In this ever changing world, business innovation sometimes seems as if it requires true genius in order to be effective. This is especially true when it comes to marketing innovation, but finding and using new ways to get the word out about a company, product or service is as important now as ever during a difficult economy.

Strategy

The first step towards true marketing innovation is the definition of a clear-cut marketing strategy. If the goal is simply to innovate, there are no concrete steps to take and no actionable items. Simply thinking unique thoughts will not get products or services sold.

Remember that innovation does not only come in technological form. Take traditional marketing strategies and try to re-think each one in a new and different way. Reformulate each specific strategy with today’s marketplace in mind in order to maximize effectiveness. Move individually through each strategy and consider what works about that strategy and what does not. If there is no business value in the strategy, either old or reformulated, there is no marketing innovation.

The Market

If there is one predictable fact about the marketplace is that there is no predictability. Understanding what has come before will only get so far – an educated guess as to what may come next is what marketing innovation entails.

Consider the market carefully and evaluate the competition in terms of strengths and weaknesses. Then take this information and think about how to turn this data into a workable, innovative marketing strategy that will get attention and differentiate the company from the competition.

Resources

When reformulating marketing strategies, remember to keep company resources in mind. Grand ideas are completely ineffectual if the company has no resources to carry out the strategy effectively. Consider the who/what/when/where of launching each marketing effort in order to prevent delays and excess costs.

Inherent Risk

Remember that there is always risk in innovation. If there were no risk, it would not be innovative. Balance the risks carefully but do not be afraid to fail. Likewise, do not get caught in the same old thinking that has stalled in the past. Marketing strategies that worked even one year ago may not work today.

Advertise Innovation

Make innovation known to the marketplace through exciting, standout marketing material. Clearly state the difference between the product or the business and others in the marketplace and have the facts to back it up.

Be known for innovation and people will start to equate the company or the product with innovation. Remember that sharp perception of the market and the competition will also result in innovative thinking but an innovative product will not sell on its own. Market the innovation and the customers will follow.