Definition of innovation marketing In the front-end of the innovation process, innovation marketing contributes to the identification of future and new market opportunities and research into customer needs: Research into customer requirements in specific market segments or product categories.
Innovation means to improve or to replace something, for example, a process, a product, or a service. The creation of value is a defining characteristic of innovation .
Five great examples of brands – IKEA, Virgin America, Instagram, Netflix, and L’Oréal – using innovation to power their marketing campaigns. Being able to adapt to consumer behavior and new technologies while maintaining a strong customer focus is essential to great marketing .
The four different types of innovation mentioned here – Incremental, Disruptive, Architectural and Radical – help illustrate the various ways that companies can innovate . There are more ways to innovate than these four .
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.
Examples of product innovations : Lego has been changing the materials of its famous bricks to biodegradable oil-based plastics. The first electric vehicles introduced in the car’s market were also an innovation , and new batteries with longer ranges that keep coming out are also an example of innovation .
Innovation is creating new value and/or capturing value in a new way. Value is the key word , stressing the difference between innovation and invention. The definition is simple , easy to memorize and also good enough to encompass innovation in all the value chain. Ideally, the innovation builds a new market.
Innovation skills refer to the talent of exploiting new ideas for the purpose of gaining social or economic value. Innovation skills are usually a combination of one’s ability to think creatively, problem-solving ability , as well as functional and/or technical abilities.
Innovative behavior refers to the introduction and application of new ideas, products, processes, and procedures to a person’s work role, work unit, or organization. Innovative behavior can be carried out both by an individual organizational member or groups of individuals within an organization.
But that’s not marketing . That’s promotion . “And promotions comes, or should come, at the end of a long and systematic marketing process, a process that includes an assessment of one’s product, pricing strategy, place decisions (product availability and distribution), branding (or positioning), and people.”
Here are 6 of the top marketing strategies found in Fortune 500 companies from Coca-Cola to Nike : Coca-Cola: Brand Consistency. Apple: Creating a Movement. Colgate: Creates Trust. Starbucks: Social Strategy. Whole Food Market: Stand for Something. Nike : Sell a Story.
5 Methods For Innovation You Should Try with Your Team Brainstorming : the Walt Disney method. We love brainstorming , and the Walt Disney Method is a simple technique for everyone to take part in. Empathy Mapping. We are continuously looking for new methods. Belbin Characters. Dr. Remember the Future. A Day In the Life.
The five innovation models are: Employee innovation (already published) Customer innovation (already published) Partner/supplier innovation (already published) Competitor innovation (already published) Public innovation .
The simplest way to categorize innovation is into two types – incremental and radical. Incremental innovation is an improvement in an existing thing (e.g. product, process or service). Radical innovation is finding an entirely new way of doing something.