Marketing Innovation - MIT ID Innovation
                     Marketing Innovation: 
Innovate, Recreate and 
Celebrate
MITID Innovation
Today, innovation is much more than just 
new technologies, products, creations, or 
methodologies. It is about the 
interconnection between a product and a 
user, between a person possessing the 
ability to create wonders with the 
ecosystem.
The two seemingly unrelated words, 
“marketing” and “innovation,” have a 
significant connection that is almost very 
disadvantageous to ignore. They serve as 
collateral assets to each other; an innovation 
needs amazing marketing to succeed, while 
marketing needs innovation for the success of 
its products. Marketing Innovation, thus, is 
the need of the hour to dive into the 
constantly changing world with the progress 
each day that does not see the sky as its limit.
What Exactly is Meant By 
Marketing Innovation
The only constant thing in the world is 
change, and marketing innovation is the 
best way of implementing this into reality. 
With significant changes in product design, 
management, packaging, promotion, 
placement, and pricing, marketing 
innovation marks the change in marketing 
strategies
that the enterprise previously used to 
create a completely new and widespread 
consumer base in the market. Routine 
changes in marketing methods are not 
considered as a marketing innovation
 as they do not involve a complete 
revolution in the marketing 
methodologies.
What is the Role of Innovation 
in Marketing
One buys what one sees, and that is 
exactly what innovation does to marketing. 
Every single day is a host of discoveries 
and inventions, with each one giving a 
tough competition to the other. Hence, one 
needs to know what appeals to their target 
audience the most. Innovation can be seen 
as rewarding exploitation of new ideas.
To gain a competitive advantage in the 
global marketplace, catalyzing innovative 
ideas that enrich the very essence of an 
enterprise can prove to be extremely 
profitable. Through the right innovative 
intervention, one can anticipate the emerging 
consumer trends way ahead of time and lead 
their way in the current demand-supply 
chain. The 2011 Global Innovation report 
found an 11% difference in the revenue in 
favor of the more innovative organizations.
What are Some Innovative 
Marketing Strategies
Is money everything when you want to 
expand your enterprise? Not necessarily, 
because just crazy creativity and out-of-the-
box thinking can do wonders!
Use Referral Marketing: This is a simple 
yet effective marketing strategy. Here, you 
get your buyers excited to share the news 
of your startup and promote it extensively. 
This concept works exceptionally since 92% of 
people have shown to trust personal 
recommendations more than any other 
marketing strategy.
Discover your Target Audience: To establish 
a large consumer base, you need to have an 
explicit idea of what your ideal consumer looks 
like. Centralizing your target audience and 
optimizing your products based on their needs 
and desires is the ultimate way of attracting 
their attention towards your enterprise.
Incorporate Trends and 
Challenges: Start a viral marketing 
campaign and make your product the 
center of attraction! All you need to do is 
find the exact problem that your product 
can solve and then turn it into a challenge 
for others to tackle. You aim to make 
people realize that your product is the 
perfect go-to to solve the challenge.
Conclusion
MIT ID Innovation Programme curates 
knowledge and experiences that 
challenge the very paradigm of evolution. 
And that's why we have set out to define 
the future of industries, communities, 
cities and ecosystems. MIT ID Innovation 
offers the best Innovation 
Courses in Pune and Design Thinking.
We’d love to 
hear
from you.
MIT INSTITUTE OF DESIGN
Rajbaug,, Loni-Kalbhor, Pune-412201
+91-7038982225 / +91 
9834092369
[email protected]
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