What is Innovative Marketing Concept?
What is Innovative Marketing?
An Innovative marketing strategy consists of various new strategies to advertise and promote new products or services to a specific group of consumers. Thus, two essential concepts are innovation and marketing.
Innovative marketing refers to the process of generating new ideas that have a positive impact on a new product. The marketing process is the process of selling products and services to consumers.
Innovative marketing refers to marketing efforts associated with the innovation process. Market research into customer needs, prototype testing with consumers, and new product marketing are just some of the methods employed to determine customer needs.
Innovative marketing plays an integral part in ensuring and enhancing the success of innovations.
Innovation in marketing relates to conducting market research, developing new products, launching them in unconventional locations, pricing them in odd ways, and promoting them in weird ways, among other things.
Taking Grand Shoes as an example, this Swedish footwear retailer carries branded footwear that fits sizes 12 to 17.
Grand Shoes did not target mass consumers but instead provided a unique plus size that customers could not find anywhere else.
A successful innovative marketing program encompasses all the innovative management activities that result in innovative products and services on the market.
If innovative marketing is critically important to market success as a real purpose and objective of innovation, it becomes evident that innovation marketing is essential to innovation.
Innovative marketing contributes to a successful launch of a new product or service through various activities geared toward customer and market needs.
Importance of Innovative Marketing
Simply describing the task and role of innovative marketing demonstrates the function’s critical importance in the innovation process.
Innovative marketing is included in all phases and thereby ensures customer and market orientation, which is critical in avoiding an innovation’s failure.
However, if innovative marketing is not rigorously implemented and pursued, there are numerous risks and dangers to avoid in an innovation project.
- The wrong decisions can be made about a product or target market if there is inadequate information about the market, customers, users, and needs (e.g., not representative, not complete). This can lead to the project going in the wrong direction and ultimately lead to failure. It is possible to misplace products, select the bad market, or handle irrelevant demands.
- A commercially viable product does not exist. However, it may not always mean that the product is defective. A poorly advertised and inferior product may do better than a high-quality one that is flawlessly marketed. Therefore, marketing, both internally and externally, is critical for success.
Innovative marketing is essential for innovation success, as evidenced by these two points. First, an estimated 60% to 80% of new products fail, and a large portion of the reasons are due to a lack of client orientation and marketing.
Marketing innovation and collaborating closely with marketing and sales are therefore essential for innovation managers and project managers.
What is the Use of Innovative Marketing?
The goal of innovative marketing is to expand into new markets to increase sales and profitability. In addition, innovative marketing recognizes the dynamic nature of business, which constantly changes, as do marketing techniques.
The fact that the marketing world is increasingly dependent on advanced technologies means that traditional marketing strategies are no longer effective.
Innovative marketing strategies can help marketers track success and change strategies, so they are better suited to meet the demands of their customers.
Techniques of Innovative Marketing
Marketing managers must make ongoing efforts to improve brand awareness, exposure, and reach to influence consumer perceptions while stretching their marketing budgets positively. If they fail to deliver, a new player will gain market share.
Marketers can attract more customers on a budget by utilizing the following innovative marketing techniques.
Social Media Marketing
Social media platforms have democratized marketing and client engagement in the modern day.
The individual with the best ideas and tactics that result in client engagements will likely have a significant market share over the person spending a lot of money on advertising.
Accordingly, social media platforms allow companies’ products to communicate with their target market and demographics easily.
The customer, meanwhile, is the king, as they are free to choose an established brand or a new entry. Therefore, a marketer must develop an innovative and authentic concept for successfully and efficiently resolving customer concerns.
Mouth To Mouth Marketing
It is most likely one of the most effective forms of marketing since it is carried out by satisfied and happy customers. It is the company’s mission to deliver a truly unique client experience that exceeds clients’ expectations.
A satisfied customer will always remain loyal to a brand. Therefore, your brand should wow your clients all along the way, regardless of how they discover it.
Reach New Geographies
Milton Berle once said, “If opportunity doesn’t knock, build a door,” which indicates that when products fail to gain traction, it would be better to expand outside of their home countries.
New markets with very little competition tend to have a low establishment cost because of the high demand for their products and services.
Retaining Existing Customers
It costs seven times more to acquire new customers than to retain existing ones. Therefore, you must ensure that existing clients stay with you forever.
So, first, calculate the lifetime value of a customer for the business, and then make more effort to retain that customer.
You should focus the entire firm’s attention on customer service if you lose even one customer; keep investigating until you find the cause.
