New product marketing and innovation marketing are similar. But innovation marketing is more closely related to invention. So innovation marketing is concerned with new category of products for the company. It is not a product improvement. For an automobile company presently selling petrol and diesel cars, electric car is an innovation. How to do marketing of this new product? There is no past data to forecast demand. The new product concept is to be explained to potential buyers. A prototype can be shown to them. Samples cannot be given in good number. With limited number of prototypes, marketers have to create awareness, find out the likely demand and also find out the modifications required.
7 Principles of effective innovation culture change programs
1. Understand your starting point.
2. Draw energy from existing culture.
3. Know where you want to go
4. Act your way into thinking
5. Provide learning spaces
6. Arrange management alignment
7. Use easy and effective navigation tools.
Updated 11 April 2015, 10 April 2015