INNOVATION IN MARKETING

INNOVATION AND MARKETING

Innovation is simply means a new idea which aim to bring new idea in a society  or in other words innovation  can be defined coming up with new ways of doing things. Bringing innovation into your business can help you save time and money, and give you the competitive advantage to grow and adapt your business in the marketplace.

What is innovation in Marketing

Innovation in marketing can be refers to changing processes or creating more effective processes, products and ideas.

For businesses, this could mean implementing new ideas, creating dynamic products or improving your existing services. Innovation can be a catalyst for the growth and success of your business, and help you to adapt and grow in the marketplace.

Being innovative does not only mean inventing. Innovation can mean changing your business model and adapting to changes in your environment to deliver better products or services. Successful innovation should be an in-built part of your business strategy, where you create a culture of innovation and lead the way in innovative thinking and creative problem solving.

Innovation can increase the likelihood of your business succeeding. Businesses that innovate create more efficient work processes and have better productivity and performance.

Advantages of Innovation in Business

Improved productivity & reduced costs

A lot of process innovation is about reducing unit costs. This might be achieved by improving the production capacity and/or flexibility of the business – to enable it to exploit economies of scale

Better quality

By definition, better quality products and services are more likely to meet customer needs. Assuming that they are effectively marketed, that should result in higher sales and profits

Building a product range

A business with a single product or limited product range would almost certainly benefit from innovation. A broader product range provides an opportunity for higher sales and profits and also reduces the risk for shareholders

To handle legal and environmental issues

Innovation might enable the business to reduce it carbon emissions, produce less waste or perhaps comply with changing product legislation. Changes in laws often force business to innovate when they might not otherwise do so

More added value

Effective innovation is a great way to establish a unique selling proposition ("USP") for a product – something which the customer is prepared to pay more for and which helps a business differentiate itself from competitors

Improved staff retention, motivation and easier recruitment

Not an obvious benefit, but often significant. Potential good quality recruits are often drawn to a business with a reputation for innovation. Innovative businesses have a reputation for being inspiring places in which to work.

 

If you’re running an online business, creating mobile apps or selling informational products via your blog, being seen as an innovative sort will help you immensely, of course.

If you own a pet store, then you might not have to be SEEN as an innovative person, but if you can inject a certain amount of innovation into the way you market and promote your business in the local community, not only will you get more business, but you’ll also be respected as a local entrepreneur.

By Tamba Philip 42679