Innovation is a key component to future proofing business, and marketing is an important part of this.
Far from being just a management buzzword, innovation now firmly has a place in the directives of businesses aiming to survive, succeed, and stay ahead of competition in crowded marketplaces.
According to new research released by Allianz Insurance, innovation is recognised as a key driver of business success according to 83% of Britain’s businesses. Whilst the results from the survey of 500 UK business leaders indicated that innovation is inherent to business success and survival, the data also demonstrates a downward trend in engaging with innovative processes, citing lack of money and a focus on profits as key driving factors.
“It is understandable that some business leaders believe that in difficult financial times, innovation should become less of a priority” - Andrew Torrance, CEO of Allianz Insurance
Innovation and marketing?
Innovation itself – simply, finding new ideas, methods and solutions to services, products and concepts – can often be the first thing to go in a struggling business, and is often missing from the marketing approach. A core issue in the struggle to engage with innovation is that the creative thinking, homogenous approach required to foster new ideas and solutions (as cited here in our piece on the Shanzai) is directly opposed to the culture and practise of daily business.
Matt Cooper, writing in Computer Weekly, talks about the difference in “rhythm” of innovation from the daily business practice: “Instead of driving to efficiency and operational excellence, successful innovation requires space and time to create, tolerance of failure and a culture of open experimentation”.
How to pair innovation and marketing
Business cultures such as the thriving innovation hub of Silicon Valley weave innovation into the heart of business operations and daily practise. But what of businesses who cannot afford to dedicate teams to innovation and creativity? Cooper points towards outsourcing the innovation function to gain the best results, since “aspects of how innovation is built and executed may be outsourced, as external parties have skills and competencies which the company may not have or even need to be in-house”. But we say that whilst outsourcing can work, you need to know what you’re getting, and something like expertsourcing can provide just the boost that you’re company’s looking for.
Whilst innovation needs to be present at board level in order to exist, expertsourcing specific areas such as marketing can reap myriad rewards. The marketing team of any business is well placed to push forward any new ideas as they have the closest connection with the businesses users and know what they’re looking for.
Expertsourcing allows a business to collaborate, when needed, with the required creative resources for specific tasks as required, and the obstacles to innovation can be overcome. Budget, creative culture and innovation skills may all be found in an existing third party business ready and waiting to plug into your company when required, making savings to that all important bottom line whilst future proofing at the same time.
Image Courtesy of Grant Cochrane / FreeDigitalPhotos.net.
Is this your first time here on a blur Group blog? Why not check out our About or How it Works pages to find out more about the Global Services Exchange. If you’d like to read more blogs then you can visit the Innovatrs blog, or if you’d like a more diverse selection of reading material then check out the other blur Group blogs.