Disruptive Innovation in Marketing: Get Ahead, Get Noticed!
What is disruptive innovation? In the context of business, disruptive innovation is the creation of a new market, which eventually upsets an existing one, displacing market leaders, products, and alliances.
Disruptive innovations are more likely to come from start-ups and entrepreneurs rather than more established brands. The reason is simple; start-ups need visibility and reach to compete. Even though it’s risky, it achieves quicker results and recognition.
How is disruptive innovation accomplished? It is performed by the ability to look at an existing idea in a different light. Most significant creations are derived from an established system, which gradually evolves to a new one.
For example, a log inspired the wheel; the wheel inspired the creation of transportation such as buses, trains, and cars. It’s in the perception of an idea and its capability that results in a brand-new application or idea.
Three leading disruptive innovative brands:
Computers existed way before Apple manufactured its first one. However, how Apple disrupted and revolutionized the existing market with its creation of mobile devices that are both interesting and noteworthy. While revenue from sales of its iPhone® dropped in first-quarter 2019 over the prior year, Apple’s other products and services grew by an impressive 19%.
Netflix turned the market on its head by creating an option that competed directly with the cable television industry, giving viewers the choice of subscription-based online streaming services. Today, with competition from a host of other streaming services, Netflix remains the no. 1 streaming service in the U.S., with almost 60M subscribers.
Amazon took conventional shopping into a thriving online shopping business. They understood both what consumers needed and provided the solution at the right time and place. Amazon has changed the way people shop, search, and view online content. In fact, 90% of consumers compare prices on Amazon after finding a product on another company’s website!
Disruptive technologies in marketing
With technologies like machine learning, artificial intelligence (AI), and virtual reality (VR), the future of business and the market as a whole is challenging, competitive, and ever-changing.
In e-commerce, applications such as chatbot assistants and analytics help in providing personalization, product recommendations, merchandising, search optimization, and promotions that affect customers’ purchasing decisions.
Another beneficial emerging and disruptive technology in e-commerce, VR empowers consumers with the ability to see and feel products before they buy. Marketers can harness the superpower of VR to rein in more consumers and profits.
Finally, the most critical and influential disruptive innovation technology is the world of social media.
Humans are influenced by their peers and family. Social media is the new ‘word of mouth’ and referrals. Marketers can harness the power of social media to drive sales and influence consumers.
Examples of disruptive innovation in marketing
The emergence of openness, globalization, and networking, empowered by technology, has opened up opportunities beyond imagination. It is not only about a brand’s products and services, but about how they are portrayed. Without innovative marketing, one can be easily lost in a crowded marketplace.
Dollar Shave Club established themselves with the $1 razor as opposed to expensive, multi-featured razors. Their marketing strategy was simple – razors are for shaving; you don’t need unnecessary accessories and complicated technologies. With this disruptive idea, they turned their business into a successful subscription-based model.
Another latest disruptive innovation marketing campaign was from BMW, which posted a farewell video of Mercedes-Benz CEO Dieter Zetsche’s retirement on YouTube. The video shows Zetsche leaving the office in a chauffeured Mercedes-Benz. Upon reaching home, Zetsche emerges from his garage, driving a BMW i8 Roadster with the caption, “Free at last.” This tribute video has gone viral with more than two million views in three days.
Digital disruption is the latest marketing innovation that is creating waves in the business world.
Embracing/Onboarding digital innovative marketing solutions can give any brand an edge over its competition and lead to higher conversion rates. With digitalization, you don’t have to shoot an arrow in the dark to attract customers. You will have solutions to most of your problems and questions, such as:
- Who and where are your customers?
- What are their needs and preferences?
- How much is the cost of customer acquisition?
- What is your ROI? And so on.
With digital innovation, strong social influence, data-driven marketing, and the right technology, you have the perfect marketing mix that can lead you to success. All you need is its ideal execution!
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