Innovative Marketing With Video Advertising
Marketing certainly is an interesting space to work in…
The industry is ALWAYS evolving and keeps us marketers on our toes trying to stay ahead of the game and be the first to introduce new theories, processes, and techniques to different situations to get the best results possible.
While consumers become flooded with over 10,000 brands a day, the rise in innovative marketing has grown in importance. It comes from a need to disrupt the status quo and flip it upside down.
Doing disruptive marketing is important as standing out from the crowd (in the right way) will create scroll-stopping viral content that people will want to remember and share!
In this article, we’ll go over what innovative marketing is, how it works in video marketing, and why marketers use innovative marketing in video advertising.
Continue reading to learn more about this topic as if you’re not on the cutting-edge of marketing innovations, it’s nice to at least keep up with everyone else!
- Innovative marketing is the implementation of new marketing methods at the strategy, business model, style, or offerings level.
- There are 3 main ways of finding innovative marketing strategies.
- There’s expected to be A BOATLOAD of Blue Ocean available after the pandemic.
- Companies chase innovative marketing strategies to stay competitive and become more successful.
- You should be working with an innovative creative agency.
What Is Innovative Marketing?
At least keep up with the rest of us…
OECD defines innovative marketing as “the implementation of a new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing.” and I think that this definition sums up our new vocabulary nicely.
We’ll go into more detail and other ways innovative marketing can be used later on.
So, now that we have a definition for innovative marketing, what is it on a more detailed level?
Innovative marketing is REALLY difficult. Imagine trying to refresh old ideas into something new, flipping established theories on their head, or reinventing the entire wheel.
It’s like the invention and research part of the marketing world. It can be really hard sometimes to think up ideas and destinations that others can’t even imagine!
How Innovative Marketing In Video Advertising Works
Innovative marketing is a tricky subject, but there are a few strategies we can use to get some valuable insights to make it work.
We’ll talk about three of the main ways marketers and CEOs are hunting for the Great White Whale that is innovative marketing and away from the blood-infested red oceans they’re currently competing with others in.
The three different ways of finding innovative marketing strategies include:
- Traditional market research & data analysis
- Blue Ocean Strategy
- Off-Core Differentiation
Market Research & Data Analysis
The traditional approach to finding new uncharted seas is to do market research and data analysis to find areas that consumers want and can be profitable.
The research part can be done by hiring a market research agency, or by doing it in-house. The prices for market research from a third-party can get pretty ridiculous.
Doing the research in-house is more economical, plus the research can be used for various different things including improving on current offerings and processes.
When looking for innovative marketing strategies, surveying teammates, clients, potential clients, and others working in the same industry can dramatically improve the quality of data collected.
I HIGHLY recommend using digital surveys as this’ll make importing the answers A LOT easier and more accurate. You can use tools like Qualtrics or SurveyMonkey to get your answers and save them all in one place.
After the data is collected, it gets imported into a database for analysis. I am genuinely sorry if you used paper surveys, and I feel for you… Totally been there!
Anyways, the industry standard for market research data analysis is SPSS but other tools like Microsoft Access can get the job done.
Now that the data is imported, it’s time to look for insights for your new innovative marketing strategies!
Look for similar answers between the surveys and find some trends that really stick out to you. Use these insights to formulate an innovative marketing strategy with some web searches to make some S.M.A.R.T. Goals.
Remember, as we spoke about in the Organic Marketing TikTok Strategy Guide, that S.M.A.R.T. Goals is an acronym for Specific, Measurable, Achievable, Relevant, and Timely.
Blue Ocean Strategy
The next approach we’ll be talking about to finding more innovative marketing strategies is to use the tried and true Blue Ocean Strategy.
Blue Ocean Strategy is defined as “the simultaneous pursuit of differentiation and low cost to open up a new market space and create new demand. It is about creating and capturing uncontested market space, thereby making the competition irrelevant.”
The definition above is directly off the blueoceanstrategy.com website and is definitely an interesting resource I encourage you to look into.
Blue Ocean Strategy puts an emphasis on differentiation at the strategy and business model level instead of the offerings. This creates breathing room for the brand while others attempt to imitate their new innovative marketing strategies.
It isn’t a permanent solution and has some limitations as far as its usefulness.
The main points Blue Ocean Strategy makes are to create uncontested market space, make the competition irrelevant, create and capture new demands, break the value-cost trade-off, and align the entire firm’s activities in the pursuit of differentiation and low cost.
This strategy is useful if your company is better at pivoting and repositioning as it requires a total change in strategy and business model whereas the more traditional approach is on a more superficial level.
