Innovation strategy was the topic for last week’s posts: using both traditional and innovative marketing tools as well as social media to spur innovative ideas and bring successful innovations to market.
Monday’s post took a macro view of innovation. This post promoted the argument that innovation is a necessary element in an economic recovery and in sustaining the economy through good times, as well. Innovation as the fuel of a strong economy has gained traction lately among economists (like Michael Mandel and Richard Florida), business leaders (like Craig Barrett of Intel and Jeff Immelt of GE ), and news reporters (like Maria Bartiromo), as well as marketing academics.
Next, I talked about Service Blueprinting as a tool for creating innovative ideas much as perceptual maps are used in developing new products. Service blueprints have the added advantage of incorporating market segmentation into understanding where profitable services might be found.
Product/ market grids were introduced. Product/ market grids are powerful tools in developing sound marketing strategy. Just as the name implies, product/market grids are used to plan marketing strategies around market segments. For instance, a product normally has 1 or more segments who are likely to buy the brand. This is a target market for the firm and they will be more successful if they understand this target market and aim their marketing strategies at reaching and satisfying this target market. Ultimately, firms likely have multiple target markets for various brands they provide. Product/ market grids lay out this combination of products and their associated target market. Product/ market grids are excellent tools for innovation, as well.
Social media can also be a powerful tool in developing innovative products and services. Thus, firms not only need to listen to conversations about their brand to detect threats to their reputation, they should also listen for conversations about how their target markets live. Listening in social media can provide valuable insights regarding unsatisfied needs among your target market. Creating products to satisfy these unmet needs can be a very successful marketing strategy if implemented effectively.
We ended the week with a somewhat muted session of “Ask a Marketing Expert“. Between the holiday weekend and a conference attended by most of my consumer behavior experts, we only had a few questions answered.
The Week Ahead
Next week I plan a series of posts on measuring ROI and using other elements of a marketing dashboard in strengthening marketing strategies. As always, your comments and suggestions are valued. If you have suggestions for topics, I’d love to hear them. I also encourage you to post links to other discussions of topics related to posts.
If you’d like to apply as a guest blogger, please contact me at [email protected] And, as always, join me on Fridays at http://facebook.com/angela.hausman for “Ask a Marketing Expert”.