Whether it’s an established startup, like Airbnb, creating in-home experiences, or a developing one like Insta360 sharing quick educational content, “Innovation” as an essential element is being incorporated in the marketing techniques by companies to grab the meaningful attention of their consumers. Now undoubtedly, in the prevailing business world with startups as key driving factors of global as well as domestic economies, marketing innovations, and their functioning absolutely goes hand-in-hand.
Certain points why marketing innovations hail so much importance in startup operations are because firstly, they act as business models with “better & effective techniques or solutions” as compared to contemporarily ongoing businesses, with their existence based on their ideation and possession of innovation. Further, the formulation of newly developed marketing innovations and strategies definitely gives them an upper hand over existing market players and their prevailing system of the marketing model. Added to this, startups possess, from an early stage, a better resource and network structure to aid the remodelling of their marketing in an inventive and out-of-box manner. Finally, the Gen-Z and newly adapting other age consumer base are always looking out for something better which is affordable as well as one-of-a-kind to be satiated with a money-to-value ratio when making a purchase. Hence, startups become means to such needs.
Stats have shown that 9 out of ten startups agreeably fail whereas, according to Harvard Business Review 80% of newly launched consumer products fail due to lack of future potency, irregular marketing strategies, and the absence of upheaving ideas to market the services as well as products.
To achieve a better position at merchandising, startups can follow upcoming marketing innovations such as partnering with organisations that serve value to society at the core so their products and services convey community support, rewarding retained customer base with premium services and perks to show that they’re valued, supporting the upcoming potential market with price-based incentives like freemium services, wave invoicing, etc., to promote optimal usage of products and services. Finally, stimulating consumers to leave reviews & feedback, essentially forms a worthy image of respecting criticism, and the belief to improve and stand out in the next innovation undertaken.
I would like to end my stance by quoting Sir Robert Iger:- “The heart and soul of a company is creativity and innovation.”