Over the last few months with Covid-19 on the scene, we have seen so many amazing examples of innovation. Indeed, we have been posting some of our favourites on London Marketing Set’s social media channels recently.
It got me thinking about some of the different ways in which a company can innovate. Here are five of them….
- This is the one most people think of when asked what innovation is…..new devices, methods or ideas. We often see examples of this in the medical field such as the Echo Therapeutics diabetes monitoring patch which allows the blood readings to be taken without the need to draw blood…great news for people suffering with diabetes.
- Over the last few months, we have seen so many organisations uncovering new ways to do things, the second type of innovation. Online video calls with the doctor, hologram nurses at hospital reception reminding you to clean your hands and on-line concerts are a few. Once the pandemic is in the past, we are sure that many of these new practices will continue, making a more cost effective alterative for the organisation and more speedy and efficient experience for the customer.
- Adapting a product to meet the needs of a different customer group has long been a useful marketing strategy or technique. A wonderful example of this is the robot hand developed by a small London-based company which helps patients with early dementia to stay independent for longer by learning 20 different key movements such as picking up, gripping and releasing objects. As marketers we should be continually reviewing the use of our products or services thinking about how we might adapt them for other market segments.
- Some innovative organisations change their business model to make a better product or service. Most people see insurance as a necessary evil. Lemonade Insurance turned the table on the traditional insurance business model by taking a flat fixed fee from the monthly insurance, using the balance for pay-outs (which they do super-fast) and the rest is donated to good charitable causes. This is a super example of societal marketing which is particularly appealing to millennials.
- And finally, one of our favourites – ‘new uses for old things’! Back in 1992, Pfizer (yes, the company that has developed the first Covid-19 vaccine, we hope) began testing a new drug called Sildenafil which they believed would help treat angina. Sadly, the drug didn’t work too well on the symptom it was being developed to treat. However, it did have a side effect that no one had predicted……it is now marketed under the brand name ‘Viagra’!
Lots of businesses simply can’t operate in the way they have in the past. They need to look at innovative ways to progress in a post Covid-19 world if they want to attract new customers and retain existing ones.
The CIM Innovation in Marketing module, as part of the CIM Professional Diploma in Marketing, enables you to take a visionary approach and embed innovation to help your organisation deal with the challenges of a fast-moving marketplace. It will also help you recognise the key factors in building and nurturing innovation within the organisation. LMS’s next Innovation in Marketing module, run by tutor Malcolm Johnston, begins in February 2021 and registration is now open. To find out more join us at a virtual open evening by clicking here.