Innovative marketing strategies can help companies attract new customers, increase revenue and build brand loyalty. Learn about several unique techniques used for innovative marketing such as:
Educational content creation is another innovative marketing strategy. Netflix used such methods to expand from being just a rent-by-mail movie rental service into an international streaming service provider.
Rebranding
Rebranding is an innovative marketing strategy that can increase business growth by drawing in a new target audience. Rebranding may also serve to expand a brand’s presence, shift market niche or refresh visual identity and messaging framework.
Step one in any successful rebrand is carefully analyzing your existing market and audience. A survey or poll (opens in new window) can give valuable insight into their thoughts and behaviors that could help shape a rebrand strategy.
Once you’ve identified your target market, the next step in your rebranding project should be creating an outline with goals, budget and timeline in mind. Leadership support is also a key component to its success – communicating regularly with employees about what’s happening is an effective way to keep everyone informed on why and how it affects them.
Customer Retention
Customer retention aims to build customer loyalty by creating regular purchases of your products or services from consumers. This can be accomplished by offering consistent value, building trust, meeting or exceeding customer expectations, and meeting or exceeding them regularly. Keeping more loyal customers can have a positive effect on business growth; increasing your retention rate could make an immediate impactful difference.
Strategies that can help boost customer retention include personalized product offerings, community building and gamification. Jill & Ally uses its Crystal Candle Club to encourage repeat purchases by offering generous discounts for subscribers who place repeat orders. Customers also earn one stamp with each purchase they make; once they have nine stamps they can trade them in for a free candle!
Retaining customers can have significant returns; typically 6-7 times more expensive to acquire one than to retain them. Companies with higher customer retention tend to experience less economic volatility and can experience sustainable growth more readily.
Partner Management
Partner management is an effective strategy for increasing sales and brand loyalty. It involves recruiting channel partners, offering training and resources, as well as incentives that motivate them – an approach which can keep businesses one step ahead of their competition.
Recruitment of the appropriate partners is key to your success. To do this effectively, ensure they understand your product and can address any inquiries from customers. For this purpose, conduct interviews and tests to make sure they possess all of the required skills and experience.
To keep your partners on track, it is essential to establish regular communication channels – whether through partner portals, PRM software, or in-person meetings. Furthermore, having a clearly-outlined process for measuring partner performance is equally vital: determine which metrics matter most for your business and gather this information regularly – then use this data as the foundation of marketing strategies as well as offering more pertinent incentives for partners.
Augmented Reality
Augmented reality (AR) has emerged as a groundbreaking marketing strategy, promising businesses hoping to increase sales. AR can attract new customers while maintaining existing ones – plus improve customer support!
AR is an effective way to stand out among competitors, whether through immersive experiences or playful social media filters. Examples of its creative application include luxury hotels and spas allowing potential guests to explore their facilities using AR, neurosurgeons superimposing brain scans onto patients for surgery guidance or broadcasters at football games using an AR feature to draw lines on the field for analysis of plays.
AR can also help enhance product demonstrations with appealing 3D models and animations that help customers visualize product features more clearly. This can level the playing field for lesser-known brands with lower brand signals by drawing customers who may otherwise hesitate to buy their products.
