Survival of Business: Marketing and Innovation
Posted by Arnt Eriksen in Marketing – September 18, 2015
Any business that wants to survive needs to innovate its products or services to do so. Innovation includes constantly improving current products and at the same time developing new ones. Enhancing existing and creating new products lead to increased revenue and profits. Innovation leads to keeping ahead with the competition and is possibly why Apple products are consistently winning over its competitors.
Survival through innovation
To survive the global marketplace, your business needs to offer something new, something that your competitors don’t have. Customers are getting smarter and becoming more aware of their choices. Innovation will be able to
- Unleash new ideas and opportunities that will lead to new products and services
- Maximize revenues from a product or service.
- Create new strategies in every aspect of the business.
Where innovation starts
According to market specialists, about 80 percent of industrial innovations come from actual customers. When companies listen to their market, they will be able to answer their customers’ needs and find opportunities to create new products.
Innovation does not always have to lead to enhancing products or creating new ones. Innovation can come from market research which can answer a lot of questions regarding how products care distributed, about the best pricing and about the potential factors that can affect the decision of customers. Without actually doing anything to change products or services, companies can innovate and resurrect an ailing revenue.
Survival through good marketing practices
Along with innovating your products and services, business owners need to come up with appropriate marketing practices. Investing in efficient and effective marketing strategies will also help introduce products to consumers. At present, there are a number of marketing techniques that are known to work:
- Create a profile of your target market. A profile includes the following information: what they desire out of your service, how old are they, where they live and where they look for service.
- Offer what your customers need. The more customers see what your products or services can do for them, the more they would want to have it.
- Offer a more accessible form of service. Most people use their mobile phones to access the web and find out more about products and services. Get your site on mobile and get more customers to do their business with you.
- Become a trusted resource. People are more likely to consider the recommendations of a trusted person. Include authoritative media such as articles from excellent sources, videos that explain your product or service or make reviews of different products.
- Create a professional profile. LinkedIn, Facebook, Twitter and Google are great online social media sites where you can start building your profile. Customers will be able to look you up easily and find out more about your business and products.
Innovation and marketing takes time and patience. Combined with constant practice, these will ensure survival of any business.