Innovation and marketing were once seen as separate functions. Now these two disciplines are increasingly recognised as inseparable. I believe the combination of Innovation Marketing is vital for businesses to survive post-Covid and is an untapped ‘blue ocean’ space.
What is Innovation Marketing?
Innovation and marketing ensure that new products and services are geared to the market needs and customers wants. Together the two processes have the power to increase revenue opportunities, eliminate flops and produce zero waste.
Innovation Marketing works in the front end of the innovation process to explore market potentials and customer needs. It opens up new opportunities in products, services and business models and then analyses research data from the customer in the early stages of the development of these and markets the product or service at the back end of the process. This is a repetitive loop of activity, with marketing feeding back into the innovation process for continuous improvement.
Innovation Marketing can be used to increase performance in a huge range of business areas including:
- organisation strategy
- new product, service or process development
- research into customer needs
- concept and proposition tests with customers
- full roll out, including online and offline advertising.
But I think new innovation and marketing organisations could share techniques because they can learn so much from each other. And currently I don’t see many organisations specialising in the combined services of both innovation and marketing – so is this market space uncontested?
What is uncontested market space and have I found it?
W. Chan Kim and Renée Mauborgne, authors of “one of the bestselling business books of the century” calls this market space ‘blue ocean’ and defines it as the wider, deeper potential of market space that is not yet explored.
In a world where we must look outside our immediate surroundings to find uncontested market space, I think Innovation Marketing is exciting new territory and is a blue ocean business opportunity.
This new fusion of two important business functions is already driving our business here at OTB Agency and the advice we give our clients. Some of the biggest benefits we’ve found so far are:
…In short, I believe Innovation Marketing unlocks the impossible.
So why now?
In this Covid world, we are living in an acceleration environment where new norms are being adopted every day. Our increasingly diverse society is now a minority-majority. Big brand monopolies are losing market share to brave start-ups and consumers are demanding that brands align with their values, not the other way around.
Unchallenged and out-dated marketing is creating irrelevant brands. To remain relevant brands must leave behind the limitations of learnt behaviour and embrace the value of innovation.
Innovation Marketing is alive, exciting and precisely what the world is asking for right now. So is there uncontested market space for a consultancy that specialises in Innovation Marketing? I think so – but you decide. Share your views in the comments below or contact me at firstname.lastname@example.org and let’s talk about how Innovation Marketing is right for your brand right now.