PPT Marketing of innovative products for MSME, Bhopal

1. “MARKETING OF INNOVATIVE PRODUCTS AND SERVICES”
DR. GOVINDARAJAN CHETTY
SATI, VIDISHA

2. “MARKETING OF INNOVATIVE PRODUCTS AND SERVICES”
1. Introduction
Definition of Innovative Products and Services
• Innovative products and services are those that provide new value to the
customer. They can be completely new products or existing products that have
been improved.
Importance of marketing for innovative products and services
• Marketing is crucial for these products as it helps in creating awareness,
generating interest, and driving sales.

3. 2. Understanding the Market
 Identifying target audience
• The target audience is the specific group of people that the product or service is aimed at.
Understanding their needs and wants is crucial for developing a product that provides value.
 Understanding customer needs and wants
It outlines several steps:
Research: This involves gathering data on customer preferences, behaviors, and feedback.
Analysis: This step involves interpreting the data to identify patterns, trends, and insights.
Engagement: This involves interacting with customers to gain deeper insights into their
expectations.
Innovation: This step involves developing new products or improving existing based on insights
gathered.
Evaluation: This involves assessing and adjusting the products/services in meeting customer
needs.
 Market segmentation and positioning
• Market segmentation involves dividing the market into distinct groups of buyers who have different
needs, characteristics, or behaviors. Positioning involves arranging for a product to occupy a clear,
distinctive, and desirable place relative to competing products in the minds of target consumers.

4. 3. Product Innovation and Development
Importance of innovation in product development
• Innovation in product development can provide a competitive advantage and drive
market growth. It involves creating new products or improving existing ones to meet
customer needs.
• Amazon B2C to B2B, NETFLIX

5. 4. Marketing Strategies for Innovative Products
Product differentiation and USP
• Product differentiation and Unique Selling Proposition (USP) involve
highlighting the unique features or benefits of the product that make it stand
out in the market.
Pricing strategies for innovative products
• Pricing strategies can include premium pricing for innovative, high-quality
products, or penetration pricing to quickly gain market share.
Promotion strategies: Traditional vs Digital marketing
• Promotion strategies can involve traditional methods like TV and print ads, as
well as digital marketing techniques like social media and content marketing.
Place: Online marketplaces and physical stores
• Place refers to where the product is sold, which can be online marketplaces
or physical stores.

6. 5. Challenges in Marketing Innovative Products
Market resistance and adoption rate
• Market resistance and adoption rate refer to how quickly the market adopts a new
product. Innovative products can sometimes face resistance due to factors like cost,
lack of awareness, or fear of change.
Competitive landscape
• The competitive landscape refers to the other products in the market that the product
is competing against.
Regulatory challenges
• Regulatory challenges can include laws and regulations that affect how the product is
made, marketed, or sold.

7. STRATEGIES THAT STARTUPS CAN USE TO MARKET THEIR INNOVATIVE PRODUCTS:
1. Identify Target Market: Understand who your customers are and what they want. This can help you tailor your product and
marketing efforts to meet their needs.
2. Unique Selling Proposition (USP): Determine what makes your product unique. This can be a key selling point when
marketing your product.
3. Competitor Analysis: Understand what your competitors are doing and find ways to differentiate your product.
4. Pricing Strategy: Price your product competitively. Consider factors like production costs, competitor pricing, and perceived
value.
5. High-Quality Product: Ensure your product is of high quality. This can help build a positive reputation and drive word-of-
mouth referrals.
6. Customer Testimonials: Use testimonials from satisfied customers to build trust and credibility.

8. 7. Content Marketing: Create valuable content related to your product. This can help attract and engage your
target audience.
8. Social Media Marketing: Use social media platforms to promote your product and engage with your audience.
9. Email Marketing: Use email marketing to keep your audience updated about new products, offers, and
company news.
10. Influencer Marketing: Collaborate with influencers in your industry to reach a larger audience.
11. SEO: Optimize your website for search engines to increase visibility and attract organic traffic.
12. Partnerships and Collaborations: Partner with other businesses to reach a larger audience.
13. Public Relations (PR): Use PR to build a positive image and increase visibility.
14. Affiliate Marketing: Use affiliate marketing to incentivize others to promote your product.

9. 15. Product Demonstrations: Show your product in action. This can help potential customers
understand its value.
16. Trade Shows and Events: Participate in trade shows and events to showcase your product and
network with potential customers.
17. Referral Programs: Encourage your existing customers to refer others to your product.
18. Retargeting Campaigns: Use retargeting campaigns to re-engage visitors who have shown
interest in your product but haven't made a purchase.
19. Community Building: Build a community around your product. This can help foster loyalty and
advocacy.
20. Continuous Learning and Improvement: Continuously learn from your successes and failures
and make necessary improvements to your product and marketing strategies.

