Are you tired of using the same marketing strategies over and over? Most businesses use the same old tactics for marketing their products or services, but these strategies must be updated as technology advances. Fortunately, innovative marketing can keep your business fresh and competitive, even if you’re dealing with limited resources.
Thinking out of the box is what innovative marketing is about. By understanding traditional and digital marketing strategies and finding new ways to combine them, you can create a unique approach that will leave your competitors behind. There are plenty of creative ways to engage your audience, from automated marketing tools and influencer collaborations to interactive content and loyalty programs.
This guide will examine some of the most innovative marketing strategies and how to use them for your business.
What Is Innovative Marketing?
As the name suggests, innovative marketing is about being creative and uncovering fresh ideas to engage your customers. It’s about understanding the current trends in marketing and then taking it one step further to create something new and exciting. Innovative marketing can be anything from a creative campaign or concept to a fresh approach to traditional marketing techniques that sets your business apart from the competition.
Innovative marketing covers researching the needs and wants of your target audience, understanding their behavior patterns and preferences, and developing prototypes or changing existing processes to reach them. It’s also about launching, pricing, and promoting a product uniquely.
7 Awesome Examples of Innovative Marketing Strategies
If you want to boost your marketing game, here are some of the best innovative marketing strategies you can use in your business:
Repositioning can be a powerful strategy for revitalizing an existing brand and updating its image in the market. By analyzing strengths and weaknesses, opportunities and threats, you can reposition your brand to improve its visibility. It involves changing the message and tone of your brand, updating visuals and logos, and even renaming your company or products.
With the right brand repositioning strategy, you can open up new markets, connect with existing customers on a deeper level, and create a powerful impact.
Gucci is an excellent example of successful brand repositioning. In 2015, the company changed its focus from high-end luxury to approachable fashion, emphasizing bright colors, streetwear styles, and unexpected designs. They polished their logo, reworked their branding, and targeted younger customers with a more street-centric feel. As a result, Gucci’s sales skyrocketed, transforming it from a traditional luxury brand to a fashion powerhouse.
The best thing about Gucci’s repositioning strategy is that they didn’t change the fundamental values of their brand; they just updated it to fit a new audience.
Social Media Marketing
Social media is no longer just a platform for broadcasting messages; it is an interactive space to engage with customers. You can use it to connect with your audience, build relationships, and create conversations to help you stay on top of your mind. From targeted ads to branded content, there are many ways for businesses to use social media as part of their marketing strategy.
By leveraging the power of social media, you can create campaigns and contests to increase visibility, share content that resonates with your audience, and measure your performance through analytics.
Dove’s “#ShowUS” campaign is a great example of how an innovative social media strategy can have a powerful effect. In 2019, the beauty brand created a powerful campaign to promote body positivity and challenge traditional notions of beauty. They asked women worldwide to share their stories and images that showed what beauty looks like to them. The response was overwhelming, with over 1.6 billion people engaged in the campaign, and it successfully promoted Dove’s message of self-love.
This campaign is an excellent example of how businesses can use social media to create meaningful conversations and drive engagement.
Retain Customers With Loyalty Programs
Acquiring a new customer is much more expensive than retaining an existing one. You can reward repeat customers by offering loyalty programs and incentives to increase sales and build brand loyalty. You can create custom reward programs that offer exclusive deals, discounts, and other perks to customers who regularly shop with you.
From point systems to subscription boxes, loyalty programs effectively engage customers and encourage them to return.
Starbucks’ reward program is one of the most successful loyalty programs. The program allows customers to collect stars for every dollar they spend ordering through the mobile app. Customers can redeem stars for free drinks and food items as they accumulate stars. These days, this strategy is quite common, but Starbucks was one of the pioneers in implementing it.
The best thing about loyalty programs is that it’s a win-win: customers get rewards, and businesses increase customer engagement and sales.
Create Educational Content
When it comes to content marketing, educational content can help you establish your business as an authority in the industry. Whether creating blog posts, webinars, or videos, you can use educational content to demonstrate your expertise and provide valuable information to your audience.
With educational content, you can create customer engagement, build relationships with your customers, and increase the number of leads for your business.
Colgate’s Oral Care Center is a great example of how educational content can help establish your business as an authority. The site provides detailed information about oral health, advice on maintaining good oral hygiene, and tips for choosing the right products. By raising awareness of oral health, this website motivates customers to purchase products they may not have considered previously.
The style in which this educational content is presented makes it easy to comprehend and provides valuable information without being overly promotional.
Adjust Your Price
Price is a significant factor in the decision-making process for many consumers. By revisiting your prices and adjusting them to reflect current trends in the market, you can increase your profits and attract new customers. Different pricing tactics, such as after-pay, bundle deals, and subscription models, can also help increase sales.
By adjusting your prices strategically and understanding the pricing preferences of your target audience, you can implement effective pricing strategies to boost your profits.
Wave, an invoicing and accounting software company, offers users to sign up for a free account with many features. Wave allows customers to use free invoicing, accounting, and banking features unlike other software companies. Customers can upgrade to a paid plan with more premium features as they become more invested in the product.
One of the most significant benefits of employing this pricing strategy is that it helps Wave expand its customer base with no upfront cost.
Partner With Non-profit Organizations
Partnering with non-profit organizations is a great way to increase visibility for your company and show that you care about making a difference in the world. You can team up with non-profits to create a joint campaign, donate a portion of your proceeds to their cause, or even offer discounts to customers who support their mission.
This not only helps you reach new audiences but also creates a positive impact in the community and fosters goodwill towards your company.
Since 2012, Gillette has partnered with Movember to raise money and awareness for men’s health. Every November, Movember encourages men to grow mustaches to raise funds and awareness for men’s health. To promote the Movember Challenge and raise vital funds, Gillette provides a complimentary razor to anyone who signs up and sells their ‘King C. Gillette Movember Styling Kit.’ With these initiatives, they show their support for this incredible charity.
This is a great example of how companies can collaborate with non-profit organizations to make a difference in the world while promoting their products.
Explore New Geographies
When it comes to innovative marketing, expanding into new geographies can provide a wealth of opportunities for businesses. Launching targeted campaigns in different regions and countries allows you to tap into new markets and reach more potential customers.
From language localization to localizing content, there are many ways to reach customers in different countries. With the right strategy, you can reach new markets and increase your brand’s visibility on a global scale.
Airbnb, a global marketplace for accommodation and experiences, has expanded into new geographies by localizing its services. Founded in 2008 in California, they now have over 1,500,000 million listings in 34,000 cities worldwide. By targeting different countries with language localization, they have tapped into new markets and reached a global audience.
The best thing about this strategy is that it allows Airbnb to create a global presence without investing heavily in expansion. Localizing their services made their product more accessible to customers worldwide.
Innovative marketing is an essential part of succeeding in the modern business world. Utilizing various innovative marketing strategies can help set yourself apart from other businesses while laying the groundwork for success. Companies looking to eventually up their game should partner with Mediatool.
With Mediatool, you can plan, measure and report on all your campaigns, all from the same platform. Build more efficient and effective campaigns while utilizing in app collaboration to make sure everyone is on the same page.
Say goodbye to spreadsheets and hello to Mediatool. Book a tour of Mediatool today.