Growth companies spend considerable amount of resources in marketing. This holds for both the B2B and B2C channels. We are primarily interested in market acquisition and penetration. The problem companies face can, in our view, be divided into two categories: You are launching a new two the world product or your are launching and marketing a better service/product in an existent ecosystem. Marketing innovation is the set of action take and technologies we use to achieve optimal results in these two scenarios. When you launch a new to the world product the risk you face is that traditional digital techniques such as SEO or SEM may not work. Conversely when your are trying to enter an existing market cost of customer acquisition may be substantially higher than that of your direct competitors. In the following we describe some of the approaches we have taken to address these business challenges with marketing innovation.
“Word-of-mouth marketing has always been important. Today, it’s more important than ever because of the power of the Internet.” Joe Pulizzi & Newt Barrett
For new to the world products we found that a key winning approach is to leverage your earlier adopters as champions for your product. This can be done through a combination of interactive digital interfaces and messaging tactics. Interactive interfaces such as free services online need to be designed in a way such they maximize the probability and possibility that your earlier adopter refers your product to a relevant prospect. It is particularly important that the amount of time your early adopter spends in referring you is used properly. In this respect analytics and big data can help providing your earlier adopter with targeted suggestions. Messaging tactics needs to be intelligent and personalized too. We leverage social media crowded data to define semantic patterns that can increase the conversion on email marketing campaigns.
For product and services launched in existing markets we found no single recipes to marketing innovation. One approach we have utilized is software as marketing tool. This is a broad category that includes the development of free cloud services and mobile apps directed to solving certain problems that users in your market target have.
Predictive analytics on the sales leads gained on the various touch points with your customers is another avenue for marketing innovation. The ability to identify prospects with the highest probability to convert in a given time lapse will reduce substantially the acquisition costs. We have also worked on new concepts in video-socialization and online video strategies. Approaches to increase conversion and decrease cost of leads generation include also online and mobile contact centers. You can find more on our University section.