How can you apply the Blue Ocean Strategy framework to create a unique BRM approach?

The Blue Ocean Strategy framework, developed by W. Chan Kim and Renée Mauborgne, focuses on creating uncontested market space and making competition irrelevant by exploring new and innovative ways of delivering value to customers. 1. Assess the Current Landscape: Understand existing BRM practices and challenges. 2.Identify Opportunities: Find overlooked areas and unmet customer needs. 3. Create Unique Value: Develop a BRM approach that offers superior value. 4. Innovate in Delivery: Explore technological advancements and streamline processes. 5.Prioritize Customer Experience: Focus on making interactions seamless and personalized. 6.Collaborate and Learn: Seek inspiration outside your industry and foster a culture of continuous improvement.

To apply the Blue Ocean Strategy framework to Business Relationship Management (BRM), focus on innovating the BRM approach by identifying and eliminating industry norms. Break away from conventional practices and create a unique value proposition. Emphasize factors that set your BRM apart, such as tailored solutions, enhanced customer experiences, or streamlined processes. By challenging existing standards and adopting innovative approaches, you can carve out a distinctive and uncontested space in the market, aligning with the core principles of the Blue Ocean Strategy for a successful and differentiated BRM approach.

Thank you for this content, the blue Ocean strategy is emphasized since it gives a chance to sellers to discover New business areas and opportunities. It requires one to plan ahead of their daily activities by employing the power of three...that is, a seller can identify 3 key tasks to accomplish each day. It's also good to benchmark and see what competition provides inorder to stay ahead of your competitors.

Adopting a Blue Ocean Strategy can be concurrently simple and elusive. Apple Computer's iconic ad campaign gave us a good starting point: "Think Different". Think differently about our product or service and the benefits they can deliver to customers and clients. This can only be accomplished with strong empathy and a deep understanding of who are clients are and what they are trying to accomplish in the context of an ever evolving business environment.

Analyzing the current state of your BRM landscape is crucial for strategic planning. Identifying partners, understanding their needs, and using tools like stakeholder maps and value proposition canvases provide a comprehensive view. This step allows you to uncover gaps, capitalize on opportunities, and benchmark against competitors, ultimately guiding strategic decisions for a successful Blue Ocean Strategy implementation.

In my experience as a UX designer, the “Eliminate and reduce” step of the Blue ocean strategy framework for BRM is in line with a user-centric and streamlined experience. This step focuses on streamlining processes, eliminating red tape, and improving the overall effectiveness of the BRM process. Here’s how a UX designer contributes to this phase: 1. ENGAGE THE YOUTH IN THE BRM PROCESS Do research on users to gain insight into their pain points and frustrations. 2. Simplify user interfaces: Simplify your BRM tool and platform user interfaces to remove redundant elements and minimise cognitive load. 3. Reduce Documentation Load: Examine how much documentation and reporting is required in your current BRM process. 4. Create Feedback Loops.

Having an Objective is the key. Any activity which is distracting the efforts further and continuing to do so and eventually leading to diminishing return should be eliminated at the earliest . Either experience or mentorship helps in such case unless the logic is too strong.

Simplifying processes and cutting the 'not so useful' steps go a long way; It allows time to invest in the activities that directly affect the BRM process. Regular appreciation, compliant management that is less bureaucratic.support and value addition.

To apply the Blue Ocean Strategy framework to create a unique Business Relationship Management (BRM) approach, the following steps should be considered: 1. Reconstruct Market Boundaries: Look beyond the accepted boundaries of the existing market and identify new opportunities for BRM. Consider industries or sectors where BRM is underutilized, or where you can provide innovative value propositions that differentiate your services from the competition. 2. Focus on the Big Picture, Not the Numbers: Develop a strategic vision for BRM that emphasizes creating new value for both the business and its customers. This vision should guide decision-making rather than short-term financial metrics.

As far as my views are concerned, this step is very crucial for any organization. Prepare the list of MUDA of all functions. Then prepare the action plan to eliminate and reduce it. This will have much bigger impact on BRM overall performance. World class organizations must simplify the process & operations to achieve the effectiveness and business goals.

