Oura Ring Business Strategy
note: This article was created using Article Forge, an AI writing tool and Craiyon AI image creator as part of an NCSU project for my BUS 465 — Integrated Brand Promotion class. The only edits were made using Grammarly. The YouTube video and customer service image were also chosen by the Article Forge AI.
The objective is to better understand the growing ecosystem of AI content-creation tools and how they will be used in the marketing profession.
The Oura Ring is a wearable wellness sensor that measures a person’s physical activity, stress readiness and temperature. It then displays graphs that show their scores over time. The company says that the rings don’t diagnose disease or illness; they are designed to identify areas for improvement and highlight patterns in health.
The company’s third-generation smart ring launched last fall, and it has since invested in TV and other traditional media channels to reach a wider audience. Because of growing concerns about digital performance, the company is also using cross-channel attribution to see whether its TV creative is driving lift across other channels.
The Oura ring’s business model is also evolving, with a subscription model. The company will charge $6 monthly to access guided videos and personalized insights, although the features won’t be available until early 2022. In the meantime, it will have to focus on enhancing its content library.
The company’s technology is becoming more sophisticated and is now working on adding more features. For example, the ring can detect when women are pregnant or ovulating. It will also help track their blood oxygen levels. The company is also focusing on improving the accuracy of the rings’ measurements.
One of the main challenges for wearable device startups is differentiating from the competition. In the wearable segment, there are still untapped opportunities for innovation. By creating a product that offers a unique feature and serves a niche market, a company can build a highly profitable, uncontested business.
The second generation of the Oura ring has more advanced features than its predecessor, and despite being smaller, the new ring still packs a lot of technology. The new ring incorporates sensors to measure blood oxygenation, heart rate, and temperature. The ring also includes a library of content for users to choose from.
Developing a smart ring requires extensive research and development. A successful smart ring business strategy relies on three key areas: the product/market strategy, the value model, and the right product development strategy. Once these are established, the next step is to find the perfect go-to-market strategy.
