What is Innovative Marketing?
Innovative marketing is a set of innovative processes and activities that market and communicate new products and services to a targeted group of consumers. Innovation and marketing are the two words that must understand. Innovation in marketing is an activity that involves new ideas that have a positive impact to a new product and service. Marketing is a process that involves marketers to communicate product and service information to consumers.
Innovative marketing concept is all about conducting market research into customer needs, behaviors and trends, develop a prototype or changes within product designing, launching a new product in a unique place, pricing the product in a unique way, promoting products in an unconventional way, etc. For example, Grand Shoes is a Sweden based shoes store that deals in Size 12 to Size 17 branded footwear. Here Grand Shoes not targeted mass buyers but innovatively targeted the market with unique plus Size that customer don’t get everywhere.
Why Marketers use Innovative Marketing
The role of innovation in marketing is to explore new markets to increase sales and profitability. Innovation marketing believes in the dynamics of business world that are changing on regular basis and so as the marketing strategies as well. Marketers know that conventional marketing techniques are not effective anymore and the businesses are surrounding by advanced technology. Innovative strategies in marketing allow marketers to trace the performance alter the strategies to better cater the customers’ needs.
Innovative Marketing Techniques
Marketing Managers are required endless marketing efforts to increase brand awareness and visibility in such a way that have a positive impact on consumer’s mind while trying to squeeze the marketing budgets. If they are unable to deliver they can lose market share to a new entrant.
Following are the some of the innovative marketing technique that can help marketers to attract more customers within limited marketing budgets.
Word of Mouth Marketing
This is perhaps the most powerful type of marketing as it is done by happy and satisfied customers. The main objective of the company is to deliver a unique customer experience in such a way to exceed customers’ expectations. A satisfied customer will always stay loyal to your brand. Don’t forget to map your customers’ journey and make them amazed every time they interact with your brand.
Social Media Marketing
In the present world, social platforms have democratized both marketing and customer engagements. This probably means that the person who has the best ideas and techniques that leads to client engagements will win a big market share rather than the one who spend a huge budget over advertising. Based upon the company’s target market and demographics, social media platforms are the resources which can bridge the gaps between product and customer. However, customers are kings and they have the luxury to switch to a new entrant or existing quality brand. Here marketers are required to come up with an authentic and innovative idea to resolve customer problems effectively and efficiently.
Retain Your Existing Customers
Keep in mind, if you acquire new customer it is seven times more expensive then retaining the existing customers. You must ensure that your existing customers are retained forever. Calculate customer lifetime value to a company and then put more efforts to retain them. Your entire company should focus on customer service if you lose even one; keep digging until you find the reasons.
Explore New Geographies
According to Milton Berle, If opportunity doesn’t knock, build a door,” Whenever products find it difficult to attract customers, it is always better to look for new geographies. New markets with low competition and high demand always have low setup cost of a product and service.
Once Hunter Hayes says “It’s time to reset, rethink, and reposition”. When your business is not doing well, it is the right time for the business to take it as challenge and rethink about your strategy. Conduct a swot analysis to find out your business strengths and weaknesses. What is your firm’s USP or competitive edge over your competitors? Once you are able to answer these question, do what you do better and dig deeper to fine tune how you can better serve your customers.
Show Your Expertise
As a company you can use different platforms and address customer issues and problems. Start writing blogs, use social media, speak at conferences and position the organization as an expert in the industry. For example, Neil Patel, who uses digital and social media platforms and proved himself as an expert in the industry.
Examples of Innovative Marketing Strategies
One of the key factors of marketing strategy of all the well-known brands is innovation. In the era of digital marketing brands need to adopt change and avail opportunity. Find out three great examples of innovative marketing strategies used by reputed brands of the world.
Instagram has an outstanding affinity with reputed industries for example fashion and fitness, which have already built a strong relationship with target audience. Instagram has already implemented several innovative marketing practices that enhanced UX user experiences. The social media platform have given its industry the ability to increase the depth of storytelling and sharing success stories.
Through ‘Explore’ feature, personalized results of channels are displayed and the Hyperlapse – video recording feature – is great for creating time-lapse videos. Presently, 86 percent of top international brands are active over this platform which endorses the validity and poser of the same as an advertising and marketing channel.
Today Netflix has become an important part of household. The Netflix brand has achieved great success through producing best quality content. Netflix is not only a streaming and delivery service platform but also produced some amazing TV series over the years. Netflix has greatly implemented the user data to target consumer based on their demand, behavior and trends which is one of the key success factors.
Netflix tends to take data very seriously as it informs their production and content endeavors and its marketing techniques. The best thing was that Netflix used this data and converted it into ideas which inform content at a detailed level which is unbelievably innovative technique.
The designing and launching of their app is the proof of their understanding about digital era consumers. Through the L’Oreal’s Makeup Genius app, the customer can use their smartphones for a complete digital makeover. Consumers responded rather positively and the app is downloaded millions of times. In addition to this, the brand has bought in boldness in other digital channels by creating another unique line ‘Em-cosmetics’ for hugely influential make-up blogger Michelle Phan.