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Tips for an innovative marketing strategy

How to have an innovative marketing strategy?

No matter what industry you are in, a well thought-out marketing strategy is the secret to success for any business. Today, the number of start-ups is increasing as a result of the health crisis the world is facing. This huge increase is prompting old businesses to update their marketing strategy and optimise their activities. To highlight your products, acquire new customers or retain old ones, find out in this article the different innovation strategies that have proven successful. This article will cover the following points:

  • Adopt the right innovation strategy
  • Choose the right means

Marketing Strategy

Adopt the right innovation strategy

There are four types of innovation in marketing terms: incremental innovation, adjacent innovation, disruptive innovation, and radical innovation. They are used according to their impact on the market, the technology, the company or the user. When we talk about an innovative product or service, there are always common characteristics, such as novelty, value creation and ownership of the novelty.

Incremental innovation

This innovation consists of improving an existing product or service. This form of innovation is the most common, as it offers several advantages and the risk-taking is less significant. On the one hand, incremental innovation allows you to satisfy your customers by offering them existing but improved products. It also gives you the opportunity to increase your prices according to the degree of innovation. On the other hand, incremental innovation gives you the opportunity to optimise the performance of your product by incorporating new features. At the same time, you can improve your production while reducing your costs.

Radical innovation

Unlike incremental innovation, radical innovation is difficult to implement. The process of radical innovation takes time and money. In addition, uncertainty about customer expectations is often a problem. However, a number of start-ups have succeeded by adopting this type of innovation. For example, Microsoft and Google have come up with completely new products and services that have made an impact. The success of the projects is based on two specificities, either the products are the result of the adoption of a new technology or their launch is dedicated to new uses.

Adjacent innovation

This innovation consists of launching an existing product, but giving it a new use. It thus extends the life expectancy of a product and creates a new market. If the innovation is at the level of the product itself, it is appropriate to focus on a process to give it a different use or even a different look. Adopting this strategy is ideal for segmenting your market to target more customers, diversifying your revenues and entering a new market that none of your competitors had considered.

Disruptive or breakthrough innovation

Disruptive innovation is a process of breaking the market you are currently in and making it completely obsolete. This disruption also applies to all your activities, as happened with the iPhone. Therefore, the disruptive strategy is to create innovative products with a new usage pattern. However, this type of innovation is challenging, as the success of your product depends entirely on your customers’ acceptance of the change.

Choose the right tools

After defining the right innovation strategy for your company, the next step is to identify the right communication strategies to maximise your visibility. In today’s evolving age, technology is your main ally in getting your messages across to consumers.

The blog

The blog is an essential tool in the marketing field to attract consumers. It allows you to write content that meets the needs of your targets. On the other hand, it is recommended to optimise your SEO (Search Engine Optimization) so that your web page appears on the first pages of search engines.

E-mail

E-mail is a way to stay in touch with your customers. Opt for interesting content that meets their needs to keep their attention, just like with blogs. You can, for example, schedule a monthly newsletter to present your new products or services, and to promote your activities.

Social networking

Using social networks is an excellent way to innovate your marketing strategy. However, it is recommended to identify in advance the channels where your persona is most active. In B2B, you would rather use LinkedIn. The next step is to evaluate the impact of your social media posts so that you can develop a new way to stand out. By the way, if you want to learn more about this topic, you can read this article: “Discover how to stand out on social networks“.

Finally, innovate!

Innovation in a marketing strategy is essential to gain or maintain an edge over the competition. The aim is to build customer loyalty, enhance the value of products and above all acquire new consumers, so adopt the right strategy. Study and choose the type of innovation that suits your brand and meets the needs of your personas. Identify the communication channels to distribute your content. Once you have defined all these points, get started!

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