Despite commanding 16% of marketing budgets and maturing as a core discipline, significant challenges remain for marketing innovation execution and effectiveness, according to Gartner, Inc. The Gartner Brand Strategy and Innovation Survey 2019 report shows the top three barriers to marketing innovation are risk-aversion, an inability to measure impact and limited talent.
“The nature of true innovation is newness, and this takes people out of their comfort zone,” said Elizabeth Shaw, senior research director in the Gartner for Marketers Practice. “Even though senior executives demand innovation, they are reluctant to move forward when the time comes to act.”
Another perennial issue with the newness of innovation is measurement. It is challenging to measure innovation initiatives without first knowing what success looks like. However, measurement is necessary; otherwise, innovation efforts can be deemed of no value to the organization. Marketers managing innovation must be savvy communicators with key stakeholders to manage expectations around innovation programs and outcomes.
Many marketing leaders also express difficulties in finding the right talent for innovation. While the “chief innovation officer” title and corporate innovation labs have been on the rise, many marketers are still working to upskill themselves for these roles.
“Driving innovation requires a depth and breadth of skills beyond what exists in many marketing organizations,” said Ms. Shaw. “Although many marketers are taking training programs and gaining certifications through online courses to gain an edge in today’s hypercompetitive job market, hiring managers must ensure hiring and upskilling priorities align with their organization’s strategic innovation needs.”
To overcome these barriers, marketing leaders responsible for leading and supporting innovation should:
• Crawl, Walk, Run: Combat resistance to risk by using a “crawl, walk, run” approach. In the crawl phase, use tactics such as asking users or customers for ideas, partner with external technology service providers and create a business case for an innovation. This will give momentum and help build the foundation needed to successfully graduate to the maturity and pace of the “walk” and “run” phases.
• Focus on Three Measurements: Overcome measurement hurdles by measuring in three areas: innovation culture (e.g., pulse surveys, employee participation), innovation process (e.g., agility, efficiency) and innovation outcomes (e.g., number of prototypes and pilots). Always separate the metrics for culture and process from the innovations themselves. When possible, use regular business measures to quantify innovation outcomes.
• Upskill and Prioritize Training: Actively upskill talent and prioritize innovation skills in new recruits. Team members should be provided opportunities for specific innovation and leadership skills, creating a future-ready culture and the expectation of ongoing professional development.
Gartner 2019 CMO Brand Strategy and Innovation Survey was conducted from May 2019 through July 2019 among 393 respondents in the U.S., Canada and the U.K. Respondents were required to have involvement in decisions pertaining to setting or influencing marketing strategy and planning. All respondents were from companies with $500 million or more in annual revenue. The respondents came from a variety of industries: financial services, high tech, manufacturing, consumer products, media, retail, healthcare providers, and travel and hospitality.
Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.