Are you curious about what is innovative marketing? Does it help you to scale your business when applied with some innovative marketing strategies?
Let’s check out this article…
With trends changing in this digital era of business, most entrepreneurs constantly struggle for marketing their business. Even tired of using conventional marketing tools.
But it is not the fault of such tools that doesn’t help in achieving the goal you’ve set according to your business plan. Instead, think of yourself, it might be a bad idea for you, to be obsessed with the daily tasks that you adopt for marketing activities.
Come on… get off the track, try some new methods and innovative ideas to stand out from your competitors. It doesn’t mean that you must follow inventive measures. Just follow the same what you’re doing today, but with some changes, and process it differently.
What Is Innovative Marketing?
Innovative marketing is the integrated process of innovation and marketing that involves a set of activities to promote a product or service to the customer.
Innovative marketing uses all possible marketing collateral and different marketing channels to communicate, promote, advertise the brand’s product to the potential buyer. This innovative way of communicating with customers will definitely create a brand image that supports sales and generates more leads.
Innovative marketing includes the set of following activities
- Marketing research
- Pricing strategies
- New product development or customization
- Acquiring new customers in a specific location
- Brand advertising
- Using several marketing technologies
- Content strategy
Importance Of Innovative Marketing
Serving The Dynamic Market
Nowadays, the conventional method of marketing is not working for many marketers, because customer behavior is dynamic and changes frequently in years. Whether to acquire a new customer or to retain an existing customer, marketers should follow innovative methods to attract the customers.
Technology Evolution And Its Proper Usage
The use of digital media has highly evolved in this decade and it is kept on evolving. It would be a wise decision for every marketer to determine martech or marketing technologies, and how to use the best method that suits their business.
Scaling Your Business At Low Cost
Scaling the business means increasing the revenue to the next level and even more. It is obvious that every business wants to grow fast. But, scaling is earning maximum revenue by using minimum available resources. An innovative marketing method is essential for the marketer to determine the low-cost marketing campaign to reach the customers.
List Of Innovative Marketing Strategies
Are you joking? What do you really mean? – You may ask…
Yes, it might be laughable to hear the sound, but when you look at the recent trends, many marketers started using memes for their marketing purpose and it shows good results.
On average millennials look at 20 to 30 memes every day. According to research, meme marketing gives 10 times more reach with 60% organic engagement.
It looks so unconventional, yet it is an innovative way to turn the audience towards your brand. If it is applied with the right approach and with little creative sense, you could see better results in a short time.
Word Of Mouth Marketing
Word of mouth marketing (WOMM) is all about marketing the company’s product or service through the customer’s dialogues.
It is also called word-of-mouth-advertising (WOMA).
Once you set your brand identity and gain trust among the customers, they show interest in buying your product again and promote it to their friends and family.
According to Nielson, 92% of people trust product recommendations from their friends and family over other types of marketing or advertising, and it is more effective and gives high conversion rates.
To get significant improvement and results through this WOMM, the company must follow some actionable steps:
- Increase the credibility of the customers by providing good customer service.
- Communicate with the customer by repeatedly giving valuable information about the product or service.
- Try to engage with customers and maintain a good relationship and get their valuable feedback.
Viral marketing is a kind of marketing technique where people speak about the product that spreads virally on social media platforms.
It could be of any type of content like
- Messages or Quote
These contents illustrate or describe your product and its specifications that create a good value to the customer.
It includes eye-catching offers and discounts that the company provides, where the people would voluntarily share in their social media pages using the viral hashtags.
It is imperative for entrepreneurs to use this innovative way of marketing using the buzz word with strategic planning and structuring the content. As it is a low-cost method, it increases the return on investment and the customer reach is higher.
Killer Content Marketing Strategy
Content marketing is a marketing technique by creating and delivering high-quality, valuable, and engaging content to build a long-term relationship with the customer.
There are several ways of creating content that uses marketing collateral to educate the customer and increase their engagement towards the brand.
The important types of content marketing formats are
There are millions of contents that are adopted earlier by marketers. But, here, the quality of the content is much important than the quantity. Because report says that 32% marketer think that the content quality is low and 65% people find hard to produce engaging content.
Therefore, it is very crucial to provide quality content to win the customer’s hearts. And if you follow the appropriate content strategy, then your growth would be an unstoppable one.
SEO Strategy To Engage Online
If the business has separate websites or blogs to get customer attention, one important strategy that it should not avoid is Search Engine Optimization – SEO.
SEO is a technique that is used to rank your blog post or product in the top list, when the customer searches for a particular keyword.
