Four Essential Facts about Marketing Innovation

Marketing and innovation: how do they relate? The answer to this question is quite obvious – marketing is essential for innovative products to succeed.

What is Marketing Innovation?

The definition of marketing innovation is the implementation of new marketing techniques that introduce significant changes to the marketing mix, such as product packaging, design, distribution, and pricing. In addition to improving competitive advantage, the aim of marketing innovation is to add value to the customers.

Four Top Facts About Marketing Innovation

Fact #1

The concept of innovation marketing encompasses all the activities that contribute to the promotion of a company’s new products and services on the market. If we consider the fact that the actual mission of innovation is to get products to the market, it becomes evident that the marketing of innovation is an extremely vital element of the innovation process.

Fact #2

Innovation marketing’s role is to bring customers and users into the development process continuously. The objective is to gather customer and market feedback on current developments.

Fact #3

According to the Oslo Handbook, there are three types of marketing innovations: changes in product design, changes in product placement, and changes in product promotion.

Fact #4

When examining any innovation, it is vital to consider the potential competitive advantages it can provide. One of the key decisions a company faces when seeking to improve its competitive advantage is whether to enter new international markets with the information and technology they already possess. A firm’s competitiveness is often referenced as a function of how well it is able to compete in a market through innovative marketing strategies.

Final Thoughts

Marketing innovation involves exploring the market potential and customer needs at the front end of the innovation process, getting feedback about the development process from the customer, and marketing the newly developed product at the end of the process. Consequently, marketing innovation ensures that new products and services are designed to suit the market and customers. It is for this reason that those responsible for innovation must focus on marketing innovation and coordinate their work closely with the marketing and sales departments.

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