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Posted by Bert Dumars on August 7, 2013
I published a report based on a Q2 2013 survey that benchmarked marketing innovation culture and indicated that most marketers are still not investing enough to accelerate their innovation efforts. Only 11% indicated that they are currently setting aside budget specifically for marketing innovation programs. Budget is both an indicator of intent and lifeblood for these programs to succeed. Today, Advertising Age published an article based on this report — "Most Brands Aren't Budgeting For Innovation." Below is the article Forrester submitted to Advertising Age.
Only 11% of marketers set aside a specific budget for marketing innovation efforts, and only 9% make marketing innovation a part of every marketer’s budget, according to a recent study of 45 marketing leaders. What’s more is that 95% of these marketers agreed, mostly agreed, or partially agreed that they are achieving positive ROI from their innovation programs. Why the difference? Mastering marketing innovation is getting harder and harder due to the ever-changing customer landscape caused by digital disruption, perpetually connected customers, and shifting customer expectations.
In every industry, digital competitors are taking advantage of new platforms and tools to undercut competitors, get closer to customers, and disrupt the traditional way of doing business. In fact, the same survey found that the majority of surveyed firms — 46% of which generate over $1 billion in revenue per year — are still in the early stages of innovation maturity. To keep up, Forrester maintains that the only way to compete is to evolve — and innovate. But creating an innovation-driven culture is challenging. First, firms must understand the four marketing innovation cultures in order to determine both their current and aspirational state:
After a brand has identified its approach to innovation, what’s next? Leading innovators don't target where their customers are today but where they will be in the future. With customer technology adoption moving faster than ever before, marketers must accelerate their brand and company through a disrupted, fragmented ecosystem. Get started by:
To learn more about this research, visit the full report here.