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There are 3 Key Performance Indicators for Innovation - Inc

There are 3 Key Performance Indicators for Innovation - Inc | The MarTech Digest | Scoop.it
What is the group learning?
It is important to evaluate teams on what new knowledge they are acquiring. It is also important for the group's learning to be focused both on what is known about the problem being solved as well as on other areas that are not obviously related to the problem on the surface. In this vein, it is valuable to make sure that the group members diverge in their expertise. 

How many ideas are being considered?
Studies of creativity make clear that quantity and quality are highly related in creative pursuits. The groups that come up with the best ideas tend to come up with the most ideas.

Is the market being evaluated?
A key source of the most important constraints on innovation problems comes from the market. A key element of innovation is doing regular evaluations of the market for the group's products and services, understanding customers' expectations and budgets, and keeping current with technical developments from other firms.
CYDigital's insight:

Great ideas for soft KPIs.

 

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How to Strategically Innovate - Batterii

marketingIO: One Source for All Marketing Technology Challenges. See our solutions.

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What's Helping—and Hurting—B2B Innovation? - eMarketer

What's Helping—and Hurting—B2B Innovation? - eMarketer | The MarTech Digest | Scoop.it

I would've thought that increasing pressures of revenue while reducing costs would've been the number one driver.

CYDigital's insight:

MarTech requires constant optimization to continually squeeze ever improving performance. No time for continual CRO? Contact us.

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Innovation Excellence | But I’m in Marketing, How Can I Innovate?

Innovation Excellence | But I’m in Marketing, How Can I Innovate? | The MarTech Digest | Scoop.it

Digest...


There are four avenues that I believe provide a good structure for thinking about innovation in any organization – Experience, Offering, Process, and Business.

• Experience: Creating innovation through each encounter with a customer.
The way we interact with customers may be more important than the product or service we provide. As a result, there is a lot of room for innovation in these interactions. Often experience innovations take shape in terms of sales, marketing, and customer support.

• Offering: Creating innovation through a product or service.
Inside of the Offering Avenue you should also be thinking about the broader ecosystem around your offering as well as the way you serve your customers.

• Process: Creating innovation in external and internal processes.
We are really talking about internally focused innovations here. The processes that exist inside every business can either be a source of differentiation or a hindrance to growth. When thinking about your processes, it is good to understand which ones are core to your business and then work to optimize these core processes to create capabilities that are unique compared to competitors.

• Business: Creating innovation in the organizational structure or its relationships.
When was the last time you looked for innovative ways to change how your enterprise makes money? This could be through new markets, new business models or just through reducing costs.

 

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CYDigital's insight:

You're going to innovate through the use of technology, and how you use that technology will dictate your internal revolution.

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Marketing’s Voracious Appetite for Innovation - Gartner

Marketing’s Voracious Appetite for Innovation - Gartner | The MarTech Digest | Scoop.it

Gartner found in its 2014 marketing spending survey – available free at www.gartner.com/dmspend - that 83% of large and extra-large companies allocated a portion of their marketing budget to innovation, and the average amount is 9.4% of the marketing budget, or about 1% of company revenue.

 

All you have to do is look at the rise of marketing innovation-focused events, consultants and courses available.  Marketing-focused conferences with the word Innovation in the title are both broad and industry-specific, for example “Digital Marketing Innovation Summit” and “Marketing Innovation Summit for B2B”.  We see the shift in focus of established conferences such as South by Southwest (SXSW) in 2014 from tech innovation to marketing innovation.

 

Instead of trying to modify legacy processes from internal IT, R&D or procurement which are restrictive and slow, marketing has the opportunity to do what they do best – be creative and develop a flexible,  high-speed model for digital customer-focused marketing innovation.

 

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CYDigital's insight:

It's a great point: it's possible that Marketing is the only function with such newly found freedoms from technology that it can innovate as needed, without being bounded by internal constraints (outside of compliance issues). Stretch those wings.

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