Marketing innovation covers a growing industry that is constantly evolving with the growing trends of new technology and other forms of communication.  Innovation is the creation of effective products, processes, ideas, or technologies that will work better than past items in the marketing world.  To truly have marketing innovation, one has to renovate or invent something that causes a substantial positive change in a drastic manner.

There are five main steps that need to be utilized in marketing innovation processes:

1. Knowledge about the product or process
2. The formation of an attitude about the current status
3. A decision to either adopt or reject the current product or process
4. Implementation of a new idea
5. Confirmation that the ultimate decision worked

Innovation is a widespread effort within society.  It has become an important topic in business, design, technology, marketing, and many other sections of life.  In marketing, innovations may somehow aid everyday life by the way it gets marketing ideas across to the public.  People may realize the comforts, conveniences, and efficiencies they are missing out on when they see a good piece of marketing innovation.

Innovation Impact

On the business level, innovation can be linked to productivity, quality, the market share, efficiency, productivity, and many other aspects of the company’s well being.  The same can be said about marketing innovation.  Any organization can utilize innovation in the marketing area.  The strategies designed through innovative ideas can have a huge impact on the company as a whole.

Sources of Innovation

Innovations from a marketing department can come from many different areas.  Research and development often has the breakthrough innovations that can help spur new products, ideas, or even new processes.  Innovations can also come from users, employees in any department, the marketers themselves or a number of other areas.  The key to utilizing marketing innovation is recognizing an innovative idea when it is brought to light.

Many companies benefit from experimenting with their business model in order to continuously make the company work better.  If the marketing always stays the same, there is no risk, but there is also no gain.  By using new marketing innovation techniques, the company can judge what works well with the public and what does not work.  This helps any company gain access to future marketing ideas, but it is a continual process that must never stop.

Marketing Goals

In order to take full advantage of any innovations, the company must understand its overall goals.  It also needs to keep its failures at the top of its mind.  Failures are innovations that may have been tested or tried in the past that failed.  In order to meet the goals, the companies have to come up with marketing strategies that make sense alongside the goals.  It is a good idea to measure the success of any innovation tried within the marketing realm.  That way, the company can judge each innovation and use ideas again later if they worked.