Experts highlight value innovation as pathway to “Blue Ocean” at MARKETING EDGE Summit
By Felicia Nwosu
Nigeria’s leading magazine, MARKETING EDGE, has held its much awaited Annual Stakeholders Summit with seasoned marketing communication professionals emphasising value innovation as a pathway for Blue Ocean strategy. The virtual Summit brought together 22 speakers who are industry thought leaders both from the Integrated Marketing Communications and across other sectors of the Nigerian economy.
The event featured the theme, “Rethinking the Blue Ocean Strategy in Uncertain Times”, and created moment of interaction and reflection for speakers who charted paths for brand managers and other stakeholders in the IMC industry.
Specifically speaking on the topic, Tunji Adeyinka, President of Experiential Marketer Association of Nigeria (EXMAN), and Managing Director of Connect Marketing Services, stated that the business environment is competitive as every organization thinks of staying afloat, which leads to head-to-head competition. He noted that such competition cannot yield growth, and may lead to Red Ocean, adding that value innovation is key prism of Blue Ocean which means reducing cost and creating product differentiation
Mr. Adeyinka added that in creating Blue Ocean, brands need to find ways of reducing or eliminating cost entirely by working on two dimensions which are cost and value through innovation or price reduction.
According to him, “there is need to focus on market and consumer. The market and consumer of today are not that of yesterday, you don’t have the linear progression as it used be. Today’s consumer is looking at every dimension, so in focusing in the market, look at the experience that is appropriate for the consumer.”
Also speaking, Otis Ojeihkoa, Managing Director, Brand Optimal, on the other hand, advised on the importance of sustaining and progressing in Blue Ocean lest it becomes Pink or Red Ocean. He added that innovation is key to creating Blue Ocean in businesses.
“To experience giant leap that will disrupt and create new opportunities, we have to look into ways that can drive new market or service delivery options where value is the driver and not cost.”
Rita Ezenwa-Okoro, Chief Creative Officer at ROC, on her part, observed that there has been a drastic consumer shift propelled by the pandemic, while noting that nothing in Nigeria is certain in all ramifications. She argued that brands that want to create Blue Ocean strategy must be ready for the risk involved or be ready to be swallowed.
“If you want to do something differently, you have to explore discovery of our local talents in the way we have never had it before,” she advised.
Ezenwa-Okoro urged brands and agencies to create campaigns in a more unconventional ways, noting that in charting the path for the Blue Ocean strategy, brands must be fearless in order to stand up for the cause of a worthwhile change.”
Marie Okorie, TM, Internal Communications and Digital Media Partner, UBA reaffirmed that brands have to creatively aggressive to meet up with consumers’ pace in change of preference and behaviour. Urging brands to follow trends to evolve, the digital media expert advised that they must recreate and innovate, while noting that apps such as WhatsApp has evolved with the pandemic trend by increasing its number of participants.
“The new behaviour created by the pandemic is the Blue Ocean that we need in Nigeria. You have to understand what needs to be created or recreated through various platforms to drive consumer’s journey. You must understand the environment by paying attention to what content the consumers are engaging in, and then think on how you can add new customer needs to existing ones,” she said.
RECOMMENDED ARTICLES
Comment
No comments found.