Firms told to innovate, identify unmet needs

CEBU, Philippines - In order to attain high-yielding results, companies have to venture into a good starting point by identifying the unmet needs of the market and eventually come up with innovative marketing strategies.

This is according to Josiah Go, a marketing guru, who served as the guest speaker of the seminar dubbed as “Marketing Innovation that Drives Results” organized by the Philippine Marketing Association at Cebu Parklane International Hotel. 

Although companies try to be unique when it comes to their marketing strategies, Go said that they fail to become innovative since they are not able to determine the unmet needs of their customers. 

Once such needs are identified, he said that the company could discover a large market potential, formulate insights, conduct experiment to validate such and establish brand relevance. 

He noted that innovation in marketing strategies entails innovation on the product, promotion, pricing and distribution. 

He cited the Westin Home Collection as an example of which the company came up with a product innovation called the “heavenly” bed. 

As part of its innovative marketing procedure, they decided to have a new sampling strategy of the product by setting up 30 heavenly beds lined up outside the New York Stock Exchange and other 20 beds outside New York Grand Central Station.

They also had pricing innovation targeting top executives as their market who would have to spend US$700 a night for the heavenly bed. 

Westin further had an unconventional point of entry as their distribution innovation with Nordstrom as a high-end store and ventured into online selling. 

Go added that innovation can be differentiated in areas of relevance, neglect, cluster and sustainability for companies to stay ahead amid the competition. 

“If you have several areas of advantages, you are unbeatable and others will keep on trying to catch up with you for the rest of their lives. Come up with sustainability, match it with cluster, and think about neglect and relevance. You’re going to have a wonderful innovation,” he explained. 

He then cited the “Heart Attack Grill” restaurant in Las Vegas that incorporated a new eat-what-you-want-and-enjoy concept in delivering new innovation in the food business industry. 

He said that the owner had a bullish insight of such innovation since people get tired of being deprived to eat something they want to. 

The restaurant has a hospital theme with its coronary café, waitresses dressed as nurses and its bestselling triple bypass burgers that they described as “worth dying for”. 

Go noted that companies should understand the fundamental concept of marketing innovation and stay consistent with their brand DNA.

He then added that marketing and innovation come together as the former is about the value creation of a profitable and preferred brand while the latter is a new way of brand relevance. 

“In delivering innovation, you have to be consistent on what you are and what you are not. You have to combine both marketing and innovation as your branding strategy. Think about the value chain of the company and then discover, differentiate and deliver,” he stated.

The seminar was organized by the Philippine Marketing Association, an organization that aims to develop and promote marketing as a science and a profession guided principally by the universal principles of ethics, corporate citizenship and corporate social responsibility.

Josiah Go is the Chairman and Chief Marketing Strategist of Mansmith and Fielders, Inc. the leading marketing and sales training company in the Philippines.  (FREEMAN)