Lately, opinions about innovation in marketing have been solely focused on new types of media. But digital, social media, and mobile applications, are not the only (or the most important) way to change your marketing strategy. Forrester’s Mary Beth Kemp encourages CMOs to “redefine how company will interact and engage with consumers… in the future”.
Change isn’t easy, but marketers are dealing with it daily. CMOs need to take advantage of change. Being proactive is essential in this industry: it is how you develop vision, how you create change, how you innovate. Being reactive leads you down the same road you have always been on. Do not simply react to the latest technological trend; look at the entire marketing mix. A “marketer’s innovation strategy must touch each of marketing’s core components,” the 4 P’s. Understand how to talk with the consumer and make the product interesting and important to them. Promotions must have value and engage the target. The place must be appropriate and connected with the brand/product. Finally, price must match value. Find a mix of these that is relevant to the brand and consumer (not to mention current) and you will have a unique and effective marketing innovation strategy.
CMOs must effectively manage future expectations along with maintaining current affairs. Details, details, details are the secret to success. CMOs need detailed “roadmaps” and supportive teams that know the company and more than just marketing. Don’t spend all your energy focusing on the present; you will end up doing the same thing you have always done. But, don’t look so far forward you forget about the here and now. Balance is important. If a CMO finds a way to do this successfully, the marketing team will become the “experimental center of the business”.
Action Points: What does your organization have for the 4 P’s and do you have a unique and effective marketing strategy that supports them?