10. 21.Mobile Marketing: With the increasing use of smartphones, mobile marketing strategies like app-based
marketing, in-game mobile marketing, QR codes, location-based services can be very effective.
22.Video Marketing: Videos can be a great way to showcase your product's features and how it solves problems.
Platforms like YouTube, Instagram, and Facebook are popular for sharing product videos.
23.Webinars and Live Demos: These can be an effective way to engage with potential customers, showcase your
product, and answer any questions in real-time.
24.Personalization: Personalizing your marketing messages and product recommendations based on a
customer's past behavior can significantly improve conversion rates.
25.Customer Retention Programs: It's often cheaper to retain existing customers than to acquire new ones.
Implementing a customer loyalty or rewards program can encourage repeat purchases.
26.Sustainability Marketing: If your product is eco-friendly or you have sustainable business practices,
promoting these aspects can attract customers who value sustainability.

11. 27. Podcast Marketing: Podcasts are growing in popularity and can be a great platform to discuss your
industry and product.
28. Chatbots and AI: These can provide instant customer service and support, improving the customer
experience.
29. Cause Marketing: Partnering with a non-profit or cause can improve your brand's image and resonate
with customers who support that cause.
30. Guerilla Marketing: Unconventional and creative marketing strategies can generate buzz and stand out
from the competition. Guerrilla marketing is a unique and creative way to promote your business. It
involves using low-cost or free methods to get your message out there, and often takes advantage of
unexpected opportunities. While it can be risky, guerrilla marketing can be very effective in getting your
name out there. If done correctly, it can generate a lot of buzz for your business.
Remember, the key to successful marketing is to know your audience and choose the strategies that will
most effectively reach them. It's also important to measure the results of your marketing efforts and adjust
your strategies as needed. The effectiveness of these strategies can vary depending on the nature of the
product and the target market. It's important to test different strategies and find what works best for your
specific situation.

12. TOOLS TO ANALYSE SUCCESSFUL STARTUP
Certainly, here are some key data points that can help you analyze the success of your startup:
1. Customer Acquisition Cost (CAC): This is the cost associated with convincing a customer to buy
a product/service. It’s important to keep this number as low as possible.
2. Lifetime Value (LTV): This is the prediction of the net profit attributed to the entire future
relationship with a customer. The higher the LTV compared to the CAC, the better.
3. Churn Rate: This is the annual percentage rate at which customers stop subscribing to a
service. A lower churn rate is always better.
4. Monthly Recurring Revenue (MRR): This is the amount of revenue that a company can reliably
anticipate every 30 days.
5. Revenue Growth Rate: This shows the rate at which a company’s revenue is increasing or
decreasing for a certain set of returns.

13. 6. Net Promoter Score (NPS): This index ranges from -100 to 100 and measures the willingness
of customers to recommend a company’s products or services to others. It is used as a proxy
for gauging the customer’s overall satisfaction with a company’s product or service and the
customer’s loyalty to the brand.
7. Active Users: This is the number of users who engage with your product within a certain
time period. The more active users you have, the better.
8. User Engagement: This measures how often users interact with your product. The more
often, the better.
9. Conversion Rate: This is the percentage of users who take a desired action. The higher the
conversion rate, the better.
10.Burn Rate: This is the rate at which a company is losing money. It’s important to have more
money coming in than going out.
Remember, these are just some of the many metrics you can use to analyze the success of your
startup. The specific metrics you choose will depend on your business model and industry.

14. ZOMATO CASE
• Zomato was founded in 2008 by Deepinder Goyal and Pankaj Chaddah. It started as a
restaurant search and discovery platform and later expanded into food delivery.
• Product Differentiation: Zomato differentiates itself by offering a wide range of cuisines from
various restaurants across cities. It also introduced features like table booking, restaurant
reviews, and ratings which helped it stand out from its competitors.
• Customer-Centric Approach: Zomato places a strong emphasis on customer satisfaction. It
provides detailed information about restaurants, including menus, photos, reviews, and
ratings, to help consumers make informed decisions.
• Digital Marketing: Zomato leverages digital marketing channels such as social media, email
marketing, and content marketing to engage with its customers. It regularly hosts sales and
offers discounts to attract and retain customers.

15. ZOMATO CASE
• Influencer Marketing: Zomato collaborates with influencers and celebrities to
promote its services. This not only increases brand visibility but also builds trust and
credibility among consumers.
• Localization: Zomato understands the importance of local tastes and preferences and
tailors its offerings accordingly. It has localized its app and website in various
languages and offers local cuisines to cater to different regions.
• User Statistics and Demographics: Zomato primarily targets the 18-35-year-old
target group. As of March 2023, it had 80 million monthly active users.
• Global Presence: Zomato is present in around 24 countries and over 3200+ cities.

16. • Market Share: Zomato’s market share in the food serving business was 55% in 2022.
• Restaurant Partners: The number of Zomato’s restaurant partners was 21000 as of
2023.
• Employees: The number of Zomato employees was 8,339,mostly on revenue sharing
basis.
• Revenue: The gross order value of Zomato in the final quarter of 2022 was 58.5
billion Indian rupees. The Average order value of Zomato in 2023 was ₹568.
• Stock Performance: Zomato’s stock price increased by 190.57% in one year.
These data points illustrate Zomato’s impressive growth and its successful marketing
strategies in the competitive food delivery market.
ZOMATO CASE

17. THANK YOU