Table of Contents
- What Is Innovative Marketing?
- What Are the Elements of Innovation Marketing?
- Why Do Brands and Marketers Use Innovative Marketing?
- What Are the Types of Innovative Marketing?
- Why Is the Importance of Innovative Marketing?
- What Are the Methods of Innovative Marketing?
- Examples of Innovative Marketing Strategies
Marketing in the era of the new normal—and sure, we’re tired of the phrase “new normal,” too—means taking an in-depth look at our existing approach and determining the areas in which it can be improved.
Several businesses’ plans and campaigns failed due to COVID-19, causing widespread layoffs and forcing everyone to adjust their tactics.
However, we can’t deny that businesses and startups now have the chance to be good brands-branded that, in the future, we hope will become integrated into the lives of their customers.
Sometimes, a marketing effort veers off the industry’s boundaries and toward what one might consider artistic.
Marketing professionals often experiment with what they can achieve with messages, similarly to musicians who defy classification.
New and unique marketing methods for your startup, including acquisition strategies that will help you attract new customers and followers, as well as retention and nurturing strategies that will help keep them loyal for years to come.
The transformation of a concept into a functioning product, service, or additional process is an example of innovation.
Businesses utilize creative marketing strategies to keep customers apprised of new products and process advancements to boost the likelihood of successfully producing new products or processes.
Your plans can be improved by gaining an understanding of the benefits and approaches of how to employing innovative marketing.
In this article, we define what innovative marketing is, explore its advantages, and go through some ways of innovative marketing, along with some unique marketing strategies that firms may use.
In the current political and economic climate, innovation has become an absolute necessity; nonetheless, reaching a consensus on what exactly innovation entails is difficult.
According to the annual Gartner CMO Spend Survey 2021, seventy-two percent of chief marketing officers (CMOs) have raised their investments in marketing innovation over the previous year.
Despite this, 91% of respondents say they have trouble measuring the impact of innovation, and 83% of respondents feel that innovation has not lived up to management’s expectations.
What exactly is the issue? There is a widespread lack of definition within marketing companies around what innovation is and what it entails.
Let us learn in detail about Innovative Marketing, Different Innovative Marketing Strategies, and Innovative Marketing Examples in this article:
What Is Innovative Marketing?
Innovation in marketing refers to using new ways to promote products and services. It is important to be distinctive and to depart from conventional marketing tactics. A type of marketing like this is prevalent in the industry since it is constantly changing.
When competing with newer methods and technology, conventional strategies such as television advertisements and hard-sell pitches do not always succeed or function well on their own.
Innovative marketing strategies are used by brands to convince their internal teams and target audiences that their product or service is valuable.
Innovative marketing helps you find fresh prospects for your clients or company when conceptualizing a campaign.
Innovative marketing is a technique for advertising new products and services created through the innovation process.
Innovative marketing involves investigating customer behavior, demands, and trends to improve a product’s design for greater success.
The innovative marketing process may involve rebranding or repackaging an item, introducing a product in a new market, or utilizing non-traditional advertising.
A key aspect of innovation marketing is conducting preliminary market research for product planning, putting prototypes through focus groups, and creating marketing content that appeals to a wide target audience.
Innovating marketing involves promoting and communicating new products and services targeted at a specific consumer group. Marketing and innovation are the two terms that must be mastered.
Innovation in marketing is the application of novel concepts that favor the development of a new product or service. Marketing is the process of communicating information about products and services to consumers.
Innovating marketing involves researching customer needs, trends, and behaviors, developing prototypes and modifying product designs, launching a new product in an unconventional location, pricing a product unconventionally, and advertising products unconventionally.
For instance, Grand Shoes is a Swedish shoe retailer that sells branded footwear in sizes 12 to 17. Here, Grand Shoes targeted the market in an original manner with plus-size products that are not available anywhere.
What Are the Elements of Innovation Marketing?
According to Gartner, innovation may be defined as implementing novel ideas that result in value creation. This definition emphasizes three important components:
- Novelty: New ideas lead to innovation.
- Execution: New ideas are put into action through innovation.
- A Great Outcome: Innovation aims to create value for the organization.
The importance of newness in marketing innovation can be attributed to this interpretation.
The concept of new isn’t necessarily as straightforward as it might seem, as we often hear new-to-the-world, new-to-industry, new-to-customers, and new-to-the-organization.
Any product or service considered novel and innovative in one set of market conditions may not be considered such in another.
For instance, the use of mobile contactless payments is substantially higher in Asia and the Pacific than in North America or Europe; as a result, what is considered a normal client mobile payment activity in China may be seen to be still emerging in France.
