Innovation in marketing should be a process of continuous development; companies who fail to adapt to the changing circumstances will not be around for long; this is why marketing management consultants play an important role in the nonstop world of ‘marketing innovation’; however, many businesses still consider the marketing sector a type of ‘Pandora Box’, in which a group of creating people normally generate new ideas and pioneering concepts that should be carefully selected, developed and tested in order to confirm the viability of the idea and the impact that it has on the success of the company.
The marketing approach of innovation for a well established business, either big or small, normally starts with developing new improvements to the products or services that the company already offers; depending on your particular circumstances, budget and time available, the whole range of products and services should be studied but in case of any limitation, the best selling products, as well as those in the bottom of the range should go through this process; which normally involves a systematic and inventive thinking, using patters of creativity focused on the product or processes that are particular to the company; this will allow an incremental innovation by multiplication, subtraction and division of the different attributes and components; the idea is to find the right balance and achieve the desired targets already established and if possible go beyond the projections, improving the cash flow but without spending vast sums of money or applying for extra credit in the process.
Market Structure and Innovation
The traditional marketing methods normally work perfectly well in well-established markets where the market structure is clearly defined and not changeable or where the variations are standard and according to predictions. However, in the last few years, especially after the recent financial crisis, there were many changes and segments that were relatively well known showed changes never seen before. The reality that we are living at the moment hasn’t settled yet, the constant changing environment will continue for a while, especially if you deal with emerging segments. This reality demands drastic innovations derived from a combination of higher benefits to the consumer and more efficient and sustainable technologies – new marketing approaches such as web marketing should be considered.
Innovation Trends in a Successful Company
Apple is one of the best example of successful companies undertaking the challenges presented by the current environment; even during the peak of the financial crisis, Apple was able to implement radical innovations that were able to ‘change the game’; by this we mean that the ideas used by Apple were able to modify the business environment and promote a sustainable and organic growth. How did they achieve this? By adopting an open innovation process, spending less in the traditional marketing methods and embrace the use of social media as the new way to promote their products. The future is in new product marketing tools: social media marketing; this should be the approach that many companies should take; this is the real innovation trend and the success will depend on how effective you are in using it.
Consumer Driven Innovation
Apple has gone a step forward and adopted the consumer driven innovation; this is widely used by companies producing software and electronic games. Did you notice how many people were queuing outside Apple Stores during the launch of the latest iPad? And how many people do you think will be waiting for the new version? The idea is to innovate for the consumer; give them what they want and make it part of the process of co-creating; this will guarantee you are able to market your products and services; your customers must be connected with your company and become active partners in the conceptualization and development of new ideas.