has a QR code of PhonePe but the customer has Paytm, both the people will stuck out there.
The other payment companies charged 1.5% interest on each transaction and due to this, merchants were not able to earn much profit. They brought up an idea to remove 1.5% interest charged to merchants so that they can earn profit. They made a QR code that can accept payment from any company. Shavant Nakrani and Bhavik Koladiya with this blue ocean strategy, went to Ashneer Grover for some funds as he liked the idea and decided to fund the launch of BharatPe.
BharatPe started its journey in April 2018 with co-founders Ashneer Grover, Bhavik Koladiya, and Shashvat Nakrani. A problem that was seen by many businesses having big cash intake have low-profit margins and small businesses sometimes need to take loans of less worth and cannot take bank loans. Due to this problem, BharatPe came up with a blue ocean strategy which is a merchant lending system where merchants were offered to take short-term loans for their operators without any collateral. They charged a 2% interest rate on the loan provided. Usually, payment companies give the consumer cashback but BharatPe gave cashback to both entities, consumer and merchant. They targeted customers who were its consumers and consumer merchants and gave cashback to both of them as it was their usp and a major part of their blue ocean strategy.
They ran another campaign ‘Ek Bharat Ek QR’ which gained a lot of popularity too. After the pandemic lockdown ended, all the retailers and small businesses were in looses and banks were not ready to give small loans. Then BharatPe came and gave small loans to retailers and small businesses without any collateral. BharatPe made a differential factor in their business which was to target & make retailers and small businesses earn profits of their own and made them a tiger of the fintech industry and became one of the biggest fintech company of India through the blue ocean strategy.
Blue Ocean Strategy of Beardo
Blue Ocean Strategy created by bharatpe through their marketing is extremely good. Two friends, Ashutosh Valani and Priyank Shah started a new journey with Beardo. They saw a gap in the Indian grooming market and saw too much flow in the grooming products for women. Initially, they saw that the men’s grooming industry was unexplored.
They used social media to reach their target audience by collaborating with Popular Influencers for gaining popularity in the market. Through the advertisement campaigns, beardo made a cult following for their brand and got acceptance through it. Beardo focused on high-quality grooming products. Their first product was beardo beard oil which gained a lot of popularity. As not by selling just a grooming product but by selling the statement through the products which beardo wants to justify.
Beardo never sold their product so that man keeps their face clear, or other. They sold their product by showing men’s masculinity in their brand by using #HairMasculinity. They related their brand to male masculinity, growth, and personality which made stereotypes and showed men’s individuality in their brand. This became a differential and incomparable factor of beardo as it is part of their blue ocean strategy. Beardo found a gap in the grooming industry in India where men’s grooming is too under rated. They saw this big space in the industry and started building their empire.
Beardo showed characteristics of a man and also showing their blue ocean strategy factor. They found a differential factor in the grooming industry and made men buy their product by creating stereotypes and showing the individuality of a man. Beardo became one of the biggest men grooming brands of India through its blue ocean strategy.
Conclusion
Blue Ocean Strategy examples tells how value innnovation in product or marketing can differentiate your brand in the industry. Boat represent thmeself as a Lifestyle Brand. Whereas BharatPe targeted both consumers and merchants and solved their problems. BharatPe’s blue ocean strategy made a QR Code that can accept payment from any company and removed 1.5% interest charged to merchant’s. Beardo found a gap in the grooming industry where men’s grooming was under rated in India. Beardo launched men’s grooming products and showed masculinity in thier product and brand.
