Neither marketing nor innovation can be said to be more critical to the success of a company than the other; they are both integral parts of what drives a company forward. Marketing should be seen as a way to promote the innovative aspects of a company, and innovation should be something that is worked into the culture of a company as a whole. When both of these aspects are present, they work together to create a successful business.
The key to effective innovation marketing for emerging businesses is its focus on understanding and responding to customer feedback to generate actionable insights. Listening to customers and paying attention to industry trends allows businesses to fine-tune their marketing strategy and extend the product lifespan. A customer-centric approach is critical for successful market adoption, especially for complex technology products and services.
According to Fortune, nine out of ten startups fail. Additionally, each year more than 30,000 new consumer products are launched with over 80% failing (Harvard Business Review). Here are some of the key reasons why:
- Customer orientation: There is a lack of background research and information on the market, industry, customers, users, and their needs.
- Ineffective strategies: Marketing guidance or strategies that don’t fit the company, industry, product, service, and timing of the market.
- Foresight: If a company is unwilling to change and innovate and its potential becomes limited or obsolete.
With these high failure statistics, innovation marketing is the way to overcome the mass adoption barrier. Focusing on the messaging, positioning, audience identification, and the de-jargoning of the technical aspects of new products/services will set the product or service up for success. In addition, without a clear growth plan, there will be a stagnation in customer adoption.
Branding Strategist® ll Personal Brand Coach® ll Founder CEO, Mace Digital Media™ ll Entrepreneur ll Digital Partner & Associate Trainer at Peak Premier