In today's economic climate, innovation has become a need, yet defining what it entails remains challenging.
According to Gartner's CMO Spend Survey 2021, 72% of CMOs increased marketing innovation expenditure in the preceding year. Despite this, 91% of respondents feel it is difficult to measure the impact of innovation, and 83% believe it has not reached management's expectations.
What is the true problem? Many marketing teams are unsure of what innovation is and what it includes.
Marketing innovation is comprised of three components:
According to this concept, novelty is essential to marketing innovation. Even the concept of new is not as clear as it may appear, given the current employment of phrases such as new-to-the-world, new-to-industry, new-to-customers, and new-to-organization.
What is considered new and innovative in one set of market conditions may not be in another. Because mobile contactless payment usage is significantly larger in Asia/Pacific than in North America or Europe, a conventional consumer mobile payment activity in China may still be considered emerging in France.
The overuse of the phrase "innovation" might lead to confusion.
This has the unintended consequence of identifying projects and activities that aren't innovative. The following are some instances of frequent marketing innovation blunders:
These are instances of applications or solutions that, while helpful and noteworthy in their own right, fall short of marketing's specific innovation mandate. As a result of this mismatch, the following risks arise:
To ensure that marketing innovation investments are not threatened by risks linked to resources, strategy, or credibility, CMOs should take the following steps:
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