No longer is a business or not-for-profit organisation able to offer the same products or services with little differentiation. Increasingly there is a need for innovation so you can develop a unique value proposition that resonates with your target markets.
Given that marketing interfaces with all aspects of a business, it makes sense that it should also drive innovation. Effective marketing fosters innovation by exploring new ways to configure your products and services, as well as further develop market opportunities. For example, are there new methods you could use to distribute your products or services? Would these methods provide an innovative method of delivery that would make it easier to reach your target markets?
Also consider how your value proposition could be extended, are there other markets with similar needs that could also utilise your products or services? Consider how your existing strengths could be leveraged to cater to these new markets.
Becoming an innovative organisation requires a holistic approach that is reinforced across all personnel and responsibilities. Innovation can only succeed when there is a cohesive vision that is consistent across an entire organisation.
Underpinning innovation with a marketing focus will help ensure that there is an understanding of your target markets, expected demand and the key messages that should be utilised to position your products and services.
Like all aspects of a business, innovation needs to be planned and assessed. Ensure that you have a full understanding of any potential risks and how they could be mitigated. Understanding your strengths will also assist in identifying areas that can be expanded to develop an innovative approach.
Innovation should be considered as part of how you continually improve performance and deliver new outcomes. No business or organisation can afford to remain static and marketing should foster innovation to remain relevant into the future.