Why Do Brands and Marketers Use Innovative Marketing?
Businesses use innovative marketing for several different objectives, including increasing the success of new products and services when the firm introduces them to the market and locating new or future markets that the company may be able to enter.
When a business develops a brand-new product, marketing that product to customers in a way that explains both what the product is and how it functions is an essential step.
This has the potential to pique customers’ interests and instill greater confidence in them regarding their purchases.
Innovative marketing assists businesses in locating new market prospects during the research phase of the marketing process. This can increase earnings and open the door to other marketing opportunities.
Innovative marketing is essential for brands and agencies that want to penetrate new market segments. For the argument, let’s pretend that you run an agency that works with a client in the hospitality industry.
This hotel has just developed a revolutionary new check-in method that eliminates the need for visitors to wait in line at the front desk to enter and exit their rooms. The new system makes it much simpler and less time-consuming for customers.
However, because the system is so cutting edge and dependent on technology, it is possible that it could frighten more clients than it will interest them. How do you plan to sell that to potential customers?
Likely, the traditional approaches won’t work. It is necessary to be creative in light of the circumstances. And now is the time to conduct a study before selecting the appropriate marketing approach.
Before deciding on a campaign approach, your team may need to run A/B tests using focus groups on a few different advertising methods.
Putting in the time and effort to experiment with something new helps enhance conversions and profits, especially in areas that are already extremely competitive, such as the hospitality industry.
If you adhere to the same processes as everyone else, how will you differentiate yourself from the competition and build a reputation for your brand? Warning to readers: there is no correct answer.
What Are the Types of Innovative Marketing?
When it comes to marketing, a strategy is an overarching plan that you utilize to achieve your business objectives.
Four techniques in innovative marketing will help you impress your audience, attract qualified leads, and increase revenue that is either non-traditional or less traditional:
Cause Marketing
A cause marketing strategy involves helping to raise awareness about a social issue that your company is strongly associated with.
BoxLunch is a popular online retailer that promotes cause marketing throughout its entire business model.
BoxLunch partnered with Feeding America to allow customers to donate a free meal to the organization for every $10 they spend in-store or online. After they purchase a meal, customers can buy more food.
Customers can even round up their spending to the next dollar and use the money they saved to buy more food.
It’s becoming more popular among small businesses to do cause marketing, but it’s also innovative.
Marketing campaigns are never the same, even if two different companies are advocating for the same social cause.
If you use cause marketing strategies, people will know that your company is socially conscious. It shows that you care about helping others.
It shows that you value your customers more than just being a money-making machine. It shows that you value them as much as a company that just wants to make money.
If you believe what you say is true, people will feel comfortable buying your products and services.
Relationship Marketing
Relationship marketing focuses on creating special connections with your audience. This strategy helps you make customers feel special and special.
Two great examples of relationship marketing are offering customers rewards or creating incentive programs to thank them for their loyalty. People love using marketing apps like Crowdmouth to promote their products and services.
It allows people like musicians and YouTubers to communicate with their fans differently. Fans can promote creators on social media, giving them points they can redeem for exclusive merchandise or gifts.
These include personalized video messages or a chance to have a product signed by the person who sent the message.
Relationship marketing is about giving your customers the feeling that they are special and connected to your company. If you do it right, you’re not just a corporation; your employees become people with whom people want to interact. Sales staff and representatives are the people that customers want to talk to.
People feel good when they think about doing business with your company. These personal connections with people are good for them to make purchases from them (or anyone else). They help them become loyal customers or repeat business.
Scarcity Marketing
A scarcity marketing campaign makes customers believe that the goods or services are on sale for a limited time. There is no guarantee that will always be the case.
Some businesses employ the ” scarcity ” marketing strategy to capitalize on the perception that customers have a time constraint, even though this is not the case.
However, this tactic makes the target audience susceptible to a fear of missing out (FOMO) mentality.
The idea has been around for a while, but in this day and age, it has taken on a far more prominent role. Why? Mostly because on social media, highlight reels are being posted by brands, influencers, and normal people alike.
They highlight their finest attributes, their most recent acquisitions, and anything else that makes it appear that their circumstances are more favorable than they are.
If your audience believes that something is only available to a select few, it will motivate them to take immediate action. If they don’t act quickly, they can miss out on the opportunity forever.
This category includes limited-edition vinyl albums, capsule clothing lines, and Christmas sales on service contracts, among other things. There are incentive programs that meet these requirements as well.
