Innovative Marketing for Strategic Advantage: Defining Customer Experience
Reasons to use innovative marketing
Innovative marketing is used by businesses for a variety of purposes, including to increase the success of newly released goods and services and to spot potential markets for future expansion. Marketing is crucial when a business develops a new product to inform and educate consumers about what the product is and how it works. Customers may become more interested and confident in their purchases as a result. In the research stage of the marketing process, innovative marketing aids businesses in finding new markets, which can boost profits and open up opportunities for additional innovations.
What is innovative marketing?
Innovative marketing is a strategy for promoting brand-new goods and services while they are still being developed. It involves studying consumer behavior, needs, and trends in order to change a product’s design for greater success. Rebranding, repackaging, or finding a novel way to introduce a product, such as in a new market or by using unconventional advertising to promote it, are all examples of innovative marketing. Initial market research for product planning, focus group testing of prototypes, and creation of advertising content to pique consumers’ interest are all covered by innovation marketing.
Innovative marketing methods
Ten marketing strategies that you can implement in a creative marketing plan are as follows:
1. Rebranding
Rebranding is a technique used by innovative marketing to align their marketing materials with a new item or procedure the business is promoting or using. It can assist a business in identifying its advantages and disadvantages, which might boost sales. Market research is used in rebranding to reposition your brand in a way that appeals to your target market. Rebranding concepts include changing the product packaging or logo, your mission statement, or entering a new market.
2. Retaining existing customers
Innovative marketing employs the technique of “retaining exiting customers” to keep up customer relationships, which can be helpful when selling innovative products. To reach more consumers, marketers may launch customer loyalty programs concurrently with or before the launch of a new product. Offering coupons, special deals, and memberships are a few additional strategies for retaining current clients. You can also run social media or email campaigns to stay in touch with clients and preserve the relationship.
3. Being an expert in the industry
Marketers create valuable educational content, foster relationships with customers, and promote their brand to increase consumer trust in order to persuade customers to see your business as a leader in the sector. Writing blogs, using social media accounts, or holding training sessions are additional ways to demonstrate your expertise. These actions will increase consumer awareness of and trust in your brand. By remaining competitive and releasing novel products, you can also become an authority in the field.
4. Expanding to new regions
Expanding a product into new markets after it has been introduced to the market is an example of innovative marketing. This could also entail working with a retailer to sell your goods abroad or opening a store in a new state. Adding new markets can boost sales and the customer base. Businesses can develop goods or services to target markets they haven’t previously worked with by expanding to new regions, which can influence innovation.
5. Interacting on social media
Social media can be useful for innovative marketing because it gives users access to a large audience and speeds up the dissemination of information. Utilizing tools that analyze consumer online postings, businesses can quickly gather consumer opinions about a product or service. Engaging with customers on social media can help them become interested in your new product and foster brand loyalty. Customers may be less confident in purchasing new products on the market as a result, but their trust and loyalty may persuade them to purchase from your brand instead.
6. Creating educational content
Because it demonstrates how to use products to consumers and sparks interest in new services, educational content can aid in the marketing of new goods. By answering their questions and showing them how to use your product to its full potential, educational content may also boost customer satisfaction. Online videos, infographics, blogs, webinars, workshops, and books are examples of educational marketing content. Hosting a workshop could be advantageous for local markets because you can engage with customers and learn more about how they feel about the new product.
7. Hosting events
Customers can be excited about new products or services you’re developing by attending live or virtual events. Some businesses may use a gathering to raise money for a new product, which can help you raise funds and determine how popular your idea is. Hosting events can also give you a chance to develop relationships with your customers, which is a powerful marketing strategy for boosting revenue and retaining clients.
8. Start customer loyalty programs
Customer loyalty programs reward customers for sticking with your business by providing incentives. It can be beneficial to invite customers to a program that motivates them to purchase more products when launching a new good or service. For instance, you could grant everyone who joins your loyalty program a trial period for your new service. A crucial component of innovative marketing is cultivating customer loyalty because innovation frequently needs their support.
9. Change your pricing
Consider altering your product’s pricing, either permanently or through sales, to draw attention to your new good or service. Lowering the price can boost sales and attract more customers. A larger launch for your new product or increased sales for an existing one may be made possible with the help of publicizing your reduced prices. This tactic can also open doors to new target markets for your product that were previously out of reach.
10. Make partnerships with nonprofits
By collaborating with a nonprofit, you can increase brand awareness and generate positive press. Think about looking into issues that may concern your clients and getting in touch with those groups to form a partnership. Additionally, this can demonstrate social responsibility and be a powerful way to build your brand. If a nonprofit is working on a project related to the service or item you are marketing, this could result in a successful partnership. You might also think about allowing the company to use your product as a marketing strategy to attract new clients.
Example of innovative marketing
An illustration of creative marketing that leverages partnerships to market a product to consumers is given below:
Customers can purchase original artwork at Sebastians Art Cafe and make crafts on their own to create one-of-a-kind items for their homes. Sebastians Art Cafe collaborates with a nearby food bank to produce a series of paintings depicting nonperishable items as a way to promote a painting book that teaches painting techniques. Customers are informed by this campaign that Sebastians Art Cafe will soon release a book with painting instructions and what the food bank needs. This strategy might result in local customers buying the book because they admire the collaboration with the food bank, and this collaboration can help the art cafe reach a wider audience.
FAQ
What do you mean by innovation in marketing?
A marketing innovation is the use of a brand-new marketing technique (marketing idea or strategy) that is significantly different from the company’s previous use of that technique and has never been done before.
What is an example of marketing innovation?
IKEA, Virgin America, Instagram, Netflix, and L’Oréal are five outstanding examples of companies using innovation to drive their marketing campaigns. Great marketing requires the ability to change with consumer behavior and emerging technologies while keeping a keen customer focus.
Why is innovative marketing important?
Thus, innovation marketing makes sure that new goods and services are tailored to the market and target audience. One of the key success factors in innovation management is to do this in order to increase revenue opportunities and reduce wasteful spending.
