March 2007: In this issue...

What's Hot Today: Innovation in Marketing - Part 2

By Ron Torch, CEO & Chief Marketing Officer - Torch Group Inc.

When it's time for companies to bring their innovations to market, what are the latest innovative trends now available to marketers?

Okay. So you've finally unearthed that next great product or service innovation.

You've done your exhaustive market research and your segmentation work . . . and think you've chosen your perfect target audiences and your ideal set of distribution channels.

Now comes the $64,000 question: What's really the best way to get that innovation out there in these ever-changing times?

When looking for that hot marketing idea to successfully bring your well-thought-out innovations to market, remember: the old way of doing things simply won't do.

Sure, there'll always be a place for well-conceived/well-executed, traditional, tried and true 'classics' of marketing tactics -- collateral, direct mail, print advertising, etc.

But what better way to stay ahead of the competitive curve in this increasingly digital age than to have your marketing people on top of the very latest trends in marketing and marketing communications?

After all, with corporate innovation so crucial to business success today, what better way to market your innovative products or services than through the most innovative tactics?

The Hottest Trends in Marketing

The quest to find the hottest trends in marketing has become so intense that it's become an industry in and of itself. For example, according to BusinessWeek, a company called Nielsen BuzzMetrics' BlogPulse, "creates customized graphs of blog conversations, measuring the influence of individual blogs and fingering what people are typing about, fromHollywood. . . to politics."

But wait . . . there's more.

Just as there are countless books and articles on the general topic of innovation -- there are a variety of published thoughts about what's the "hottest of the hot" when it comes to trends in marketing now and in the future.

Here's just one take on the topic from a recent article in Entrepreneur Magazine -- but it gives you a very good idea as to where the thinking of your marketing talent should be to keep you ahead of the competition.

• "Market on the Move" -- The Mobile Marketing Association says that by 2008, "89% of brands will use text and multimedia messaging to reach their audiences . . . with nearly 1/3 planning to spend more than 10% of their marketing budgets on advertising in that medium." And, with more phones adding more video capability, the sky's the limit.

• "Go Online" -- The astounding growth of online vehicles like blogs and podcasts, coupled with the increased access to broadband and the lower cost of video production, will enable marketers to reach specific niche audiences with targeted messages -- even through online video ads. Today's blogosphere, "more than 43.1 million blogs strong," is a perfect place for companies to reach customers and get direct customer feedback. Plus, the future holds more video blogs -- a perfect vehicle for companies wanting to visually market their product or services.

• "Court the Boom" -- You've heard the statistics. "A baby boomer turns 50 every 7 seconds, joining a population on segment that will grow by 25% in the next decade." The trick? Since "boomers are a dynamic group much more open to new experiences and brands than past generations of older adults . . . marketers should target boomers by what they're doing, instead of how old they are." So the secret is targeting lifestyle -- not age.

• "Use Social Networks" -- Just as people are using sites like MySpace.com to network and make friends, companies can do the same thing. "It's similar to a dating site. You can launch a profile for your business and give it a personality. Then, you use the search function to find the group you want to target . . . and contact them to become your 'friends,'" said one expert in interactive marketing.

• "Advertise in Unusual Places" -- You name it, you can put an ad there. A recent marketing survey found that "business spending on traditional advertising continued its decline while spending on non-traditional marketing methods -- from online promotions to buzz marketing -- rose 12 percent since late-2005." An example: One company reached business travelers plugging in their laptops in the airport by placing ads on waiting area electrical outlets.

• "Make it Stick"

  • Multicultural Market -- Marketers should recognize and tap into the increasing buying power of blacks and Hispanics. Be sensitive to using culturally conscious images in advertising and consider developing translated marketing materials, when appropriate.

  • Experiential Marketing -- Businesses should "Create an environment consistent with their brand. Figure out the key messages of their brand and find ways for their staffs and locations to reflect that image -- young and trendy, sophisticated and elegant, and so on."

  • Customer Evangelism -- This trend, contingent on a firm commitment to being a "customer-centric" company, ranges from "hiring word of mouth marketing companies to creating incentives for customer referrals . . . to using customer testimonials, including via webinars where customers talk about your company."

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We can help.

As acknowledged experts in the field of marketing and innovative talent solutions, we’re structured and poised to help you find that perfect CIO -- or complement your existing staff with highly-specialized marketing talent. Whichever way you go, Torch Group can be a valued partner to your company. We’re experienced in finding the talented full-time marketing professionals you need . . . or flexible marketing contractors and consultants if desired. Give me a call at 440.519.1822 or e-mail me at rontorch@torchgroup.com.

Ronald S. Torch
President & CEO
Torch Group, Inc.
. . . your source for marketing talent