What are the latest innovations in marketing
What does innovation have to do with marketing?
Spoiler alert - quite a lot! Anyone who thinks of the steam engine, the Internet and endless patent application procedures when it comes to innovations is not entirely wrong. It goes without saying that inventions for improving technical processes and apparatus are an important aspect of innovation. However, if we pause briefly on the granting of the patent, we come a lot closer to the context. In order for inventions to be patentable, certain criteria must be met. In addition to the "novelty" - i.e. the exceeding of the current state of the art - the "technicality" - the basic technical character - and the "inventive step", the commercial applicability must also be demonstrable. Otherwise the invention remains just what it is a priori. An invention.
How can commercial applicability be ensured? In this question, patent law would probably accept a different definition - the economists will in any case state: an "added value" or - in the new German business vocabulary - a "value" must be generated! If we want to increase the (customer) benefit and improve the satisfaction of needs, we are already firmly established in the marketing world.
Innovation management and marketing = innovation marketing?
The American-Austrian economist Peter Drucker has already determined: "Business has only two functions - marketing and innovation." Indeed - at the end of the day, innovations have to improve the fulfillment of needs so that companies remain successful in the long term. By analyzing trends, researching consumer behavior, prototype tests and marketing products and services tailored to the target group, marketing takes on a key role in successfully placing innovations on the market. In addition, marketing and innovation management share numerous areas of responsibility - from brainstorming and evaluation to defining the product strategy, which is why innovation marketing is often synonymous.
What tasks does innovation marketing have?
• The identification and analysis of current as well as the derivation of future consumer needs and the corresponding market potentials.
• Research into the market potential in terms of size, attractiveness, readiness to accept new products and the like.
• Involvement of customers and users in the product development process through prototype or beta tests. The resulting findings are used to further develop the innovation object.
• The marketing of the innovation by defining the positioning and the target group, selecting the distribution channels and designing the right communication mix.
What types of innovation are there?
When we talk about innovations, we don't mean the same thing implicitly - the specialist literature defines numerous types of innovation and their specific properties. A particularly common taxonomy is the classification according to the degree of novelty - "incremental" and "radical" innovations. The first type of innovation aims to optimize existing products and services. Incremental or “step-by-step” innovations have an evolutionary profile - they adapt existing objects to changing environmental conditions. In contrast, radical innovations generate completely new products and services, which can also create new markets.
How does marketing succeed with "incremental" innovations?
Incremental innovations can often be successfully established using classic marketing and communication strategies. A clear message and the combination of traditional and digital advertising channels create the best conditions for innovation success for well-known brands. Out-of-home advertising media - from classic posters to dynamic digi-screens - attract a lot of attention, while websites and social media platforms create potential for interaction with the target group.
What can I do to successfully market radical innovation?
The subject becomes more difficult when marketing “radical” - often also “disruptive” innovations. Due to their novelty and complexity, these inventions are not immediately suitable for the general public. Technical experts, lead users, opinion leaders - in short, "early adopters" have to be identified and provided with appropriate information. The aim is to strengthen credibility and trust in the innovator as a progressive company with a knowledge and technology lead.
Social media platforms such as Xing, LinkedIn, Twitter or Reddit are suitable for communicating with experts. In addition, an excellent content strategy with regard to blog, video channels and social media is crucial in order to successfully anchor the brand positioning with the target group.
Have we aroused your interest or are you looking for a partner for your innovation marketing? Then contact us now.
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