For a limited time, for instance, Kohl’s is providing its customers with the opportunity to earn Kohl’s Cash incentives. Customers receive a $10 incentive for every $50 spent in the store. But customers have to use them within a particular time limit after purchasing them, or else they will become invalid.
Most individuals dislike throwing away what they perceive as “free money.” They visit the shop more frequently, increase the number of items they buy, and frequently spend more than the $10 in Kohl’s Cash they received on their last trip.
Undercover Marketing
Undercover marketing, sometimes known as steal marketing, is a method of advertising in which the audience is unaware that they are being sold something. Or, at the absolute least, they are unaware that you are attempting to sell them something until you make the sales pitch to them.
This is a typical tactic used for events that involve community partners. For older people, for instance, a local wealth management company might provide financial support for an art lesson.
However, before the beginning of the class, those who have registered are required to see a presentation lasting one whole hour that is given by a wealth management organization and is all about reverse mortgages.
This tactic does not require one to be deceptive or sneaky at all times. Undercover marketing can often be an effective method for making a covert sales pitch. This occurs rather frequently when other forms of media include product placement.
The third season of the drama Rizzoli and Isles on TNT features numerous commercial placements, including advertisements for Blue Moon beer, Dr. Scholl’s shoe inserts, and new cars, among other things.
Social media celebrities and aspiring influencers also use undercover or steal marketing to increase their chances of getting sponsored by brands they already use.
In films that are not sponsored, they highlight and recommend various things to entice their audience to make a purchase.
They hope to secure a sponsorship arrangement with the corporation if they can drive significant revenue.
Why Is the Importance of Innovative Marketing?
Innovation marketing involves the exploration of new markets as a means of increasing sales and overall profitability.
Innovation marketing assumes that the dynamics of the corporate world are ever-changing and that marketing methods should shift accordingly.
Marketers know that traditional marketing strategies are not as effective as they once were, especially given the superior technology surrounding today’s firms.
The use of innovative marketing methods enables businesses to track the performance of their campaigns and make adjustments so they can better meet the demands of their target audiences.
What Are the Methods of Innovative Marketing?
Marketing managers expect to make unending marketing efforts to improve brand awareness and visibility in such a way that has a good impression on the consumer’s mind while trying to squeeze as much money as possible from their marketing budgets. They risk losing market share to a new entrant if they cannot deliver the goods as promised.
The following are some innovative marketing methods that might assist business owners in attracting more clients while adhering to a restricted marketing budget.
Word of Mouth Marketing
Have you ever provided a friend with a tip regarding where they should go to get their oil changed in your city? How about recommending a certain spaghetti sauce to complement a dish you’re serving for dinner? Have you ever provided feedback or an online review for a purchased or used product or service?
These are all examples of word-of-mouth marketing, also known as WOM marketing. In the online world, word of mouth spreads through actions such as sharing, forwarding, rating, and reviewing. But how can you get your audience to participate in activities of this nature?
Creating outstanding goods and services is, of course, the most obvious way to do this. When people come into contact with something of exceptional quality, they can’t help but talk about it to their peers.
Creating one-of-a-kind experiences for cool, different, or helpful customers inspires customers to talk.
Lastly, another strategy is to write shareable content for your brand that is of high quality. While these pieces may not explicitly promote your products and services, they help build brand recognition and are valuable marketing tools.
The more people that talk about your company, the greater the likelihood that additional people will investigate independently.
Because it is completed by patrons who are pleased with their purchases, this sort of marketing is likely the most effective.
The primary purpose of the organization is to provide a one-of-a-kind experience for the consumer in such a way as to go above the expectations of the customer.
A happy customer will continue to support your business whenever possible. Make sure not to forget to outline the path your clients take with your business, and always aim to astound them whenever they engage with your company.
Social Media Marketing
In today’s world, customer involvement and marketing have both been made more accessible because of the proliferation of social media platforms.
People who provide the most effective ideas and strategies that engage customers will likely gain a large market share compared to those who spend the most on advertising.
Social media platforms are the resources that may bridge the gaps between product and customer. Social media platforms are tailored to target markets and demographics of companies.
In any case, customers are kings and can switch to a new brand or a great old brand whenever they want. Customers can swap brands because they have the option.
Marketers must come up with a genuine and original solution so that they can instantly and effectively solve the problems that their customers are facing.
Rebranding
Rebranding is a strategy that inventive marketing use to align the content of their marketing efforts with a new product or process that the firm is selling or employing.
Rebranding can assist a company in analyzing its strong and weak points, which may result in increased sales.
The rebranding process involves conducting market research to reposition your brand to appeal to your intended audience.
