In previous editions of Insights we have discussed the business and marketing challenges associated with innovation. This month we illustrate how you can meet these challenges head-on through an effective marketing communications program. Marketing of Innovation is an integrated marketing communications approach that is optimized to bring your company awareness, credibility and a strong foothold in your desired market. The approach is specifically designed for emerging growth companies developing new products and services who need to educate their markets.
The following success factors must be considered when developing an integrated marketing communications plan.
1. Create buzz
Focus on the early adopters and most influential 10% of industry participants. This includes customers, channel partners, investors, analysts and gurus.
The implementation of a core program that is centered on target influencers allows innovation marketers to meet the needs of desired customers while adding value to the industry overall.
2. Focus strategically
Just as rushing through the product development process can lead to a product that is not fully developed or does not deliver as promised, developing a marketing strategy that is not well thought out can be detrimental to your business goals. A hastily designed or ad hoc marketing strategy is not only a waste of money, but it may cause irreversible damage to your company's credibility.
3. Remember that marketing is a process, not an event
To be successful you must commit to a sustained effort to educate your market through needs-focused, fact-based publishing or content development.
4. Reach your audience everywhere they learn
In a recent B 2 B magazine special report integrated marketing communications strategies were credited for the recent success of large companies like GE and UPS. The Marketing of Innovation is most successful when done across a wide range of channels including the Web, events, seminars, one-to-one communications, and the media.
5. Keep costs to a minimum
Integrate the optimal 10% of marketing communications tactics that deliver maximum results most cost effectively.
6. Measure everything
Implement a rigorous performance management system and take action. Define your program's objectives and timing, and set target results. By following these steps you are defining the value creation potential of your program.
These six success factors are imperative to a Marketing of Innovation strategy that educates prospects, encourages customer loyalty and delivers measurable results in a cost effective manner. Next month we will discuss the first module of the Marketing of Innovation approach - researching your target market.
