Do you know what innovation is? Innovation means innovation. This is a very necessary thing in life and especially in Marketing. So why does Marketing need innovation? In fact, the Innovation strategy has helped many businesses become giant companies and own strong brands in the world. Let’s find out in marketing, what innovation is and how important it is to businesses.
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What is innovation?
An effective digital marketing strategy requires brands to be able to adapt to change as well as be able to seize new opportunities. Being able to innovate allows brands to conceptualize new ideas and put them into practice. To better understand, let’s consider 2 factors:
Innovation: Is the process of coming up with new ideas that can have a positive impact on the business such as new products or services. Marketing – Is the process by which manufacturers communicate with consumers about their products and services. Marketing is essential to inform customers and potential customers about the product, its features and why they should buy it.
What is the role of Marketing Innovation?
Examples of Innovation Marketing Strategies Used by Large Enterprises
In this digital age, competition in business has been reached to a higher level. Below are examples of some of the Marketing Innovation strategies used successfully by famous companies around the world.
IKEA has always had a close relationship with Marketing Innovation. IKEA products are renowned for the level of detail incorporated into their designs – allowing their furniture to be assembled easily without tools. Brands have placed customer experience at the heart of their marketing strategy, not only at individual needs and touchpoints, but throughout the entire buying cycle.
IKEA’s Marketing Innovation Strategy – What is the relationship between IKEA and Marketing Innovation? (Video: YTB IKEA USA)
In 2013, they launched the Catalog app for users to access the company’s inventory, via AR (augmented reality). The app also allows customers to look through AR to visualize what the item would look like in their home space. This app is a great resource for customers in the review phase of the buying cycle.
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Virgin America operates in a competitive airline industry where brand loyalty and customer service matter most. Of course, customer feedback plays an important role, which is why Virgin introduced the VX Next program. The program invites a group of 30 loyal passengers and entrepreneurs to pitch ideas to the airline and redeem it for rewards.
Recently, Virgin America introduced an in-flight social network that allows passengers to stay connected for the duration of a flight. The airline produced a nearly six-hour video that details the entire in-flight experience on a fictional airline called Blah Airlines. Today, most flight options – other than Virgin America – are bland, lacking in character and rarely have the latest amenities. However, people still have to choose to go on those bland flights. Virgin America wants to recreate that feeling and then remind people there is a better way to fly.
What is brand innovation? Virgin America’s Innovation Marketing Strategy (Video: YTB Virgin America)
Creating a campaign around a fictitious company may seem unorthodox, but it resonates with the brand in a highly competitive market. The campaign hit a milestone, gaining awareness and becoming one of the longest-running ads ever created.
Netflix has become a household name in the American household. After all, Netflix is more than just a streaming service and distribution platform, it has also produced some of the most popular TV series in recent years. One of the keys to Netflix’s success is its ability to analyze viewer data, behavior, and requests. In a nutshell, Netflix meticulously analyzes and tags all the movies and TV shows. They have a database of Hollywood entertainment that is completely unmatched.
What is cost innovation? Netflix’s Innovation Marketing Strategy (Image: Netflix)
No wonder Netflix takes data very seriously. Data plays a role in their content delivery and production efforts, as well as their Marketing. Analyzing their data resources is only the first step. Netflix invests heavily in turning data analytics into ideas, which in turn can publish their content creatively and innovatively.
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L’Oréal understands that giving consumers the digital age before making a purchase is just as important as allowing them to use Try products at the makeup counter. For this reason, they launched the Genius app, L’Oréal’s Makeup App that allows users to use their phones to perform digital makeup. the app has been downloaded 7 million times with positive reactions from consumers,
What is an innovation center? L’Oréal’s Innovation Marketing Strategy (Video: YTB L’Oréal Paris USA)
Through the above information and examples, surely you already understand what Innovation is? Importance of Innovation in Marketing. It is clear that Marketing Innovation is an incredibly valuable strategy for brands in today’s digital age. All of the above brands focus on customer-centricity and enable consumers to enhance that experience, even in ways they never expected. Innovation is very important in Marketing because it will improve the brand relationship and experience with consumers greatly.