Showcase Your Expertise
You can use multiple channels to address client concerns and difficulties as a business. For example, write blogs, utilize social media, speak at industry conferences, and establish your business as an industry authority.
Neil Patel leverages digital and social media channels to establish himself as a leading authority in his field.
Innovative Marketing Examples
Innovative marketing strategies are an integral part of any well-known firm’s marketing strategy. Embracing change and seizing opportunities are crucial in the era of digital marketing. The following examples illustrate three examples of unique marketing tactics utilized by world-renowned brands.
The IKEA brand has always been firmly connected to innovation. The USP and commercial viability of ready-to-assemble furniture has led the company, founded in 1943 as a mail-order business, to become a global multinational with operations in 46 countries.
IKEA products are known for their high level of detailing – allowing for easy assembly, frequently without tools – and their marketing is equally innovative.
A company’s customer experience is prioritized across the entire buying cycle and at individual touchpoints.
The Company created the Catalogue software in 2013, an augmented reality app that lets customers view the company’s inventory and see how it would look when placed in their homes.
Customers of IKEA stores can anticipate many innovations designed to make their shopping experience as pleasant as possible.
A complimentary 60-minute babysitting service is available to young families. You can also sample Swedish cuisine at the store’s in-store restaurants.
IKEA’s family memberships increased from 4.3 million to 6.9 million in 2014/2015 due to breakfast starting at $1 and family-friendly deals like buy-one-get-one-free frozen yogurt.
IKEA’s desire to serve customers after the purchase is impressive, even if their demands don’t directly benefit the brand.
They have developed a tool to assist customers in selling their used furniture, even going to help customers take photos and open up the brand’s Facebook page to operate as an online marketplace.
These are only a few examples. IKEA’s innovative marketing comes as a result of its cumulative marketing initiatives.
The initiatives have focused on providing consumers with a better overall purchasing experience without deviating from established paradigms or standard procedures.
Many brands recognize that enhancing the client experience is crucial to a winning strategy, but IKEA has achieved an unprecedented level of detail.
Instagram has a strong affinity for industries such as fashion and fitness, which already have a strong relationship with their target audience.
Also, Instagram has already instituted several novel marketing strategies that have improved user experience. As a result, social media has enabled its industry to expand the breadth of its success stories and storytelling capabilities.
The Explore function provides personalized channel results, and the Hyperlapse role is ideal for creating time-lapse videos.
The majority of the world’s leading brands are currently using this platform for advertising and marketing purposes, demonstrating its authenticity and suitability.
A digital-era consumer-centric design and launch show their understanding of the app-using market. L’Oreal Makeup Genius can be used on smartphones, allowing consumers to receive a complete digital makeover. Customers have enthusiastically embraced the app, which has been downloaded millions of times.
The brand also entered the digital realm by launching a unique collection called ‘Em-cosmetics’ in collaboration with prominent make-up blogger Michelle Phan.
Netflix has become an integral part of the modern home. Netflix’s reputation for producing high-quality content has led to an enormous amount of success.
There is more to Netflix than just a streaming platform; it has created some great television shows over the years as well.
Netflix has used user data extensively to target consumers based on their preferences, behaviors, and trends, which has been a critical component of its success.
Netflix takes data seriously since it informs its productions and content as well as its marketing campaigns. However, what Netflix did best was transform this data into ideas that inform programming at a deep level, a fantastic feat of innovation.
Virgin America operates in a market that is highly competitive and puts an emphasis on customer service and brand loyalty.
Also, Virgin launched the VX Next program, which puts 30 regular passengers and entrepreneurs to produce ideas for the airline in exchange for frequent flyer miles.
A social network onboard Virgin America flights lets passengers stay connected throughout their trip due to customer feedback.
An airline recently released a six-hour documentary that chronicles a fictional flight aboard Blah Airlines. A website and social media presence on platforms like Twitter and Instagram accompanied the (very) long-form content.
The campaign made a considerable splash with new media coverage. In addition, it was hailed as one of the most extended ads ever created for being composed of a fictitious corporation while being an unconventional advertising strategy.
Final Word on Innovative Marketing
Innovative marketing involves identifying opportunities for new products and consumer demands upfront, soliciting customer feedback throughout the product development process, and marketing the end product to end-users.
Innovative marketing thus ensures that new products and services are based on market and customer demands. A key success factor in innovation management is that it expands income prospects while minimizing flops and unnecessary waste.
Individuals in charge of innovative marketing must dedicate significant resources and time towards this field, and they must work closely with marketing and sales.
However, the primary objective of everyone must be the creation of new products that people can grab from their hands.