Marketing Innovation is a relatively new term, but sometimes it’s confused with marketing creativity.
Marketing is a discipline composed of micro-economic data (e.g. price, quantity, and behavioral data, the understanding of human behavior from psychology, anthropology, and sociology).
With demographic, psychographics and social data tied to behavioral and economic data, there are mountains of data and insights to be acquired, analysed and used as insight to determine how best to meet a customers needs.
Understanding the proper definition of marketing innovation is key if you want to maintain competitive advantage and maximize shareholder value.
Executives across the globe are keen to ensure that they encourage and enable a more innovative culture. They may offer rewards, and/or recognition for innovation by employees, perhaps having an employee suggestion system. They allow employee a certain percentage of time to work on projects that are outside of their area (3M, Google). They set metrics to have a certain amount of revenues from products developed within the last few years. (Hewlett Packard) Senior management lets it be known that risk taking will be rewarded.
Having a more innovative culture will likely result in more innovative marketing. An innovative culture will improve strategy, research, communications, operations, and analysis. Marketing innovation will improve the lifetime value of the customer, improve their probability of spreading positive word of mouth, increase their engagement, and the chance they will share their ideas for new products and services.
An improved customer experience will improve the margin and make better use of working capital.
It is important to look at how marketing is critical to innovation. With the rate of change in the world you’re disadvantaged if you don’t.
Contact Melvin Day at firstname.lastname@example.org or on +441932 253352