Why Innovation Marketing is Important?

1. Why Innovation Marketing is Important? Innovation marketing is a discipline that includes marketing activities in innovation processes. For example, research on customer needs and demands, concept and prototype testing with customers, marketing of new products etc. All these are key tasks in innovation management and innovation marketing and these play a very important role in ensuring and enhancing innovation success. Innovation marketing helps to identify future and new market opportunities as well as customer needs at the front end of the innovation process • Research regarding customer requirements in specific market segments or categories of products. This concerns the current needs of a concrete innovation project, but also the anticipation of future needs and, as a result, the derivation of new potential for innovation. • Research regarding market potentials such as appeal of a market, size of a market, potential for new products etc. Innovation marketing have various tasks at the front- end and development at the back- end, making it a very important cross- division function that plays a very important role in the entire innovation process. Marketing needs innovation to create a successful market for products. Innovation marketing is a discipline that includes marketing activities in innovation processes. For example, research on customer needs and demands, concept and prototype testing with customers, marketing of new products etc. All these are key tasks in innovation management and innovation marketing and these play a very important role in ensuring and enhancing innovation success.

3. What is Innovation Marketing? Innovation marketing encompasses all innovation management activities contributing to the promotion of the success of new products and services in the market. Innovation marketing therefore includes a wide range of tasks, in particular all activities related to customer orientation and market orientation, which enable the successful marketing of a new product or service. Innovation marketing helps to identify future and new market opportunities as well as customer needs at the front end of the innovation process. The marketing of the new product or service, which is a continuous task and that connects with the management of the product life cycle, is an important activity in innovation marketing. This involves internal marketing and external marketing. Innovation marketing thus have various tasks at the front- end and development at the back- end, making it a very important cross- division function that plays a very important role in the entire innovation process. Why Need Innovation Marketing? Innovation marketing plays a significant role in all phases ensuring customer and market orientation, which is an important lever to prevent innovation from failing. Therefore, innovation marketing should be enforced and pursued with priority in order to avoid many risks and dangers in an innovation project.

4. Lack of information or inadequate information about market, customers, users and their needs, or incorrect decisions in respect to the product or the target market can lead the project in the wrong direction.  • The product is not sold. This doesn’t necessarily mean the product is bad. Medium-sized products are perfectly marketed and therefore more successful than those that are top of the line because they are poorly marketed. Therefore, marketing is an important factor for success both internally and externally. These two points clearly show why innovation marketing is a significant lever for the success of innovation. For this reason, innovation managers and project managers should deal with innovation marketing and work closely with marketing and sales.

5. Key Points • Innovation – This includes process of generating new ideas capable of bringing positive impact to the business such as through new products or services. • Marketing – Through this process producers communicate to consumers about their products and services. Marketing is necessary to inform the existing customers as well as prospective customers about the products, their features, and why they should purchase it. • Innovation marketing therefore includes a wide range of tasks, in particular all activities related to customer orientation and market orientation, which enable the successful marketing of a new product or service. • The main objective of innovation marketing is to open new markets and ultimately lead to an increase in sales. Innovation marketing also aims to better position the existing or new products and to meet the needs of customers. As business dynamics continue to change every day, so are marketing strategies. • One of the main characteristics that distinguishes innovation marketing is that it marks the departure of the company from their old marketing strategies. Innovation marketing should therefore be able to highlight business progress through the use of new marketing methods that have not previously been used. Published by Brainware University