Creativity & Innovation on Marketing #1

3 Feb

It has been awhile i have updated this blog. So i had decided to do something about it. One of the New Year resolution of mine is to keep this blog active; but the question is what to blog about?

This question keeps ponder in my head for the last couple of weeks. An idea just struck my head over my usual 5km run the other day, why don’t i just include some of the marketing materials i had just developed for my training module. So here goes with some the first chapter – Creativity & Innovation on Marketing

Creativity & Innovation on Marketing juice-box leikhong Why is Creativity and Innovation Important in Marketing?

Being creative and innovative seems to be the buzzword in business nowadays, but why are they so important? With a barrage of innumerable products flooding the market, a product must capture the average customer’s attention within a few seconds, or disappear into oblivion, lost in the vast ocean of countless, insignificant other products. A product cannot be just another product in the market. It must stand out from the rest. This is where creativity and innovation comes in. Being creative and innovative makes the difference between making profits or incurring losses for businesses. Unless a business is able to swiftly adapt the product through creativity and innovation to meet the customer’s changing needs, both the product and the business will no longer be relevant in the market as imitations or similar products with improved features will replace the product in no time.

What is Creativity? What is Innovation?

If passion and commitment are the life blood of a business, then creativity and innovation are the soul of a business. Creativity is the generation of ideas while innovation is the translation of these ideas into a product or service. Creativity is useful only if it can be translated into innovation that sells. In other words, creativity and innovation must lead to commercial value that is manifested through increased sales and profitability for the business. Can creativity and innovation be outsourced? Yes, it is possible, but the best ideas and innovation are most likely to come from within the business as no one knows the product as much as those who are in the business.  Creativity and innovation also require in-depth knowledge of the product to come up with ideas to market it effectively. You’ve guessed it. The best ideas may come from the home ground experts, your own employees or colleagues.  

Coca Cola Coke LeikHong

Creative Marketing and Profitability

A creative and innovative business that is ahead of its customers’ needs and expectations will eventually become a profitable market leader as this business is constantly generating and turning new ideas into products that bring sales and profit into the business. What is profit? Profit is the sales revenue minus the cost and margin. When customers buy your products, you generate sales. Increase in sales will result in profit. In other words, a successful business must have customers who buy the products, new and repeat sales and continued profits. Let us look at a few giants who made their mark as market leaders.

Great companies such as Apple, Zappos, Starbucks and AirAsia tuned to their customers’ needs and developed their niche to serve their customers’ expectations. Next came their legendary marketing campaigns that put them on the map. We’ll discuss more about these campaigns in our coming chapters.

– to be continued…. –

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