What is Marketing Innovation?

Today, innovation is much more than just new technologies, products, creations, or methodologies. It is about the interconnection between a product and a user, between a person possessing the ability to create wonders with the ecosystem.

The two seemingly unrelated words, “marketing” and “innovation,” have a significant connection that is almost very disadvantageous to ignore. They serve as collateral assets to each other; an innovation needs amazing marketing to succeed, while marketing needs innovation for the success of its products. Marketing Innovation, thus, is the need of the hour to dive into the constantly changing world with the progress each day that does not see the sky as its limit. 

What exactly is meant by Marketing Innovation?

The only constant thing in the world is change, and marketing innovation is the best way of implementing this into reality. With significant changes in product design, management, packaging, promotion, placement, and pricing, marketing innovation marks the change in marketing strategies that the enterprise previously used to create a completely new and widespread consumer base in the market. Routine changes in marketing methods are not considered as a marketing innovation as they do not involve a complete revolution in the marketing methodologies. 

What is the Role of Innovation in Marketing?

One buys what one sees, and that is exactly what innovation does to marketing. Every single day is a host of discoveries and inventions, with each one giving a tough competition to the other. Hence, one needs to know what appeals to their target audience the most. Innovation can be seen as rewarding exploitation of new ideas.

To gain a competitive advantage in the global marketplace, catalyzing innovative ideas that enrich the very essence of an enterprise can prove to be extremely profitable. Through the right innovative intervention, one can anticipate the emerging consumer trends way ahead of time and lead their way in the current demand-supply chain. The 2011 Global Innovation report found an 11% difference in the revenue in favor of the more innovative organizations. 

What are Some Innovative Marketing Strategies?

Is money everything when you want to expand your enterprise? Not necessarily, because just crazy creativity and out-of-the-box thinking can do wonders!

Use Referral Marketing: This is a simple yet effective marketing strategy. Here, you get your buyers excited to share the news of your startup and promote it extensively. This concept works exceptionally since 92% of people have shown to trust personal recommendations more than any other marketing strategy.

Discover your Target Audience: To establish a large consumer base, you need to have an explicit idea of what your ideal consumer looks like. Centralizing your target audience and optimizing your products based on their needs and desires is the ultimate way of attracting their attention towards your enterprise.

Incorporate Trends and Challenges: Start a viral marketing campaign and make your product the center of attraction! All you need to do is find the exact problem that your product can solve and then turn it into a challenge for others to tackle. You aim to make people realize that your product is the perfect go-to to solve the challenge.

Offer Exclusive Gifts with the Product: Why limit offers and gifts only to special events and occasions when this can become your best-selling point? Selling something for “free” with every product sounds fascinating to your customers. At the same time, it also allows you to expand your turnover by a huge sum as the complementary products cost a negligible amount compared to the overall profits. 

MIT ID Innovation - Innovation in Every Step

As per “The Lab42 Innovation Survey”, 84% of respondents say that it is somewhat or very important that the company they buy from is innovative. MIT ID Innovation is one of the leading institutes in India for innovation-related courses. With their lucrative and all-inclusive online courses in Innovation and Design that enable you to explore and build strategic foresight, MIT ID Innovation offers all that is required tomorrow to build growth systems and instruments of transformation.