Innovation Mix: A Contemporary Marketing Approach

Abstract

This article endeavors to present a unique methodology for entrepreneurs to improve their returns. To be successful in today’s environment of cut throat competition we need more than a basic understanding of traditional AIDA model & the 4P’s (Product, Price, Place & Promotion). And that important aspect is innovation (A concept evolved by Michael Gerber, a few years ago).

Many organisations are not great at innovation. Often, rules are followed too rigidly, seriously limiting the motivation to do things differently. The position is: ' but that's the way things are done here'. Those charged with coming up by improving the way the organisation works, often fear that their suggestions will be seen as wrong, impractical or too 'off-the-wall', perhaps because those in positions or authority lack vision.

If we do what everyone else is doing we will get the same results, but only those can excel in market who are innovators, those who are continually trying new methods of doing business & standing for something unique. This methodology is the key behind major marketing success. Behind most of successes in business whether it be Apple or McDonald or Facebook, under the hood, we will find system for innovation, ways of testing, measuring, implementing & documenting in a seemingly effortless fashion.

The most successful marketing programs are always working to improve their ROI (return on investment). The key is to measure each independent element that could possibly improve the result.

Companies can tend to look at new ideas through the lens of what has been done before and look to the future in the context of what has gone before. The result is often a series of incremental improvements to existing products or processes, simply trying to refine or reshape old ideas, and implying them, more efficiently.

After trying something new & measuring the result, now we know what works & what doesn’t. The key is to keep innovating in small ways. Continually testing & evaluating the results. Once we have our success identified, we just need to roll them out in a systematic fashion.

Keywords: Innovation, Marketing, Success