A rebranding project may include modifying your company’s mission statement, updating packaging or logos on your products, or exploring new markets.
When Hunter Hayes says, “It’s time to reset, reconsider, and reposition,” you should immediately do those things.
When things are not going well for your company, it is the perfect opportunity to take it as a challenge and reevaluate your business approach.
To determine the advantages and disadvantages of your company, you should carry out a swot analysis. What sets your company apart from its rivals and gives it an advantage in the market?
When you have the answers to these questions, you should focus on what you are good at and dive further to figure out how to improve your service to your clients.
For instance, Victoria’s Secret just underwent a complete rebranding. The “angel” aesthetic emphasizes extremely slim models and is no longer the only one the corporate values. It altered its branding to be more welcoming to a greater number of women.
Priyanka Chopra Jonas, an actress and businesswoman, Megan Rapinoe, a soccer player who identifies as LGBTQ+, and Paloma Elsesser, a plus-size model, are some new ambassadors who reflect a broader spectrum of clients.
Geographical Expansion
The internet allows companies to operate out of Pittsburgh while maintaining clientele in California without interacting physically with either group. Isn’t that pretty wild?
However, this vision has become a reality due to the proliferation of platforms, apps, and software that enable individuals to maintain an ongoing relationship with one another.
A business does not have to limit itself to a particular industry or region to acquire new customers.
Think about expanding into new markets that have strong demand but not as much competition as the ones you’re already in with your current brand offers.
Consider the fact that establishments such as Blockbuster used to rent movies and video games in addition to selling snacks and movie posters.
Those were entirely separate product offers; nonetheless, they were connected, enabling the business to generate profits in various diverse markets.
If you expand beyond the bounds of your conventional industry, you may be able to try your hand at other businesses that have less rivalry and lower startup expenses. Those that have a high demand allow you to realize rewards more quickly.
Marketing via new channels or in new places is both examples of what is meant by the term “geographic expansion.” Think about expanding your company internationally and providing services in different countries.
If chance doesn’t knock, construct a door, as Milton Berle once said. Whenever items have a hard time attracting clients, it is always better to explore for other geographies to sell them in.
New markets typically have low establishment costs for products and services since there is less competition and more demand in those markets.
Guerrilla Marketing
Guerrilla marketing refers to the practice of promoting a product or service through campaigns that are unexpected or unusual.
For optimal results, it is necessary to engage in one-on-one communication. This strategy is utilized to disseminate messages by companies with more limited finances or personnel.
Take, for example, what Taco Bell did to promote its brand on April Fool’s Day in 1996. The corporation published an advertisement claiming that it now possessed the Liberty Bell in the seven most prominent publications. The taco stand’s new moniker will be the “Liberty Bell Taco.” What prompted you to make this purchase? Eliminating the country’s overall debt load is a priority.
The whole thing turned out to be a hoax, but the ad did its job and scared the people. On the other hand, Taco Bell didn’t give a hoot because everybody was talking about the brand and perhaps also had a peculiar and unexplained desire for Mexican food.
Retaining existing customers
Innovative marketing aims to maintain customer relationships by keeping existing customer bases, which can benefit new product sales.
Customers often participate in loyalty programs concurrently or before purchasing new products to keep them engaged.
The use of coupons, memberships, and special offers are additional promotional tools that can be utilized to retain existing customers.
You can also keep in contact with customers and maintain relationships with them by running campaigns on social media or via email.
It is important to remember that acquiring new customers is seven times more expensive than retaining the customers you already have. You must find ways to keep hold of your current clientele permanently.
Identify how much money a customer will bring a business over their lifetime, and do everything you can to maintain them as customers.
If you lose even one customer, your entire company should focus on providing excellent customer service; continue investigating until you discover the reasons.
Expertise in your field
Marketing professionals publish valuable information and build relationships with customers to earn their trust and convince them that their company is a leader in their field. This helps them increase the likelihood that consumers will view their brand as a reliable option.
You can demonstrate your expertise by writing blogs, using social media accounts, and hosting training sessions, increasing your brand’s visibility and credibility.
You can also become an industry expert if you maintain a competitive edge and consistently introduce new, ground-breaking products.
You as a company have access to various platforms, and you can use these to address customer concerns and problems.
Neil Patel, for example, has maximized the power of social and digital media to establish himself as an authoritative figure in the field.
Host Different Events
You can get customers excited about your new products or services if you host events, whether they are virtual or real.
Many businesses will hold events to raise money for new products; this can be very helpful in raising money and determining whether people are interested in your idea.