This will drive more traffic to your website, from the audience who spends more time in reading or directly search the product or service via search engines like Google, Bing, Yahoo, etc…
There is always a tough competition to get ranked higher in the search engine pages, however, you could beat them with SEO strategy using smart tools available in the market.
The podcast is a digital audio provided with a series of episodes, where the user can listen either online or it can be downloaded on mobile devices.
Not all businesses use podcasts for marketing. If you use it for your business then it will be an innovative way to drag the passive customer towards your brand. It is similar to the radio services but available in several niches.
To avoid boredom, people use to listen to the podcast when they commute to offices, or while traveling. They are not particular in search of any product or service, although you can register your brand name in the customer’s mind.
It may look like a side hustle, but you’ll find it worth it after some time.
Hosting A Contest
Hosting a contest either directly or virtually is another way of innovative marketing that promotes the product to the customer who actively participates with interest.
The benefits of hosting a contest are
- Increases customer engagement ratio in social media.
- Creates brand awareness.
- Drives more traffic to the website.
- Customers get to know product specifications/ new products.
- Improves customer relationship.
- Generate more leads through a new email list.
A webinar (web-seminar) is a workshop that delivers video lectures to the audience hosted online using webinar software.
This ultimately creates brand awareness to the people that covers broadly about your product or services.
When you educate people with the video presentation, they easily acquire what they want to learn, and connects with you. This further nurtures the relationship between you and your customer.
Using webinars, you could interact with the audience, clearing their doubts via text chats, sharing screenshots, sending documents, notes, and everything. If you do so, without any doubt it builds trust in your brand and helps in lead generation for the business.
Don’t Deviate From Unique Selling Proposition
Unique Selling Proposition is your strength that would not allow your competitors to overtake in that aspect. Being unique itself is a strength. This uniqueness drags the audience’s attention and you should not deviate from it.
You if try to look upon other factors leaving your USP, then your graph may go down. Instead, focus on the strengths and keep on building them.
Expand Your Business At New Geographical Locations
Obviously, every business wants to expand. Being successful in offering the best value in the specific region, you can go for expanding the business in new locations.
When you shift your focus into the new locations the important factors you must consider are
- Demand for the product or service
- Demographic data
Collaboration And Strategic Partnership
When you collaborate or partnering with other companies, you share the common benefits. Undeniably, you get new potential marketing opportunities that will expand your network. You could share the knowledge and expertise in a multitude of ways.
Marketing efforts are less than the other methods, where your partners might have secured a strong position in the marketplace, and you can utilize it for promoting your product.
Effective Usage Of Social Media
The report says that 3.9 billion people use social media worldwide. And out of it, 40% of the people use it for business purposes. Why don’t you use the same?
Try to access all the features that are available on different social media.
In Twitter, the new feature known as Twitter Space allows users to chat with audio conversations. Host an event and invite your followers to listen speak and share their thoughts. Use the reels and short stories on Instagram, Facebook, and Twitter.
Try out different ways to engage the audience every day by using the hashtags and trend it along with your brand name.
- #Motivation Monday
- #Tech Tuesday, etc…
Find the best influencers in the industry and use them for an influencer marketing campaign on social media pages.
Stay Connected With Your E-mail List
Email marketing is a powerful digital marketing technique to stay connected with existing customers. Even you could build a new list from the above said marketing methods. Devise an email marketing strategy to send emails to both the existing customer and a new user separately.
Get in touch with them daily or weekly by sending newsletters, messages, stories linking the website or your product pages.
Again, content with innovation plays a key role in attracting customers and if you follow these strategies with high-quality content, you will see good results for sure in a short time.
Examples Of Innovative Marketing
Netflix was founded by Reed Hastings and launched in 1997 as a pay-per-rental, where users rent DVDs. It has been 20 years since it came for the public offering IPO and runs successfully as a subscription model. Almost every household uses Netflix.
Through their streaming service, it offers TV shows, movies, and web series. Netflix’s unique way of acquiring the market is by market segmentation and data analytics. It uses an algorithm to determine the customer preferences and target them by offering services according to the demand.
L’Oréal is the world’s largest cosmetic company headquartered in Paris, France. It was founded in 1919 as a hair dye company and it is dominating the cosmetic world for more than 100 years successfully with its innovation model.
Through this, it allows the customers to check the sample products in a digital medium virtually before purchasing. It uses a special mobile application to check the makeup sample for different skin tones. This disrupts the cosmetic industry resulted in more than 7 million downloads around the world and proved to be an innovator in the industry.
Let us know if we missed out on anything in this article innovative marketing strategies and share your thoughts in the comment section.