Innovative marketing is one of the most important parts of brand innovation. Whether you are launching a new and exciting product or when modifying one of your best sellers, it should all be accompanied by a similarly innovative marketing plan.
In this article will define Innovative Marketing, why you should use it, and highlight what we consider to be the 5 innovative marketing trends to watch out in 2020.
What is Innovative Marketing?
Marketing is essential for any product or service. However, sometimes just highlighting the benefits of a brand isn’t enough to attract customers. Innovative brands need innovative marketing.
Innovative marketing relies on extensive Market Research, providing a better understanding of consumer needs, desires, and overall customer experience. After aggregating information about current and potential consumer markets, new and innovative marketing ideas can be generated and used to improve brand innovation and success in cutthroat markets.
Additionally, marketing innovative products requires marketers to stay ahead of the game, maintaining flexibility and quick thinking. Innovative marketing strategies need to keep up with an ever evolving market and savvy consumers.
What are the benefits of this approach?
Or in other words, my current marketing strategy works perfectly well, why should I change it? As recently described by an article in Forbes Magazine, innovative marketing is key for brand success and survival – “effectively having the potential to singlehandedly put a brand on a map.”
One of the main objectives of innovative marketing is exploring new markets, looking to increase sales opportunities. innovative marketing strategies help brand identify and focus on previously underserved consumer markets.
Undoubtedly, it is a major advantage knowing what customers are missing in the current market, like new products or features customers would love to see in the market. Innovative strategies often use CX analysis to obtain information on customer satisfaction or critique of a product or service, giving brands a most necessary edge over competition.
So, what are the trending topics in marketing innovation for 2020
Most marketers know very well that conventional marketing techniques are not effective anymore. Nowadays, businesses have to use advanced and inventive marketing solutions to stay ahead of the game.
Here are 5 innovative marketing trends for 2020:
Word of Mouth Marketing and Influencer Marketing
Arguably the most powerful type of marketing, is simply done by loyal and satisfied customers. From a marketing point of view, word-of-mouth marketing (WOM marketing) is influencing and encouraging positive word of mouth about a brand.
Nowadays, consumers will check online reviews and social media posts before purchasing a product or service. So, the top priority has become delivering a unique customer experience and exceed customer expectations. Keep in mind, even the smallest of details (like smell) can influence customers experience and determine customer sentiment.
Applying AI For Social Listening
With billions of users worldwide, Social media has become an integral part of our lives. Social platforms provide valuable insights into customer’s opinion of a brand – also called social sentiment. Social media listening provides data that is translated into better customer experience, which leads to brand growth and market dominance.
However, the large volume of social media activity has left marketers overwhelmed. The endless number of reviews, posts and shares is nearly impossible to effectively scan and analyze. Recently introduced innovative AI marketing solutions are quickly transforming the playing field.
Artificial Intelligence solutions are able to scan Tweets and Facebook posts, aggregate consumer insights, and analyze social sentiment. The data provided is helping marketers to identify trending topics and stay connected to the customers.
The (re)Rise of IOT (Internet of Things)
IOT devices are collecting and sharing data through internet connections. Almost everything we use is becoming smart, from headphones and smartphones, all the way to smart home devices and even coffee machines.
These otherwise “dumb” electronics, are now able to communicate real-time data via wireless internet connections. Tracking IoT, businesses can learn a lot about their customers – their product rating, how much time they spend on an app, or what is their preferred indoor temperature. IoT innovative technology allows brand to track customer journey, information allowing them to improve customer experience and marketing strategy design.
User-Generated Content (UGC)
User Generated Content, or UGC, is any type of content created and published by unpaid contributors. For example, pictures, videos, reviews, tweets, and blog posts created and shared by customers.User-generated content is a great marketing tool. And not just because it’s completely free. As it turns out, UGC is extremely influential when it comes to millenials. Experience and opinions of fellow consumers are more valuable to them than perfectly designed PR posts.
In the age of GDPR and CCPA, customer feedback surveys and online reviews are used to customize marketing campaigns. Knowing what your customers think will allow you to further personalize your messaging.
Most of your content can’t really be tailored to customers’ characteristics (like gender, age etc.). But it can match predicted purchase history, based on customer sentiment data.
The end goal is personalized customer journey, making the customers feel heard and noticed and providing a more engaging customer experience .
Ok, so what is the best way to use these innovative marketing trends?
The most important and vital component to any marketing innovation process is CX analysis. You need good data to base your innovation on. Basing innovative marketing strategies on highly granular CX analysis can provide a better view of consumer market, quality customer insight, and a deeper understanding of customer wants and needs.
This information is key for effective marketing innovation, that promote and support brand innovation and improve revenue.
Revuze developed the first self-training, low touch AI technology that collects and analyzes customer feedback automatically and serves valuable insights. This innovative Artificial intelligence technology analyzes data from a variety of sources, such as online reviews, social media monitoring, emails, surveys, call center data, and more.
Revuze’s Self learning algorithms scan and analyze the data, providing highly granular customer feedback as base to successful innovative marketing. Learn more here.