What are the main factors would be considered in online marketing while developing strategy for any products for particular demographic? There are many points to be considered while developing strategy to capture online buyer such as online buyer as well as competitor’s behaviour, competitive market price, online brand image (online reputation) and products features etc.
In online marketing, how Blue Ocean Strategy will impact conversion rate in a particular demography. While developing Blue Ocean Strategy, what major factors would be considered as below:
a) Create uncontested online market space– On the basis of conversion rate (analytics data), anyone can easily find out new online market space not targeted by competitors as per demography.
b) Make the online competition irrelevant – In the era of competitive world, how anyone can make online competition irrelevant, it would be done via offers and discounts as per policy.
c) Create and capture new online demand – How anyone can create online demand, simply via online reputation i.e. online feedback of customers or product features, pricing and offers etc. In marketing, we call it WOM (Word of Mouth). In online marketing, anyone easily cross check conversion rate via analytics and to create new online market place, we can search about demography of a particular zone and on that basis; we can target market via online ads and other organic ways.
d) Break the online value-cost trade-off – While developing strategy, we must consider that why the customers not going to purchase products means decision-making. If any customers visit the portal and having no conversion rate, we must use remarketing to break the value-cost trade-off.
e) Align the whole online system of any organization activities in pursuit of differentiation and low-cost.
While creating Blue Ocean Strategy for online market, we must consider below points:
a) Focus – Every strategy has its own mission, vision and goal.
b) Divergence – While developing strategy, we must consider points such as eliminating, reducing, rising, and creating.
c) Compelling Tagline – Tagline will be always creative and active for each age group.
How Conceiving New Online Market place – While searching new online market place, we can use conversion rate from analytics and use time series analysis to enhance conversion rate in present as well as new online market.
1) Industry – Search alternate online market
2) Strategy Group- Looks across strategy within online market
3) Buyer Group- Redefine the online buyer group as per behavior of portal visits
4) Scope of product and offers- Offers to age group, bulk and on eve
5) Functional-emotional orientation – Feedback while delivering product
6) Time – Online market is on boom due to time constraint
Always remember “Bad process can ruin strategy execution”. So, while executing any strategy based on Blue Ocean for online market, main factors would be considered:
a) Engagement – Involving individuals i.e. team-member involved in the project
b) Explanation – Explain each and every point to each team members.
c) Clarity of Expectation – Every team-member must give feedback related to strategy and process to move forward
So, simply we can conclude “Talent wins game, but teamwork and intelligence wins championship!” By Michael Jordan.
Source – https://www.blueoceanstrategy.com/bos-elibrary/how-blue-ocean-strategy-will-impact-conversion-rate-in-online-marketing/