How to be an Innovative Marketer (New Video)

Many marketing and sales leaders are in the throes of 2014 planning. The “business as usual” crowd is asking “How will we perform in 2014 compared to the previous year?”

Lisa Nirell

Many marketing and sales leaders are in the throes of 2014 planning. The “business as usual” crowd is asking “How will we perform in 2014 compared to the previous year?” The innovators, however, are asking “Where can we create first mover advantage, and generate growth in areas we never dreamed?

Which group describes you?

Are you feeling lost as to where you can create a first mover advantage this year? Before you choose, consider the key findings from Booz & Co.’s “Global Innovation 1000” reports.

Over the past seven years, Booz & Co. has tracked and surveyed 1000 publicly traded global companies who invest the most in R&D.

In 2012, they announced that Apple, Google, and 3M were considered the top three innovators. Yet here is where the study gets interesting. Their average R&D spending was $1.78B–much less than Microsoft’s $8.71B. Microsoft ranked number five among the top innovators list.  Booz found that the most innovative firms outperformed the top 10 R&D spenders over a 5-year period in three areas: revenue growth, EBITDA as a percentage of revenue, and market cap growth.

These innovators also share three things in common: they drive superior product performance, ensure superior product quality, and a have a strong identification with their customers.
If you are driving top line growth in your organization, here’s what this means to you:

  1. The lines between marketing and innovation are becoming even more blurred. Customer engagement in the innovation process is no longer a “nice to have;” it is essential.
  2. Innovation is a state of mind, not a designated R&D budget line item. If your culture fosters open mindedness, transparency, and lifelong learning, your probability of innovation success will increase.
  3. R&D investment increases do not guarantee growth. Innovation happens in the strangest of places. Consider increasing the percentage of time spent attending select industry and customer conferences, etc.
  4. Turn to technology companies — and, more specifically, Silicon Valley firms — for inspiration. Six out of ten most innovative companies occupy that industry category. Study these companies, visit their facilities, interview their thought leaders, and attend their conferences.

Consider how you can incorporate innovation into every top growth initiative. The best ideas probably live outside the four walls of your office.

Also, please share your first mover thoughts and enjoy reading these related posts:

Four Timeless Qualities of Strategic Leaders
The Secret Innovation Weapon for Mature Markets
Cash, Lies and ROI: Are Your Marketing Budgets a Flight Risk?

copyright 2013, Lisa Nirell. All rights reserved.

Comments open: True

Related Posts

We’re living in a time of marketing liminality.  Some leaders feel as if they have one hand clinging to their Zoom rooms and one hand clinging to a dusty office HQ desk.

This messy middle moment is fueled by ever-changing customer expectations, dynamic workplace configurations, and  high team turnover. (I started to see these challenges emerge in 2018 and published 3 posts about them here.)

There is a silver lining to this liminal marketing moment….

Read More

The flurry of business activity– market selloffs, marketing planning, and volatile “back to work” policies—are putting a lot of us on edge. 

It’s even worse when you are faced with toxic team members or bosses. 

In this #Newsweek Livestream with Dorie Clark, I provide two steps you can immediately take to create more calm amidst the chaos:

Tell yourself a little mantra: “poise begins with a pause.” Set your clock and pause for one minute before your next big meeting….

Read More

How digital-ready is your team?

Take our 3 minute quiz to find out.