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The Role of Marketing in an Innovative Marketplace

Work cultures are shifting and they drive global-scale marketing. Companies often produce innovative products due to a shift in expectations. A higher demand for crowdsourced innovations causes this. In addition, the pressure they are under requires them to push other companies to consistently produce innovative products. Marketing, especially, plays a valuable role in these modern business models.

The internet is a central figure in providing a stream of information on goods, services, and value analysis. As a result, marketing plants its feet on the ground and stands firm. Within this atmosphere marketing starts to become an algorithm. These algorithms track user data to suggest products for the consumption of the public.

This is the current state of marketing. These strategies are not enough to generate brand awareness in order to encourage recurring purchases. Not only are they insufficient, but it is a detachment from the ways to make connections with consumers. Companies should be able to do better. 

The Importance of Marketing Goals

The misconception is that more is always better. Not in this case. Here, more means more human. The goal for marketing doesn’t have to be algorithmic. It should create enduring relationships with clients. It can achieve this by building a strong foundation based on a deep understanding of the marketplace. This kind of market research looks at the industry landscape and understands the demands, needs, values and views of the consumers. It should serve their standards, if not exceed them. Ultimately, giving them something they didn’t even know they wanted.

This is the significant role that marketing plays in the 21st century. This century is built by product development and innovation, but more importantly, defined by it. In addition to its central goal of building and preserving consumers so as to stay competitive, marketing techniques are the key to the winning strategy of an innovative product. This includes the conception of the ideas to the launch. A great product will only go so far, until the marketplace decides that it truly needs it. As a device to reach markets, marketing techniques are evolving as its consumers are.

Why The Role of Marketing Matters

Let’s take a look at “Google Glass”. It is the cautionary tale of what happens to something that has the potential to be a revolutionary piece of technology. It was launched without the full support of marketing. Among its faults is that Google lacked the deep-rooted needs of the consumer that drives the sales of the product. They did not determine how the product would serve the consumers, in order to motivate them to overlook its drawbacks in the early stages.  

More importantly, “Glass” inefficiently used marketing by only promoting to the niche market of “Glass Explorers”. This market is mostly tech geeks and important industry reporters. It did not expand its strategy to broader and more relatable figures that mainstream consumers aspire to be. As a result, the company was fruitless in its attempt to create a well-built and devoted consumer-base for the product. Eventually, production stopped a couple of years after its launch. 

Supporting Marketing Strategy

Another example is the company “Stage-Gate”. Initially it was meant to be an innovative and well-developed idea to launch businesses globally. Although the service platform showed promise, it was missing pieces that were preventing its process from moving forward. They needed to integrate practices to make sure innovation and marketing techniques matched. In order to achieve a marketing strategy to support it and help it cope, when and where it would struggle.

The project was accused by mixed reports of being too fixed, inflexible and too predictable to handle the dynamism of other projects. “And it’s been said that it’s not adaptive enough, does not encourage experimentation and is not context-based (one size should not fit all). The system is also too controlling, financially-based and bureaucratic, loaded with checklists and too much non-value-added work.” 

Systems are not successful or efficient just because they have advanced technology. They become successful because they are attentive to what the customer wants and needs. Additionally, not just because of the perception that people might think something is cool. “Stage-Gate” changed their strategy. The first-hand understanding of consumer behavior allowed them to eventually recognize that systems need to be versatile. Systems need to be dynamic and they should evolve. They need to adapt to consumer behavior. Systems need to change with the market, not against it. 

Marketing tactics must have understanding as a foundation. They should be empathetic, relatable and entertaining for consumers. They want brands to understand what they need, what they are looking for, and to satisfy it. An effective approach to executing these tactics is launching them into phases, as well as, coordinating these stage as products and sales strategies to develop. This gives businesses added clients and enforces the relationships of their existing ones.

Be Truly Innovative

These days, we toss around the word “innovation”. Like it’s something that loosely describes anything that seems remotely amazing. Innovation does not always mean “breakthrough”. We use the word so casually that its true meaning is hidden in the veneer of slickly-advertised brands that lack authenticity and ignore the consumers.

Most institutions know that being “innovative” in their business model is well and highly valuable, but what does that really mean? If it does not serve the market, then it’s not really doing anything. “If an innovation is truly a breakthrough, people need to be educated on how to use it and why — particularly mainstream customers who are compelled less by what a product does and more by what the product helps them do.”

People evolve just as marketing evolves. You can’t introduce it to the public without having an understanding of who they are and what they’re into. Although there are still many companies that deliver cold and impersonal approaches to advertising, these techniques not best delivered from a corporate and impersonal standpoint. What drives marketing in modern society is empathy. The goal should not only be to sell the product. Ultimately, the goal should be to make it accessible to the market by serving its interests.

Written by
Victoria Billones

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