As part of the Blue Ocean Strategy phase “Raise and create” for BRM I push the boundaries of design innovation by exploring emerging technologies, thinking about interactive interfaces and using gamification to make BRM an engaging and innovative experience. By taking a human-centred approach and adopting design thinking, my goal is to create a BRM proposition which not only meets current needs but also anticipates and surpasses the changing needs of users in today’s dynamic business environment

Reach Beyond Existing Demand: Instead of fighting over the same client base, seek out untapped markets. Target non-users or under-served client segments with a tailored BRM approach that addresses their unique needs and challenges. In addition, get the Strategic Sequence Right: Ensure that your BRM approach is commercially viable. This involves considering buyer utility, price, cost, and adoption hurdles. For BRM, this could mean creating a pricing model that aligns with the value delivered or ensuring that your approach is easy for clients to adopt and integrate into their existing processes.

1. It's better for a relationship manager to profile the top 20 customers bearing in mind of the 80-20 rule(Pareto principle) 2. Bring services close to your customers, a good RM is the one who is empathetic and finds the customers at their convenience places.. for example at Account opening an RM can deliver the cheque books, deliver Account opening or loan forms, provide Financial literacy sessions among others. 3. Sensitisation on new technologies, it's the work of a good RM to ensure his customers are well conversant with the digital platforms e.g corporate internet banking among others.

BOS is about venturing into a new market and creating a new demand being created rather than fighting for in a coat effective methodology. BOS in BRM helps in bringing new market perspective, new clients and partnerships which can turn into a loyal customer base with effective and efferversent communication and execution. This enhances and improves customer stickiness and builds customer loyalty over a period of time thus by making competition and competitors irrelevant. Since less or zilch competition, the communication and execution progress is well heard in these markets paving way for larger penetration and more customer base.

To apply the Blue Ocean Strategy framework to create a unique Business Relationship Management (BRM) approach, focus on identifying and innovating elements that set you apart from traditional approaches. Find ways to eliminate, reduce, raise, and create within the BRM context, providing unique value to stakeholders. Consider factors like communication channels, service offerings, and relationship-building strategies to differentiate your BRM approach and create a "blue ocean" of uncontested market space.

To me it’s the most vital step ! Communicate what you expect ! Then create the level of awareness It’s easy to execute then. On BRM , there is always a challenge to understand, thus how to mitigate them ? My approach is ; seek first to understand them to be understood! We can ask in this step and then clarify , after that you tell your narrative and story! That’s crucial . Don’t jump into conclusions eager listen and share and then tell !

Continually innovate and refine your BRM approach to stay ahead of the competition. Regularly review client feedback, market trends, and technological advancements to find new ways to add value.

Meaningful and effective communication is key for success of any business model like blue ocean strategy. This helps to execute the strategy and business plan in effective manner. So communication, coordination, commitment, core values help to execute the BRM strategy.

The CRM vs. BRM debate is to optimize the customer journey for maximum retention and shorter-term value extraction. Beyond Data, there is Understanding: CRM excels at data capture and analysis, but BRM emphasizes relationship building and understanding customer needs more deeply. If your team solely relies on data-driven insights (hopefully a big part) AND the degree to which you are using human touch to cultivate long-term loyalty. Sometimes, the local account person on the ground plays this role locally ask, who is doing this with the “decision maker” at your customer? AI and CRM templates are not a replacement for human touch. The choice of CRM and BRM is not an either/or proposition. Executives should consider a hybrid approach.

I feel BRM strategy should be also based on A. Market : customer, partner and ecosystem research.. this can unearth gaps in existing markets and pockets for new and differentiated offerings B. Clear differentiators: and preferably not just on price… we have all seen low price skimming is a strategy certain for failure. Customers can pay premium for novel differentiates offerings C. Incorporate Risk, Security and compliance guidelines early on in the cycle

Address internal resistance and operational challenges that could prevent the implementation of a new BRM strategy. Change management initiatives, updating training programs, and ensuring that the organisational structure supports the new approach may be necessary. Develop a BRM strategy that is executable by aligning resources, processes, and metrics with the new approach. For example, re-align incentives for BRM professionals to focus on long-term relationship value rather than short-term sales targets.

Create stories that not only tell your BRM story but also create empathy and understanding. Be agile. Be flexible. Be agile in your execution, be agile in responding to market changes, and be agile in your continual improvement based on real-time feedback to ensure long-term success in your one-of-a-kind BRM.

Frequently carrying out research and collecting feedback from the customers for daily, weekly, monthly or quarterly improvements.