Organizing events can also provide opportunities to build relationships with your customers, which is an effective marketing strategy for gaining more sales and keeping them.
Change Your Pricing Strategy
Consider altering the prices of your products, either permanently or temporarily, to attract attention to your new product or service. Sales are one way to achieve this.
The reduction of prices can increase sales and expand the customer base. It’s possible that promoting your new, lower prices will help generate a larger launch for your new product or that it will help boost sales of an existing product.
Additionally, this technique can help you reach new target markets that were previously out of reach due to their inability to afford your product.
Create a loyalty program for your customers
Your customer loyalty program can motivate customers to stay with your company by rewarding repeat business.
When launching a brand-new product or service, it can be beneficial to invite existing customers to participate in a program that incentivizes them to make additional product purchases.
If you sign up your loyalty program members for a free trial period, they will have the opportunity to try out your new service free of charge.
Innovative marketing strategies depend on customer support, so cultivating customer loyalty can be crucial to their success.
Partner with nonprofit organizations
A successful partnership with a nonprofit organization can generate positive publicity and bring in additional customers for your brand.
You might want to research potential important causes for your clientele and then get in touch with those organizations to discuss forming a partnership.
Furthermore, this is a good way to establish your brand while demonstrating your social responsibility at the same time.
You and a charitable organization that offers services or products related to the one you’re marketing may be able to form a partnership that benefits both of you.
You should also consider whether or not it would be acceptable to let the organization use your product as part of a marketing strategy to bring it to the attention of new customers.
Examples of Innovative Marketing Strategies
Innovation is one of the most important aspects of the most successful brands’ marketing strategy.
Adapting to change and taking advantage of opportunities is crucial in today’s world of digital marketing.
Find out about three excellent examples of cutting-edge marketing strategies that are being used by well-known brands all over the world.
Netflix
Netflix was not always the same corporation as it is today. It underwent a rebranding during its existence. In 1997, the firm began mailing DVDs to people’s homes worldwide.
In 2008, Netflix teamed with Starz to provide users with a “view instantly” function.
DVD subscriptions and streaming plans were separated from the company’s business model in 2011. After that, the company became a streaming service.
While not as popular as it once was, DVD.com is still available to consumers who prefer to receive physical DVDs by mail.
The company rebranded and expanded geographically when streaming became popular in the early 2000s.
The streaming division of the corporation prioritizes customer retention by accumulating individual user data to personalize streaming recommendations and feeds and develop relevant original programs.
It also prioritized retaining DVD enthusiasts by building and maintaining the DVD.com segment.
IKEA
IKEA began in 1943 as a business that sold goods over the mail. It has developed into a multinational firm that is now present in 52 countries. Its creative marketing has maintained its relevance for a long time.
In 2013, the company introduced a new app, Catalog, which provides users access to the complete store’s selection of goods.
Additionally, it features an augmented reality component that enables users to visualize how potential purchases will look in their own homes before making a purchase.
The corporation is not content to only innovate concerning its outward outlets. Additionally, it offers innovation in retail settings.
IKEA provides on-site services such as free babysitting and play places for children, family membership plans, and in-store restaurants.
L’Oréal
L’Oréal has demonstrated its commitment to becoming a leader in the beauty industry by developing the Makeup Genius app.
Thanks to this app, your smartphone will become a virtual version of the makeup counter at your favorite department store.
One of the features is a digital makeover, which allows the user to experiment with various tones and colors of cosmetics without actually applying any products to their face.
Customers made more purchases thanks to the app because it saved them from having to squander money on items they might not even like. After utilizing the tool, they were already prepared for what was to come.
An application like Makeup Genius illustrates a strategy for geographical expansion. The makeup-shopping experience of a traditional department store is transferred to the realm of digital media, which is a new environment for it.
Makeup Genius is another method of retaining existing customers. Repeated visits to the app by devoted L’Oréal consumers who want to test out various tones or products before making a purchase are not a problem.
Instagram has a remarkable affinity with well-established industries such as the fashion and fitness industries, both of which have established solid relationships with their respective target audiences.
Instagram has already put many forward-thinking marketing strategies into effect, which have resulted in improved UX user experiences.
The social media platform has provided its sector with the potential to broaden the breadth of its storytelling and the sharing of its successes.
The ‘Explore’ feature allows for tailored results of channels to be displayed, and the video recording option known as ‘Hyperlapse’ is an excellent tool for producing time-lapse recordings.
Currently, 86% of the biggest international companies are active over this platform, which vouches for the legitimacy and potential of the same as a medium for advertising and marketing.