Off Core Differentiation
The Off Core Differentiation Strategy seems like a critique of the Blue Ocean Strategy and attempts to solve the limitations that Blue Ocean Strategy has to offer.
The two types of off core differentiation are imported benefits and peculiar particularity. These two types of off-core differentiation are less likely to be copied by competitors as they’re either super ballsy, weird or totally unique.
The point of off core differentiation is to change something within the business model that ISN’T the core benefits.
Core benefits are offerings that consumers expect in an offering. An example would be having calls to action in video ads that convert when every client and every competitor expect that to be an element within the offering.
Having off core benefits can be a bit tricky and finding ones that’ll work that competitors won’t be able to copy is even harder.
The first point of off core differentiation with imported benefits is to find some offerings that others not in your industry are offering, and add them to your list of offerings.
This could be implementing some advertising techniques that are unique to print and bring them into a video advertising light that no one has ever tried before as an example.
The second point of off core differentiation is with peculiar particularity. This is all about finding a unique style that is not traditional to your category. This could be anything from shooting online video ads with traditional film to adding a specific style to the videography to create a unique style.
An example of this would be Quinten Tarentino inventing his own film category, and now any film that copies him STILL relates back to him in one way or another.
Why Marketers Use Innovative Marketing In Video Advertising
Finding innovative marketing strategies in video advertising is difficult, but when done correctly can lead to MASSIVE returns on investment.
We’re also projected to have MASSIVE, absolutely MASSIVE blue oceans available after the pandemic as businesses close, customer behavior changes, new technology becomes available, and voids become more noticeable.
A recent Forbes article states that “the transformation will happen to long-standing markets, competition, regulation, consumer preferences, behaviors, industries, business models, value propositions, and competitive advantages.” This all sounds like an awesome opportunity to current marketers and CEOs that want to expand on their business and venture into uncharted territories.
The fact of the matter is that a lot of the conventional systems that were in place pre-pandemic have been proven to be less effective than we thought.
With the leveling of the playing field and new rules/regulations potentially being introduced, marketers and CEOs are looking for new ways to dominate the new battlefield of business.
In the book “The 22 Immutable Laws of Marketing” by Al Ries & Jack Trout, the FIRST two laws listed in the book are The Law of Leadership and The Law of Category. Both of these laws state that if you’re not first, you’re last. If you’re not first, invent a category to be first in.
The two laws explain that first in class and best dressed are the winning ingredients to being top of mind, tip of tongue.
Why You Need An Innovative Video Marketing Agency
Not only keeping up with modern video advertising trends is difficult, but to be on the cutting edge of innovative marketing with video advertising is a totally different beast in and of itself!
The truth is that you WANT to work with the latest and greatest when it comes to partnering with other firms for business, so why not take the same approach with your video advertising videos?
Here at Viscap Media, we are constantly innovating new frameworks, techniques, and offerings to best service our clients to deliver the best results possible. We’re more than geeks with cameras, we’re marketers at heart.
We put in innovative marketing theory and video ad techniques to deliver the best possible video ads for our clients.
We also love staying ahead of the herd and paving the way forward for video marketing everywhere.
Want to see what innovative video ads can do for your brand? Contact us at Viscap Media today to get started! As video marketing experts, we know the video marketing industry, the social media platforms, the theory behind marketing, and creating innovative video ads content for brands that convert!
Contact us today, and let’s get started working on your digital marketing campaign plans!
To make a long story short, innovative marketing is the implementation of new marketing methods at the strategy, business model, style, or offerings level.
There are 3 main ways of finding innovative marketing strategies. These include the traditional research & analysis, Blue Ocean Strategy, and off-core differentiation strategy.
There’s expected to be A BOATLOAD of Blue Ocean available after the pandemic as traditional processes in place have shown to be ineffective and need to adapt with the changes within the world today.
Companies chase innovative marketing strategies to stay competitive and become more successful. They create new offerings and business models to stand out from the crowd and offer clients better products or services.
You should be working with a creative agency that pursues innovative marketing. Using older techniques for video advertising in a modern space will make the video ads less competitive and effective to your target audiences. Working with a creative ad agency that keeps up with the time and is constantly innovating will provide the best deliverables and results for your brand.
Limitations Of Blue Ocean Strategies | 1 Blue Ocean Strategy
There Will Be Blue Oceans Everywhere Post Pandemic | Forbes
What Is Blue Ocean Strategy | Blue Ocean Strategy
Surprising Secret Successful Differentiation | Fast Company
Marketing Innovation Definition | OECD