Innovation is a term that is used and mentioned a lot in life and also in Marketing. Innovation strategy has helped many businesses become large and well-known enterprises in the market. So what is innovation? Let’s find out through the article below.
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What is innovation?
An effective Digital Marketing strategy always requires the brand to have the ability to adapt to changes as well as the ability to seize new opportunities. Innovation helps brands conceptualize new ideas to put into practice.
Innovation: The process of coming up with new ideas that can have a positive impact on a business.
Marketing: The process by which manufacturers communicate with customers about their products. Marketing is essential to letting customers know about products and why they should use them.
Combining these two terms will mean that the business will implement a completely new marketing method that has never been known and used before.
The difference between innovation and creativity (Innovation vs Creativity)
Creativity: It is an activity of thinking or acting that is new and has never been done, not yet practical.
Innovation: The ability to do something new but practical.
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For example: Company A holds a meeting to ask for ideas about the upcoming products of that business. All ideas given in the meeting are creativity, but there is an idea that is put into practice, it is Innovation.
What is the importance of Marketing Innovation
?Marketing Innovation has the purpose of expanding the market and helping to increase sales of businesses, in addition, it also has the purpose of solving needs. customers and product positioning of the business. The old marketing strategies are no longer effective due to market changes and great advances in technology. Therefore, Marketing Innovation can highlight progress in business with new marketing methods that have never been used before.
Examples of Marketing Innovation Strategies
Netflix is an application that is so familiar in families around the world. Netflix is a distribution platform that provides popular TV shows. Netflix has succeeded in analyzing user data and bringing unprecedented data to the audience.
L’Oréal has launched an app that allows users to use their mobile phones to perform digital makeup. This app has been well received and has been downloaded millions of times.
IKEA is a famous furniture supplier, they are at the forefront of Marketing Innovation. Consumers often don’t know if the furniture is right for their home, so IKEA has launched an app that allows consumers to look through AR to see what the furniture will look like in real life. their family. This app is used a lot by customers before buying these items.
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What is Marketing Innovation? Example from IKEA
Through this article and accompanying examples, surely you have somewhat understood what Marketing Innovation is, how important this strategy is to businesses. Right now, your business should focus on researching customer experience and helping them enhance it in ways they never expected. Do that, surely the relationship between your customers and your business will be better.