How to Market an Innovative Product

First, start with the benefit of innovation. Innovation works in business only when it creates a benefit. That benefit could be a cost savings or efficiency that benefits the producer or distributor, or a cost savings or anything else that benefits the customer. So your first step is to understand and demonstrate the benefit.

Some people talk of it as a pain point. In this context, the innovation has to solve some problem. Who has the problem it solves? How many people or organizations have it? How much is it worth to them?

Second, after you demonstrate the benefit (or the pain point), then you can start counting the target market that results: as above, how many target customers, why and how do they benefit, where are they, etc.

The third step is to figure out what message to send them and how to send it. That is about target marketing, segmentation, etc. This too is a classic process, the process of developing a marketing strategy.