Innovation and marketing: a combination that leads to success

Some companies are innovative—their product or service is a revolutionary new way to complete a common task and they have utilized modern technology to make sure their product is as top-of-the-line as possible.

And some companies are marketers—their products are time-tested, traditional, reliable and they use marketing specialists and experts to get their brand name into circulation. So which approach is better? According to Forbes.com, the recipe for success lies in a combination of innovation and marketing.

Successful companies using innovation and marketing

teamworkFinalThe Young Entrepreneur Council (YEC), a regular contributor to Forbes.com, cited several examples of how innovation and marketing together brought a company great success: “Think Google AdSense, the Toyota Prius, and even the wildly successful RPG, ‘World of Warcraft’ . . . The product wasn’t developed by a single employee brainstorming in a cubicle.” So where did this ideas come from? The council explained, “It was a collaborative effort between their marketing and creative departments that helped bring a brilliant idea to market.”

A dichotomous relationship

The marketing aspect of this two-sided combination needs to be efficient at getting and keeping customers, not necessarily creating pithy advertising campaigns or generating a sudden spike in sales. Garnering a customer loyalty base is what will keep sales high in the long run. You need to be able to answer the question, “What can I do today to provide my clients with a greater advantage or benefit, to get them closer to the ultimate result they desire?”

It is the marketing team’s job to communicate with the customer all the benefits of your company’s product. They get feedback from the customers and then the innovation team should be coming up with new ideas and solutions for problems and concerns.

Develop a minimum viable product

A key thing to remember is that no matter how innovative your idea is or how revolutionary its function or purpose, people won’t come without a nudge from your marketing department. The YEC suggested, “Before outlaying too much cash, the best approach is to develop your minimum viable product (MVP), take it to market, and build an ecosystem between the innovators, marketers, and customers around further development and incremental innovation based on your prospects’ reactions.”

Source: Forbes

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