Blue Nile Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Blue Nile through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Blue Nile Product Strategy:
Blue Nile is one of the leading online platforms for buying jewellery and precious accessories. Blue Nile sells jewellery and Diamonds which are primarily targeted towards men and women who like to shop online and have working knowledge about technologies. Blue Nile provided exquisite designs which were designed by certified jewellers. It has a wide range of products as a part of its marketing mix product portfolio. There are over 33000 options and choices available in the category of Diamond jewellery.
Image: company website
This concludes the product strategy in Blue Nile marketing mix & strategy.
Blue Nile Price/Pricing Strategy:
Below is the pricing strategy in Blue Nile marketing mix strategy:
Blue Nile offers products which are premium priced. As diamond is a very costly and premium product, it can only be affordable by the rich and well to do financially stable people.
The pricing of the products depends on the pricing of gold in international market. Since there is not much room in the making changes of the jewellery, the pricing was set at par level with the market so as to keep its brand value at par.
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Blue Nile Place & Distribution Strategy:
Following is the distribution strategy in the Blue Nile marketing mix:
Blue Nile products are only available online since its inception. It has a strong brand presence throughout the United States. It is one of the largest selling Jewellery websites in the US. There is no need of inventory storage as the buyers directly got their products from the makers.
Currently it is not served globally but owing to a strong online presence people from all over the world can buy goods.
Blue Nile Promotion & Advertising Strategy:
The promotional and advertising strategy in the Blue Nile marketing mix is as follows:
Blue Nile use many media channels to promote its products and offerings. As it has targeted a very specific group of people it does not apply any mass appealing techniques. Over the years it has various taglines such as "A smarter way to buy diamonds, it starts with the diamond in your mind" etc. Having over 33000 options in Diamonds, it has established itself as a premium online store with lots of choices. It is also perceived as a strong brand.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Blue Nile.
People:
As of 2018, Blue Nile had 450 employees. Most of the employees work on the online platform and software technicians. They have dealerships with independent jewellery makers who send their designs and people on the computers do the rest. They believe in small team and efficient work.
Process:
Blue Nile delivers its goods and services via several business processes. The process of this online jewellery store is similar to any retail store. They have their designs posted regularly and the makers are ket ready for demand. The designers have a heavy work cycle here. The rest are set up by the advertising department. Once the order is placed they are shipped to the location with high security which generated a trust among the customers.
Physical Evidence:
Blue Nile solved the problem for thousands of households in America who prefer online shopping over physical shopping. This serves as the main option when they thing of buying jewellery as there is not much competition. The online platform is well versed with every customer that visits the sites. There are numerous applications that can be referred to. This completes the marketing mix of Blue Nile.
About Blue Nile:
Blue Nile is an American Online Jewellery retailer, which was founded in 1999. It is based in Seattle, Washington. It was started in 1995 by Doug Williams of Williams and sons who wanted to sell diamonds online. In 1999 Mark C.
Vadon purchased 85% shares of the company and improved the website changing its name to Blue Nile. Currently it has a Net income of 10.5 million USD per year and it has around 450 employees.
Browse marketing strategy and 4Ps analysis of more brands similar to Blue Nile. The Marketing Mix & Strategy section covers 4Ps and 7Ps of more than 800 brands in 2 categories.
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