Market Innovation or Don’t Market
Innovation is the buzzword of the century and, while it is laudable to want to be like Apple or Amazon, it’s hardly necessary to reinvent your industry to find success. It IS necessary to market innovation.
Why marketing innovation works.
Simply put, innovation is a creative solution to a customer problem. Big problems, little problems, everybody has them and they all need solutions. Every business is capable of this kind of innovation and most are innovating every day. They just fail to realize or act on that innovation and most importantly, they fail to market it.
Customers want more than just solutions to their problems, they want NEW solutions. They will ALWAYS want new solutions. Tide laundry detergent has been “new and improved” more than 80 times in the past 75 years. Most of those innovations were not earth shattering, but they were significant enough that Tide has maintained its dominance in its category. Look around your company. You have innovation opportunities everywhere. Solve your customers’ problems and then tell them about it. Your brand, market share, sales growth, and profit margin will all follow.