Marketing innovation is crucial for any business. At its core Marketing innovation is the process of developing new methods or techniques, often in response to a change in the marketplace. Innovation requires creativity, flexibility, and the ability to view the world through new lenses. It focuses on new ideas that solve problems or capitalize on new opportunities in the marketplace.
It is also essential for businesses that want to improve their marketing strategy and increase their ROI while reducing marketing costs. A recent study by McKinsey found that companies with higher levels of marketing innovation outperform those with lower levels by as much as 22%.
Marketing innovations are crucial for market share because they drive competitive advantage, which can help marketers remain ahead of their competitors.
Innovation is a key to a company’s success and it is important to stay up-to-date on the latest marketing trends. Digital marketing has emerged as a major strategy to create customer engagement and increase sales. Marketing innovation is not just about finding new customers, but also retaining old customers. Today, companies are looking for innovative ways to create a customer experience that will incorporate digital trends and marketing automation.
One of the most difficult challenges faced by marketers today is doing this all while staying relevant in light of fast-paced digital trends like social media, mobile devices, SEO changes, algorithms updates, etc.
3 of 21 marketing trends that are currently dominating are:
1. AI-powered optimization which uses machine learning algorithms to understand consumer behavior and then adjusts the experience accordingly based on user preferences.
2. Programmatic advertising is the process of using data to reach the right audience at the right time. It also refers to a type of advertising which utilizes digital marketing channels such as social media, search engines, and websites to deliver ads in a timely, automated fashion. Digital marketing is constantly evolving and adopting new technologies. Advertising platforms are constantly looking for new ways to connect advertisers with potential customers by automating processes and data analysis. This has led to a rise in programmatic advertising. The use of programmatic advertising has grown exponentially over the last few years due to its efficiency in targeting specific audiences with ads that are relevant for them at that moment.
3. Video marketing: The fastest growing form of content marketing, with brands generating $6.8 billion in revenue last year alone. The number of videos marketers produce has more than doubled in the past three years, and almost half of businesses plan on producing more videos this year than they did last year. Video Marketing has an impressive ROI. For every dollar that’s spent on video marketing, there is a $2-3 return on investment (ROI). And it’s not just for B2C companies! The ROI for B2B companies is even higher at $5-1 for every dollar spent on video marketing.